|Don't Miss Spotting the Market Bottom|
NEW YORK ( TheStreet) -- CHANGE IN RATINGS Arkansas Best ( ABFS) was downgraded to Underperform from Neutral by Bank of America/Merrill Lynch, which said that the Teamsters' rejection of wage cuts leaves Arkansas Best with the highest cost structure in the industry. Price target lowered to $24 from $35. Barrick Gold ( ABX) was upgraded to Buy by Deutsche Bank, which said Barrick should benefit from rising gold prices. Adtran ( ADTN) was upgraded by Barclays to Overweight from Equal Weight. Barclays said solid demand driven by U.S. investment initiatives supports growth outlook. Barclays raised 2010 and 2011 EPS estimates to $1.37 and $1.53, respectively. It also lifted the price target to $31 from $28. AK Steel ( AKS) upgraded to Buy at Citigroup. $19 price target. Stock is down 46% and pricing in lower earnings estimates, Citigroup said. AK Steel upgraded to Neutral from Underperform by Bank of America/Merrill Lynch, which said margin concerns are already priced into the stock. Bank of America/Merrill Lynch is maintaining a $16 price target. Bank of New York Mellon ( BK) was initiated with a Buy rating at Jefferies, which said the bank is most leveraged to higher interest rates and a recovery in the global markets. $35 price target. CGG-Veritas ( CGV) was downgraded to Neutral from Buy on high expectations in an uncertain market, Bank of America/Merrill Lynch said. Price target lowered to $29.15 from 32.50. Comerica ( CMA) was upgraded from Hold to Buy by Soleil Securities. $44 price target. Comerica has balance sheet leverage and should benefit from increased loan demand, Soleil said.
EMC ( EMC) downgraded at JP Morgan to Neutral from Overweight. Price target lowered to $21 from $22. JP Morgan maintains 2010 EPS estimates of 93 cents. General Dynamics ( GD) was upgraded from Sell to Hold by Citigroup. $67 price target. Stock looks attractive, following a recent pullback, Citigroup said. Gilead Sciences ( GILD) was upgraded from Sell to Hold by Morgan Joseph. Risks are priced into the stock at current levels, Morgan Joseph said.
US Airways ( LCC) was upgraded at JP Morgan to Overweight from Neutral. Price target was raised to $11.50 from $8.50. 2010 EPS estimates were raised to $1.16 from $1.01. Mirant ( MIR) was upgraded at UBS from Sell to Neutral. Stock looks attractive following the recent pullback, UBS said. NetApp ( NTAP) was upgraded at JP Morgan to Overweight from Neutral. Price target raised to $41.00 from $36.50. 2010 EPS estimates were raised to $1.30 from $1.27. News Corp ( NWS) was upgraded from Hold to Buy at Soleil Securities. Valuation call, as the stock appears oversold, Soleil said. $17.50 price target. Oceaneering International ( OII) was initiated with a Buy rating at Deutsche Bank. $70 price target. Company has exposure to a strong secular growth story, Deutsche Bank said. Public Service ( PEG) was upgraded from Neutral to Buy, UBS said. $34 price target. Company has a strong balance sheet, and earnings should hold up relatively well, UBS said. Progress Energy ( PGN) was upgraded to Buy from Neutral at Bank of America/Merrill Lynch on a high dividend yield and earnings growth. Price target raised by $1 to $42. PNC Financial ( PNC) was upgraded to Outperform from Market Perform by Keefe, Bruyette & Woods. $72 price target. Company deserves a premium valuation and looks attractive following a recent pullback, Keefe, Bruyette & Woods said. Pepco ( POM) was upgraded from Market Perform to Outperform by Wells Fargo. Stock is not yet pricing in the company's long-term growth prospects, Wells Fargo said. PPL ( PPL) was upgraded at Morgan Stanley from Equal-Weight to Overweight by Morgan Stanley. Stock is down 22% year to date and offers investors an attractive dividend, Morgan Stanley said. RRI Energy ( RRI) was upgraded from Sell to Neutral by UBS. Recent capacity auction should boost future earnings, UBS said. RTI International Metals ( RTI) was upgraded to Neutral by Bank of America/Merrill Lynch on valuation and industry supply concerns. Bank of America/Merrill Lynch is maintaining its $27 price target.
Werner Enterprises ( WERN) was upgraded at Keybancfrom Hold to Buy. $27 price target. Checks show that truckload rates are recovering ahead of expectations, Keybanc said. STOCK COMMENTS / EPS CHANGES Air Products ( APD) estimates were increased through 2012 at Morgan Stanley. The company can grow independent of an economic recovery, Morgan Stanley said. Overweight rating and $92 price target. Avnet ( AVT) price target reduced to $34 at Goldman Sachs. Company likely to receive a lower multiple, given the market pullback, Goldman said. Neutral rating. Campbell Soup ( CPB) target, estimates raised at Barclays. The price target was raised to $38 from $26 on improving volume growth, Barclays said. Meanwhile, 2010 and 2011 EPS estimates were set at $2.45 and $2.65, respectively. Overweight rating. Campbell Soup estimates were cut, but its target was boosted at Goldman Sachs. Shares now seen reaching $37. On the other hand, estimates were reduced, to reflect lower volumes and higher marketing costs, Goldman said. Neutral rating. Medicis ( MRX) estimates, target lowered at Goldman Sachs. Estimates were cut through 2013. Liposonix approval will likely be pushed out, Goldman said. Neutral rating and new $27 price target. Oracle ( ORCL) estimates were cut through 2011 at Citigroup. Company has currency exposure in Europe, Citigroup said. Buy rating and new $28 price target. Seagate Technology ( STX) price target trimmed at Barclays to $26 from $30 on seasonally weak June numbers. Overweight rating. Vale ( VALE) estimates were boosted through 2011 at Goldman Sachs said. Company is benefiting from higher metals prices, Goldman said. On the other hand, the target was cut to $43, given rising economic uncertainty. Buy rating. Western Digital ( WDC) price target lowered at Barclays to $44 from $50 on a seasonally weak June quarter. Equal Weight rating. Weatherford ( WFT) price target, estimates cut at Bank of America/Merrill Lynch. The price target was cut to $20 from $24 after another disappointing quarter, Bank of America/Merrill Lynch said. 2010 and 2011 EPS estimates trimmed to 55 cents and $1.22, respectively. Bank of America/Merrill Lynch is maintaining a Buy rating. Yingli Green Energy ( YGE) price target cut to $11 from $14 on euro headwinds, Barclays said. 2010 and 2011 EPS estimates lowered to 80 cents and 85 cents, respectively. Equal Weight rating.