CHANGE IN RATINGSBrown-Forman ( BF.B) downgraded at UBS from Neutral to Sell. Fundamentals remain weak, and the company is likely not a near-term takeover target. $41 price target. Forest Oil ( FST)downgraded at Jefferies from Buy to Hold. $16 price target. Valuation call, as the company lacks near-term catalysts. NetApp ( NTAP) downgraded at Merrill/BofA from Buy to Neutral. Channel checks suggest that near-term pricing and margin pressure will offset cost-cutting. $19 price target.
STOCK COMMENTS / EPS CHANGESBank of New York ( BK) estimates raised at Morgan Stanley through 2011. Recent meetings with management confirm that margins could improve, aided by the net interest margin. Overweight rating and $31 price target.
Dolby ( DLB) price target raised at Goldman Sachs to $35 from $29 based on the inclusion of Dolby technologies into Windows 7 Enterprise version, which should add 5% to 10% to 2010 and 2011 earnings. Maintained Neutral rating. Corning ( GLW) estimates, target raised at UBS to $16.50. Estimates also increased, given the company's strong LCD guidance. Neutral rating. Home Depot ( HD) numbers raised at Merrill/BofA through 2010. Channel checks suggest strong sales and the company is keeping a lid on expenses. Underperform rating and new $21 price target. Harley-Davidson ( HOG) target raised at UBS to $19. Company should be able to use TALF to close a $500 million deal in the coming days. Neutral rating. Lorillard ( LO) estimates cut at Morgan Stanley through 2011. Company is realizing higher operating costs. Overweight rating and $80 price target. Lowe's ( LOW) estimates, target increased at Merrill/BofA to $16. Estimates also raised, given a stronger sales outlook. Underperform rating. Nvidia ( NVDA) estimates, target boosted at UBS through 2011. Channel checks shower higher graphics processor demand, but AMD continues to provide tough competition. Sell rating and new $8 price target. Southwestern Energy ( SWN) numbers raised at UBS through 2010. Estimates boosted, to reflect higher production guidance and lower reported costs. Buy rating and new $47 price target. UPS ( UPS) estimates reduced at UBS through 2010. Company lowered guidance, as the poor economic environment is hurting margins. Neutral rating and $50 price target. Verizon ( VZ) estimates increased at Morgan Stanley through 2010. Company continues to see strong demand for wireless and broadband accounts. Equal-weight rating. Verizon ( VZ) target lowered at Barclays to $37. Steep decline in access lines continues to offset growth in wireless and FiOS. Overweight rating.