CHANGE IN RATINGSBB&T ( BBT) upgraded at FBR Capital to market perform from underperform and $20 price target maintained. At current levels, BBT's capital ratios are healthy relative to peers, however concerned over risky markets including FL, GA, TN and Carolinas. Expect credit losses to will continue to weigh on earnings and no near term catalysts. C R Bard ( BCR) initiated at Deutsche Bank. Initiated with a Hold rating and $79 price target. Introduces 2009 EPS estimates of $5.00. CA ( CA) downgraded at Goldman to Neutral from Buy. Lagging revenue and currency headwinds remain active factors that are challenging the stock. Lowered price target to $22 from $24.
PerkinElmer ( PKI) upgraded at Deutsche Bank. Rating raised to Hold from Sell. Price target raised to $19 from $14. 2009 EPS estimates raised to $1.30 from $1.25. PPDI ( PPDI) upgraded at Deutsche Bank. Price target raised to $26 from $22. Maintains 2009 EPS estimates of $1.45. Republic Services ( RSG) downgraded at Goldman to conviction list sell from Buy after the firm stated that it is suspending coverage on the co. Maintained $24 price target. SunTrust Banks ( STI) upgraded at FBR Capital to market perform from underperform and $17 price target maintained. Market perform rating reflects concerns over STI's below average reserve coverage of nonperforming loans and expectations that commercial credit will deteriorate. Expects STI to return to profitability in 2Q10 but sees no near term catalysts to buy the stock. Stanley Works ( SWK) upgraded at Deutsche Bank. Rating raised to Hold from Sell. Price target raised to $38 from $31. 2009 EPS estimates raised to $2.18 from $2.03. MEMC Electronic ( WFR) upgraded at Citigroup from Hold to Buy. $24 price target. Stock also added to the Top Picks Live list, as pricing has reached an inflection point in the semiconductor business.
STOCK COMMENTS / EPS CHANGESApple ( AAPL) target raised at Goldman to $160 from $145 based on valuation. Maintained Neutral rating. Abbott ( ABT) target decreased at Credit Suisse to $46 from $49. Prescription trends may worsen throughout the year which is limiting the upside potential for the co. Abercrombie ( ANF) target lowered at Goldman to $25 from $27 after reporting a comp sales decline of 32%. The co. is expected to suffer from macro pressures and a negative product cycle. Maintained Neutral rating.
Allegheny Technologies ( ATI) target lowered at Goldman to $31 from $33 due to lower estimates and guidance caused by the Boeing delays and aerospace woes. Maintained Neutral rating. Chevron ( CVX) estimates lowered at UBS through 2010. Company likely to post disappointing second quarter results, because of refining and currency losses. Buy rating and $80 price target. Dell ( DELL) target increased at Credit Suisse to $16 from $14. Cites increasing confidence in a PC upgrade cycle and the co.'s continued cost management process. Maintained Outperform rating. EMC Corp ( EMC) target raised at Credit Suisse to $16 from $14. Increasing confidence in a network storage recovery, valuation, and anticipations of a strong second half led to the increase in numbers. Maintained Outperform rating. Genzyme ( GENZ) 2009 estimates boosted at UBS as the company should be able to meet its timeline for Allston. Buy rating and $75 price target. Gymboree ( GYMB) target raised at Merrill/BofA to $44. Company raised guidance based on higher comps sales and gross margins. Buy rating. Legg Mason ( LM) numbers raised at Jefferies to $26. Estimates also boosted, to reflect improving credit markets. Buy rating. Limited Brands ( LTD) numbers cut at Barclays to $12. Estimates also reduced, to reflect lower merchandise margins. Equal-weight rating. 3PAR ( PAR) numbers raised at Credit Suisse to $10 from $8.50. The target price increase was prompted by signs of earnings being slightly ahead of consensus, increasing confidence in a network storage recovery, and valuation. Maintained Neutral rating.
Plains Exploration ( PXP) numbers boosted at Barclays through 2010. Company to benefit from higher expected oil and natural gas prices. Overweight rating and new $37 price target. Ross Stores ( ROST) numbers boosted at Barclays to $45. Estimates also raised, to reflect higher sales and margins. Overweight rating. Shaw Group ( SGR) numbers reduced at Barclays through 2010. Company reported a messy quarter, and management gave a cautious near-term outlook. Equal-weight rating and new $32 price target. TJX Companies ( TJX) targets raised at Credit Suisse to $39 from $35. Better-than-expected June sales and margins and expectations that asset growth will grow with its increase square footage fueled the rise in numbers. Maintained Outperform rating. TJX Companies ( TJX) estimates, target raised at Barclays through 2010. Estimates also boosted, to reflect higher comp sales. Overweight rating and new $38 price target. Grupo Televisa ( TV) target lowered at Goldman to $16 from $17. Looming secular pressure, valuation, and further weakening sales helped lower the target price. Maintained Selling rating. Time Warner ( TWX) estimates increased at UBS through 2010. Management has suggested that advertising is stabilizing. Buy rating and $29 price target.