CHANGE IN RATINGSAbercrombie & Fitch ( FBR) upgraded at FBR to Outperform from Market Perform based on a change in promotional philosophy and a positive effect on recent clearance sales. Price target increased to $37 from $21. CB Richard Ellis ( CBRE) upgraded at Goldman Sachs to Neutral from Sell based on valuation. Expect transaction activity to remain low and note constrained capital resources. See potential for earnings recovery but prefer JLL based on more appropriate leverage ratios as well as segment and geographic diversity. Price target at $7. Coventry Health Care ( CVH) downgraded at UBS to Neutral from Buy. Links to macroeconomic factors and stretched valuation has led to the decrease in ratings. Maintains target price of $19.
STOCK COMMENTS / EPS CHANGESBunge ( BG) target raised at Morgan Stanley to $64. Fundamental risks appear to be declining. Equal-weight rating. Ball ( BLL) added to U.S. 1 list at Merrill Lynch/Bank of America. Stock is trading at an attractive valuation and has near-term catalysts. Buy rating and $48 price target.
Cintas ( CTAS) estimates, target lowered at Barclays through 2010. Company warned of lower domestic results, hurt by economic conditions. Equal-weight rating and new $20 price target.Foster Wheeler ( FWLT) target raised at UBS to $30. Company is seeing rising oil prices and has a strong balance sheet. Buy rating. Guess ( GES) target raised at Credit Suisse to $33 from $25. International growth opportunities, an overestimation of risk, and improved flexibility has led to the target increase. Maintained Outperform rating. J. Crew ( JCG) numbers raised at UBS to $26. Estimates also increased, as the company posted a strong quarter and has clean inventory levels. Neutral rating. Mosaic ( MOS) 2009 estimates trimmed at Goldman to $4.21 from $4.31 due to weaker potash pricing. Fertilizer demand remains lackluster, and prices are expected to be hurt by oversupply. China's entrance into phosphate market would likely create further price pressure. Maintained Neutral rating and $45 target. OSI Pharma ( OSIP) numbers cut at UBS to $41. Estimates also lowered, to reflect as Saturn trial data did not look sufficient. Buy rating. Wells Fargo ( WFC) estimates raised at Morgan Stanley through 2011. Company is likely seeing higher mortgage banking and investment banking revenue. Overweight rating and $44 price target. Weyerhaeuser ( WY) target cut at Credit Suisse to $34 from $35 citing a 25% collapse in sawlog prices. Maintained Neutral rating.