Analysts' Upgrades, Downgrades: Honeywell

CHANGE IN RATINGS

Autodesk ( ADSK) upgraded at Jefferies from Hold to Buy. $27 price target. Channel survey and other checks show that business is stabilizing further.

Agnico-Eagle Mines ( AEM) initiated at Barclays with an Underweight rating and $35 price target. Analysts said AEM is a well-managed company with a strong pipeline and operations in Canada, Mexico and Finland. 2009 and 2010 EPS estimates set at $0.70 and $2.00, respectively.

Aetna ( AET) upgraded at Goldman to Sell from Conviction Sell. The firm also lowered its estimates for FY09 to $2.85 from $3.50. The co. has experienced contraction in its commercial risk margins. Maintained Sell rating and target of $23.

Aetna ( AET) price target, estimates slashed at Barclays to $31 from $35 as the company lowered its guidance. 2009 and 2010 EPS estimated lowered to $2.85 from $3.60 and to $3.10 from $3.90. Reiterate Overweight rating.

Aetna ( AET) estimates cut at Morgan Stanley through 2011. Company is raising prices on its commercial business. Equal-weight rating.

Akamai ( AKAM) rated new Outperform at JMP Securities. $27 price target. Growth should come from value-added services and rich media.

Air Products ( APD) upgraded at JP Morgan. Rating raised to Overweight from Neutral. Price target raised to $85 from $70. Maintains 2009 EPS estimates of $4.10.

Gerdau AmeriSteel ( GNA) downgraded at Goldman to Neutral from Buy. Stimulus delays and near-term earnings risks prompted the decline of ratings. The firm believes that there will be a slower pace of infrastructure spending and that it will become a potential catalyst in 2010. Lowered price target to $8 from $9. Estimates also lowered to ($0.30) from ($0.15).

Ingersoll-Rand ( IR) upgraded at Wells Fargo from Market Perform to Outperform. Expect earnings to improve, driven by deleveraging.

Kinross Gold ( KGC) initiated at Barclays with an Underweight rating and $14 price target. KGC is the world's sixth largest gold producer. Analysts mentioned the significant rise in gold prices is fully discounted into shares. 2009 and 2010 EPS estimates set at $0.55 and $0.60, respectively.

Lennar ( LEN) downgraded at Citigroup from Buy to Hold. $12 price target. Valuation call, as the stock is up 35% since mid-May.

Plum Creek Timber ( PCL) target raised at Goldman to $38 from $36. The increase in the co.'s target reflects an earlier return to normalized profitability in wood products due to cost cutting initiatives. Maintained Neutral rating.

Plum Creek Timber ( PCL) downgraded at Credit Suisse to Underperform from Neutral. The co.'s earnings quality has fallen after lying off 15% of its salaried staff and not buying back stock in Q2. Timber and acreage owned is also set to decline sequentially. Lowered price target to $30 from $31.

Philip Morris International ( PM) downgraded at UBS. Rating lowered to Neutral from Buy. Price target raised to $47.00 from $45.50. 2009 EPS estimates raised to $3.22 from $3.09.

Perrigo ( PRGO) downgraded at Credit Suisse to Neutral from Outperform based on valuation as the firm looks for potential catalysts to drive future growth. Maintained $29 price target.

Scripps Networks ( SNI) initiated at Deutsche Bank. Initiated with a Buy rating and $38 price target. Introduces 2009 EPS estimates of $1.64.

Varian ( VARI) upgraded at Barclays to Equal Weight from Underperform to reflect their view that VARI will be acquired by Agilent at the price of $52 per share. 2009 and 2010 EPS estimates set at $2.33 and $2.53. Price target lifted to $52 from $32.

US Steel ( X) upgraded at Goldman to Buy from Neutral. The co. should benefit from its high leverage to rising flat rolled prices, its high exposure to a recovering auto and appliance market, rising energy prices that should benefit its OCTG business, and a more favorable cost in its European operations. Target price increased to $22 from $21.

STOCK COMMENTS / EPS CHANGES

Amgen ( AMGN) target raised at Goldman to $68 from $66. Sales of major products exceeded expectations due to stabilizing trends, price increases, better patient assistance and/or inventory restocking. The co. also reached a favorable agreement with GSK which should accelerate the expansion and penetration of the osteoporosis market and reduce the co.'s risk. ONJ data supports risk benefit for Dmab in cancer ($1.3bn). The firm believes the rate of ONJ, 20 cases (2.0%) for Dmab vs. 14 cases (1.4%) for Novartis's Zometa, supports the competitiveness of Dmab, in light of superior efficacy and lack of kidney toxicity. Estimates raised to $4.71 from $4.45 for FY09. Maintained Buy rating.

Amgen ( AMGN) numbers raised at Credit Suisse to $75 from $72. The co. had a phenomenal quarter after beating on both their top and bottom lines and raising guidance. Potential catalysts for the co. include its announcement of an ex-US denosumab partnership with GSK, the FDA Advisory Panel on denosumab in osteoporosis, FDA action date for denosumab in osteoporosis, Phase III denosumab data in myeloma/solid tumors, and Vectibix Phase III data in KRAS wild-types patients in first and second line colorectal cancer. Maintained Outperform rating.

Amgen ( AMGN) estimates, target boosted at Morgan Stanley. Shares now seen reaching $74. Estimates also raised, to reflect stronger sales and a lower tax rate. Overweight rating.

American Express ( AXP) target increased to $25 at Friedman, Billings Ramsey. Improvement in credit trends is likely seasonal. Underperform rating.

Health Management ( HMA) target raised at Credit Suisse to $7 from $6. After the co. recently beat earnings they raised their guidance for FY09 to $0.45-$0.50 from $0.37-$0.45. The co. beat their EPS by three cents ($0.13 vs. $0.10) primarily due to a 5.1% same-facility admissions increase and 4.7% adjusted admissions increase. Maintained Neutral rating.

Honeywell ( HON) target raised at Goldman to $38 from $36. The co. reached higher trough margins and a rebound in free cash flow performance increased its confidence in their mid-cycle EPS estimates of $3. Solid cost cutting initiatives also offset weaker markets. Maintained Neutral rating.

Honeywell ( HON) price target raised at Barclays to $40 from $38 as cost execution is enabling strong margins. Maintain 2009 EPS estimate of $2.85 and Overweight rating.

Honeywell ( HON) estimates reduced at FBR through 2010. Company lowered guidance, but the stock has held up well. Market Perform rating and $32 price target.

Hewlett-Packard ( HPQ) target raised at Kaufman to $50. Checks indicate better hardware sales trends, though currency and weakness in services remain concerns. Buy rating.

Hertz ( HTZ) price target, estimates increased at Barclays. HTZ's price target to $9 from $7 as they expect strong 2Q earnings. 2009 and 2010 EPS estimates raised to $0.12 from -$0.08 and to $0.30 from $0.15. Maintain Equal Weight rating.

Meritage ( MTH) target raised at Credit Suisse to $17 from $14. The firm believes that the co. is well positioned from a liquidity standpoint, but expects weaker than expected sales and further impairments will narrow its premium valuation. However, total orders for Q2 fell only 22% compared to an estimate of 38% YOY. Maintained Underperform rating

Owens & Minor ( OMI) numbers raised at Goldman to $37 from $36. The company reported a solid Q2 and guided its revenues estimates to come in at the top end of the range. Management also guided for a better outlook. Maintained Sell rating.

Owens & Minor ( OMI) price target, estimates raised at Barclays. OMI's price target to $48 from $45 on stronger than expected top-line results. 2009 and 2010 EPS estimates increased to $2.70 from $2.65 and to $2.98 from $2.93, respectively. Maintain Equal Weight rating.

RadioShack ( RSH) estimates raised at Goldman to $1.65 from $1.58 to reflect its 2Q beat, as well as some expense declines, partially offset by a more conservative gross margin outlook. Maintained Neutral rating.

Radio Shack ( RSH) numbers boosted at FBR. Shares now seen reaching $18. Estimates also raised, to reflect the addition of T-Mobile to its wireless base. Outperform rating.

Charles Schwab ( SCHW) target lowered at Goldman to $0.73 from $0.79. Net interest margin contraction and lower activity rates led to the decline of numbers. Maintained Neutral rating.

SuccessFactors ( SFSF) target raised at Goldman to $13 from $11. The co. stabilized its bookings with its strong improvement in operating margins suggesting long-term profitability. Maintained Buy rating.

Sohu ( SOHU) estimates, target lowered at Bernstein. Shares now seen reaching $72. Estimates also cut, to reflect game delays. Outperform rating.

Torchmark ( TMK) price target, estimates inflated at Barclays. Target to $38 from $30 on a more favorable liquidity position. 2009 and 2010 EPS estimates lifted to $6.04 from $6.03 and to $6.45 from $6.35, respectively. Reiterate Underweight rating.

Virtual Radiologic ( VRAD) target raised at Goldman to $7.75 from $6.75 based on valuation and stabilizing volume trends. Maintained Neutral rating.

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

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