PepsiAmericas ( PAS) downgraded at UBS from Buy to Neutral. Valuation call, based on a $27 price target. Praxair ( PX) upgraded at JPMorgan to Overweight from Neutral based on substantial cost reductions and strong Q1 results. See potential for multiple expansion and increased premium in realtive valuation. Price target raised to $80 from $60. Reynolds American ( RAI) downgraded at UBS from Buy to Neutral. $42 price target. Stock now trades on par with MO, and earnings headwinds remain. Vulcan Materials ( VMC) downgraded at Citigroup from Hold to Sell. $44 price target. Aggregate prices appear to be falling and first quarter volumes were also likely weak. Dividend may also need to be cut.
Hess ( HES) estimates, target raised at UBS to $60. Estimates also increased, to reflect higher marketing and trading income. Neutral rating. Hess ( HES) estimates, target cut at Barclays through 2010. Do not see much exploration growth in the near term. Equal-weight rating and new $75 price target. Qwest ( Q) estimates raised at UBS through 2010. Company is seeing better margins on cost-cutting, despite lower sales. Neutral rating and $3.80 price target. Starbucks ( SBUX) target higher at Goldman, to $13 from $12 following inline Q2 results. Note some improvement in margins but uncertainty in new initiatives such as instant coffee. Maintained Neutral rating. Starbucks ( SBUX) estimates, target increased at Barclays. Shares now seen reaching $11. Estimates raised because of cost savings and stabilizing comp sales. Equal-weight rating. Sealed Air ( SEE) numbers raised at Barclays through 2011. Company seeing a slight increase in food packaging sales. Equal-weight rating and new $16 price target. Southern Company ( SO) estimates cut at UBS through 2010. Company is seeing lower industrial demand. Neutral rating and $32 price target. Target ( TGT) numbers increased at UBS to $42. Estimates also boosted, to reflect more stable sales. Neutral rating. Time Warner Cable ( TWC) numbers raised at Morgan Stanley through 2011. Company is trying to manage pricing and subscriber growth in a difficult environment. Equal-weight rating and new $30 price target. Visa ( V) price target raised at Goldman to $70 from $62 based on strong Q2 results, including better than expected revenue and earnings. Note higher operating margins as a result of cost controls, offsetting weakness in payment volumes. Maintained Buy rating. Visa ( V) estimates, target raised at Barclays to $68. Estimates also increased, because of stronger revenue growth. Equal-weight rating.