Analysts' Upgrades, Downgrades: Symantec

CHANGE IN RATINGS

AMB Property ( AMB) upgraded at Credit Suisse to Outperform from Neutral based on the co.'s successful recapitalization efforts and attractive relative capitalization. Increased price target to $22 from $17.

American Express ( AXP) upgraded at Stifel Nicolaus from Sell to Hold. Company is the least exposed to new credit card legislation. Deliquencies have also dropped significantly this quarter.

Franklin Resources ( BEN) upgraded at JPMorgan. Rating raised to Overweight from Underweight. Price target raised to $94 from $75. 2009 EPS estimates lowered to $2.95 from $2.96.

Citrix Systems ( CTXS) downgraded at Oppenheimer to perform from outperform and $33 price target removed due to: shares have run up 33% since early April, trading at a premium to group median, EMEA remains challenged and chances of an M&A transaction with CTXS as the target in the near term are remote.

FPL Group ( FPL) downgraded at Credit Suisse to Neutral from Outperform. Factors that led to the downgrade are valuation, the federal renewable standards could be later than expected, and a tempering of wind growth toward the mid/lower end of the 1000-2000 MW target. Increased price target to $63 from $62.

Group 1 Automotive ( GPI) downgraded at Goldman to Neutral from Buy based on valuation as the stock has risen sharply over the past few months. Increased price target to $25 from $23 to reflect slightly higher new car sales assumptions, higher used car grosses, and lowered SG&A.

Nordstrom ( JWN) rating increased at Goldman to Neutral from Sell. Cites valuation and a more reward/ less risk scenario. Maintained target price of $21.

KLA-Tencor ( KLAC) Upgraded at Credit Suisse to Neural from Underperform. Cites a much stronger pattern in near term orders, heavy cost cutting initiatives, and best valuation for a long term outlook. Increased target price to $30 from $18.

Novellus ( NVLS) Upgraded at Credit Suisse to Neutral from Underperform. Cites a much stronger pattern in near term orders and heavy cost cutting initiatives. Raised target price to $19 from $9.50.

Oshkosh ( OSK) upgraded at Keybanc from Hold to Buy. $30 price target. New MRAP contract changes the game for the company. Higher cash flow will also allow management to pay down debt.

Rackspace Hosting ( RAX) downgraded at Goldman to Neutral from Buy as the stock seems to be fully valued at this juncture. Increased target price to $14 from $11.50 to reflect the estimate increases and the impact of recent multiple expansion.

Seagate Technology ( STX) upgraded at Merrill/BofA from Underperform to Buy. $14 price target. Recent market outperformance should continue, driven by leverage and higher earnings.

Symantec ( SYMC) Upgraded at Deutsche Bank to buy from hold at price target increased to $19 from $17. SYMC has under-performed significantly over the last several months. At 9x EV/FCF, the stock is near the bottom of its historical trading range. In conjunction with early signs of executional improvement, compelling risk-reward opportunity into the back half of the year.

T Rowe Price ( TROW) upgraded at JPMorgan. Rating raised to Neutral and Underweight. Price target raised to $47.50 from $43.50. 2009 EPS estimates lowered to $1.43 from $1.51.

Ternium ( TX) upgraded at Goldman to Buy from Neutral. The increase in ratings was prompted by the expectation that the co. should respond the best from a price rebound in Latin America and discounted valuation. Raised target price to $25.60 from $18.30.

Western Digital ( WDC) upgraded at Merrill/BofA to buy from underperform and price target increased to $35 from $19. Recent share price performance (+~100% since 3/09) should continue, after declining more than 60% from late 2007 (vs. +40% for S&P). ML expects another run in the shares driven primarily by leverage and positive earnings estimate revisions. HDD fundamentals have improved off of cyclical lows, with more encouraging pricing trends, low inventory levels, some stabilization/seasonal PC build, and pending operating leverage.

STOCK COMMENTS / EPS CHANGES

Bank of America ( BAC) 2009 estimates cut at Credit Suisse because of higher loss provision expectations and negative marks. Neutral rating.

Peabody Energy ( BTU) numbers raised at Goldman to $41 from $38 based on direct China exposure. Maintained Neutral rating.

Citigroup ( C) 2009 estimates raised at Credit Suisse because of better investment banking performance. Also see higher fixed-income and equity trading revenue. Neutral rating and $3 price target.

Chubb ( CB) target reduced at Barclays to $41. Company facing higher potential losses on D&O insurance. Equal-weight rating.

Cliffs Natural ( CLF) target cut at Friedman, Billings Ramsey to $35. Company will be hurt by the recent iron ore pellet settlement. Outperform rating.

Consol Energy ( CNX) target lowered at Goldman to $40 from $42 to reflect its valuation and regional/global views of the coal industry. Maintained Sell rating.

FMC ( FMC) estimates cut at Merrill Lynch/Bank of America through 2010. Company seeing ongoing pricing pressure in soda ash and industrial phosphates. Buy rating.

First Solar ( FSLR) target lowered at Barclays to $175. Channel inventory is still a challenge, because of financing issues and lower demand in Germany. Equal-weight rating.

Gerdau ( GGB) target raised at Goldman to $10.60 from $4. The company's renegotiation of debt and discounting of a rapid recovery in US steel demand caused the raise in numbers. Maintained Sell rating.

JPMorgan Chase 2009 estimates cut at Credit Suisse because of the TARP repayment. On the other hand, investment banking revenue should exceed expectations. Outperform rating and $42 price target.

Monsanto ( MON) numbers cut at Jefferies to $87. Estimates also lowered, to reflect lower glyphosate earnings. Buy rating.

Microsoft ( MSFT) numbers increased at Merrill/BofA to $28. Estimates also raised, to reflect higher expected PC sales and a bullish outlook for Windows 7. Buy rating.

Penske Automotive ( PAG) target raised at Goldman to $14 from $13 based on valuation and improving fundamentals. Maintained Neutral rating.

Patriot Coal ( PCX) target lowered at Goldman to $8 from $9 to reflect valuation, dilution of equity offering, and expectations for the coal industry globally and regionally. Maintained Sell rating.

Transocean ( RIG) target raised at Credit Suisse to $92. Company seeing higher demand in the near term, but business remains tepid in spite of the increase in oil prices. Outperform rating.

Suntech Power ( STP) numbers cut at Barclays through 2010. Shipments will likely peak in the third quarter. Equal-weight rating and new $16 price target.

This article was written by a staff member of TheStreet.com.

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