NEW YORK ( TheStreet.com) -- CHANGE IN RATINGSAkamai ( AKAM) target lowered at Goldman to $17.50 from $20. Estimates also lowered to $1.27 from $1.34 for FY09. Competitive pressures and its failure to meet estimates caused its numbers to be lowered. The co.'s substantial fall in Media & Entertainment revenue supports the thesis for tough competition in the sector. Maintained Sell rating. Akamai ( AKAM) downgraded at Jefferies from Buy to Hold. $20 price target. Company is cutting prices to try and maintain market share. Akamai ( AKAM) downgraded at ThinkEquity from Buy to Accumulate. $20 price target. Company is seeing weak core demand trends. Digital River ( DRIV) downgraded at Deutsche Bank. Rating lowered to Hold from Buy. Price target lowered to $37 from $42. Lowers 2009 EPS estimates from $2.10 from $1.88. Flextronics ( FLEX) downgraded at Needham from Buy to Hold. Valuation call, as the stock already appears fully valued. General Electric ( GE) upgraded at Goldman to Buy from Neutral. Comments reported after the close by US House Financial Services Chairman Barney Frank suggest broadening support for regulatory reform that would not mandate the separation of GE Capital. The firm is reducing the probability assumption for a costly GECS separation to 25% from 50%. Greater potential for a manageable regulatory outcome should prompt investors to focus on longer-term benefits of economic and credit stabilization to GE shares. Increased target price to $15 from $13. LSI ( LSI) upgraded at Goldman to Buy from Neutral. Estimates for FY09 raised to $0.00 from ($0.05). The firm believes that fundamentals should benefit from a rebound in enterprise IT spending that is expected to start in 4Q09. The firm expects a rebound in enterprise spending throughout Q4. Increased target price to $6.50 from $5.
LSI ( LSI) estimates, target increased at Barclays. Estimates were increased through 2010. Company seeing higher sales, but has limited margin leverage going forward. Underweight rating and new $5 price target. Mantech ( MANT) upgraded at Jesup & Lamont from Hold to Buy. $57 price target. Estimates also raised, to match the company's new guidance. Cyber security should continue to be the main growth driver. McDonalds ( MCD) downgraded at Morgan Stanley. Rating lowered to Equal-weight from Overweight. Eliminates $65 price target. Maintains 2009 EPS estimates of $3.74. MeadWestvaco ( MWV) downgraded at Barclays from Overweight to Equal-weight. $22 price target. Stock has been strong, but earnings momentum could stall in 2010. Penn National ( PENN) upgraded at SMH to Accumulate. $36 price target. Company is operating better, even though the environment has yet to materially improve. Royal Caribbean ( RCL) upgraded at Barclays from Underweight to Equal-weight. $15 price target. New bond deal should eliminate liquidity risk. Regions Financial ( RF) upgraded at Merrill/BofA from Underperform to Buy. $4 price target. Company talked about embedded credit losses in greater detail at its analyst meeting, and likely won't have to raise additional capital. Sealed Air ( SEE) downgraded at Barclays from Equal-weight to Underweight. $16 price target. Company had a disappointing second quarter, and the stock has 20% downside potential from current levels. Estimates also cut. Symantec ( SYMC) downgraded at Goldman to Buy from Conviction Buy. Estimates lowered for FY09 to $1.25 from $1.46. Quarterly results were below expectations as enterprise spending lagged and customers pulled back from signing longer-term deals; continued strength in the consumer business could not offset enterprise challenges. Top-line weakness translated to operation margin pressure. However, an early sign of a turn in execution with continued strong cost focus gives value to the company's core security and storage assets at a compelling valuation. Maintained Buy rating.
Symantec ( SYMC) downgraded at Ladenburg to Neutral. $17.50 price target. Company posted disappointing quarterly results and cut forward guidance. Enterprise weakness is driving the way, though Consumer demand remains strong. Syntel ( SYNT) upgraded at Wells Fargo to Market Perform. Company posted better second quarter results, but has limited revenue growth potential. Tyco Electronics ( TEL) upgraded at UBS. Rating raised to Buy from Neutral. Price target raised to $25 from $20. 2009 EPS estimates raised to $0.78 from $0.66. Visa ( V) target raised at Goldman to $80 from $77. Estimates for FY09 raised to $2.81 from $2.74. As the economy begins to stabilize the co.'s market share should remain a core holding given its leading position, fundamental profile, and long term growth prospects. Importantly, while US and cross border volumes remain under pressure, debit payment volumes, new channel growth, and payment transactions continue to provide positive offsets. Maintained Buy rating. Visa ( V) downgraded at Suntrust from Buy to Neutral. Valuation call, as operating margin expansion will likely begin to decelerate. Visa ( V) estimates, target boosted at Barclays. Target raised to $75 a share. Estimates also increased, to reflect stable spending trends. Equal-weight rating. Yum ( YUM) upgraded at Morgan Stanley. Rating raised to Overweight from Equal-weight. Introduces $40 price target. Maintains 2009 EPS estimates of $2.15.
STOCK COMMENTS / EPS CHANGESAnalog Devices ( ADI) numbers raised at Goldman to $33 from $25. Estimates raised to $0.93 from $0.84 for FY09. Maintained Buy rating. Aflac ( AFL) estimates, target boosted at Merrill/BofA. Shares now seen reaching $47. Estimates also increased, to reflect continued earnings momentum. Buy rating.
Applied Materials ( AMAT) target raised at Goldman to $15 from $13. Estimates for FY09 raised to ($0.34) from ($0.35). Maintained Buy rating. BorgWarner ( BWA) target raised at Credit Suisse to $34 from $30. Cites a reflection of their latest view of production schedules in North America and Europe. The firm also stated that the European markets remain under pressure in diesel penetration and commercial vehicle production. Maintained Outperform rating. Coca-Cola Enterprises ( CCE) numbers raised at Barclays. Target to $21. Estimates also increased, because of continued margin expansion in North America and lower commodity costs. Equal-weight rating. ConocoPhillips ( COP) estimates raised at Goldman for FY09 to $3.76 from $3.18. The company's 7% year-over year E&P production growth rate in 1H2009 was encouraging but growth is expected to meaningfully moderate in 2H2009, driven by reduced US natural gas drilling activity and seasonal maintenance in Europe. Maintained Neutral rating. Covance ( CVD) target raised at Goldman to $46 from $42. Estimates raised to $2.73 from $2.61 for FY09. The firm cites an increased EPS forecast and the ability to sustain their robust performance in late stage. Maintained Neutral rating. Cytokinetics ( CYTK) numbers raised at Credit Suisse to $7 from $6. The co had a productive quarter with Amgen exercising its option to develop omecamtiv. The firm expects at least two large trials and is very enthused about the program with Amgen. Maintained Outperform rating. DynCorp ( DCP) numbers raised at Goldman to $15 from $13.50 based on being a potential M&A candidate in the defense and aerospace sector. Maintained Neutral rating.
Exelon ( EXC) estimates raised at Goldman to $4.03 from $3.75. Cites 2Q09 earnings beat, slightly lower LT operating costs, updating hedging assumptions for the Exelon Generation, and revised debt financing and reduced LT equity buybacks. Maintained Buy rating. Formfactor ( FORM) estimates, target boosted at FBR. Estimates raised through 2010. Company posted strong numbers and guided to higher future sales. Market Perform rating and new $19 price target. FMC Technologies ( FMC) target raised at Credit Suisse to $39 from $33. The co. reported strong earnings by beating the street's estimates driven by subsea margin strength which some appears to be sustainable. The firm believes that there is less risk ahead and their target raise is primarily due to margin strength. Maintained Neutral rating. General Dynamics ( GD) target raised at Goldman to $68 from $67. Estimates for FY09 raised to $6.20 from $6.15. The firm sees very strong growth in the co.'s defense business and remains positive on their segment of Gulfstream jets. Maintained Buy rating. Goodrich ( GR) target raised at Goldman to $64 from $62 based on being a potential M&A candidate in the defense and aerospace sector. Maintained Buy rating. Hess ( HES) estimates raised at Goldman for FY09 to $1.47 from $1.03. The co.'s solid results show favorable leverage to higher oil prices. Maintained Buy rating. Hewlett-Packard ( HPQ) target raised at Credit Suisse to $37. Company facing a difficult quarter in printing, although PC demand trends remain upbeat. Neutral rating. InterActiveCorp ( IACI) numbers raised at Bernstein to $19. Estimates also boosted, to a return to profitability in the latest quarter. Market Perform rating.
Jones Apparel ( JNY) target raised at Goldman to $14 from $12. Cites better margins and cost reductions to drive support in the company's outlook. Estimates for FY09 raised to $0.75 from $0.66. Maintained Buy rating. Massey Energy ( MEE) estimates lowered at Goldman to $1.48 from $1.95. Cites lower 2H prices and higher DD&A and interest expense. Maintained Conviction Buy rating. Medco Health ( MHS) numbers boosted at Barclays to $60. Estimates also raised, to reflect higher profits per prescription. Overweight rating. Norfolk Southern ( NSC) target raised at Credit Suisse to $47 from $39. The co. is expected to grow operating profit by 8.5% annually on a 3 to 5 year basis. The firm also believes that the co. can generate $2.5 B in EBIT in 2011. Maintained Outperform rating. NetApp ( NTAP) numbers raised at Credit Suisse to $21 from $16. The firm believes that the co. has made steady improvements in enterprise storage spending and a strong showing in the public segment will allow the co. to exceed consensus expectations for the quarter. Maintained Neutral rating. NYSE Euronext ( NYX) target raised at Credit Suisse to $28 from $27 as there are continued signs of synergy and expense discipline. Maintained Neutral rating. Panera Bread ( PNRA) target lowered at Goldman to $55 from $58. Estimates raised to $2.64 from $2.58 for FY09. The firm believes that the co. is in a transitional growth phase marked by slower top line growth which will compress margins. Maintained Neutral rating.
Praxair ( PX) estimates cut at Merrill/BofA through 2010. Hedges are dragging on earnings, as well as a higher allowance for doubtful accounts. Buy rating and $80 price target. Sprint Nextel ( S) target lowered at Goldman to $4.50 from $5 due to a lack of catalysts and de-scaling of business. Estimates lowered to ($0.16) from ($0.15). Maintained Neutral rating. SAP ( SAP) target raised at Goldman to $48 from $44. Estimates for FY09 raised to $2.17 from $2.02. Potential upside is seen in an increase of license revenue and IT spending which will suggest signs of recovery in 2H09. Maintained Neutral rating. Silicon Labs ( SLAB) numbers increased at Barclays through 2010. Company is seeing higher sales, driven by the Audio and Access divisions. Equal-weight rating and new $38 price target. Time Warner ( TWX) estimates raised at Goldman for FY09 to $2.10 from $2.00. The company's strong content success and cost cuts keep it well positioned for the future. Maintained Neutral rating. Time Warner ( TWX) estimates reduced at Barclays through 2010. Margins were expanding at Turner and Film had a record quarter. Equal-weight rating and $30 price target. Watson Pharmaceuticals ( WPI) numbers boosted at Barclays to $38. Estimates also raised, to reflect higher sales and some cost-cutting. Equal-weight rating. Dentsply ( XRAY) numbers increased at Barclays to reach $32. Estimates also boosted, to reflect cost management. Overweight rating. Yahoo! ( YHOO) target raised at Goldman to $17.50 from $17 due to greater profits and cash flow partly offset by eliminating prior M&A upside following its strategic agreement with Microsoft. Maintained Neutral rating.