Tuesday, August 18, 2009

August 18th. Upgrades/Downgrades

CHANGE IN RATINGS
American Express upgraded at KBW7:57 AM EDT AXP was upgraded to Outperform, Keefe, Bruyette & Woods said. $37 price target. Estimates also raised, as the company again saw improving credit trends in July.
Brookfield Properties upgraded at UBS8:17 AM EDT BPO upgraded at UBS. Rating raised to Neutral from Sell. Price target raised to $9.50 from $7.00. 2009 EPS estimates lowered to $1.36 from $1.45.
Boston Scientific upgraded at Leerink Swann8:29 AM EDT BSX upgraded at Leerink Swann. Rating raised to Outperform from Market Perform. Raises price target to $15 from $11. Maintains 2009 EPS estimates of $0.57.
Buffalo Wild Wings rated new Neutral at Goldman8:04 AM EDT Coverage of BWLD was started with a Neutral rating, Goldman Sachs said. $44 price target. Company has positive long-term potential, but is facing lower restaurant margins in the second half of the year.
Goldman Sachs upgraded at Pali7:20 AM EDT GS was upgraded to Buy, Pali Research said. $210 price target. Estimates also boosted, to reflect higher expected trading revenue and strong banking backlogs.
International Game Technology upgraded at JP Morgan8:06 AM EDT IGT upgraded at JP Morgan. Rating raised to Overweight from Neutral. Maintains $23 price target. Maintains 2009 EPS estimates of $0.78.
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STOCK COMMENTS / EPS CHANGES
Agilent target raised at Credit Suisse8:14 AM EDT Shares of A now seen reaching $29, according to Credit Suisse. Company appears to be past the cyclical bottom. Outperform rating.
Agilent estimates, target raised at FBR7:24 AM EDT Shares of A now seen reaching $23, according to Friedman, Billings Ramsey said. Estimates also boosted, to match the company's new guidance and the potential from the Varian deal.
Autozone estimates boosted at Merrill/BofA7:29 AM EDT AZO estimates were increased through 2011, according to Merrill Lynch/Bank of America. Company is seeing more demand in the DIY market. Buy rating and $185 price target.
BB&T estimates boosted at FBR7:23 AM EDT BBT estimates were raised through 2010, Friedman, Billings Ramsey said. Company should realize cost savings from the Colonial deal. Market Perform rating and $22 price target.
Biovail estimates reduced at UBS7:43 AM EDT BVF estimates were lowered through 2010, UBS said. Ultram XL is going generic. Buy rating and $16 price target.
Celanese estimates, target raised at Goldman8:08 AM EDT Shares of CE now seen reaching $27, according to Goldman Sachs. Estimates were also boosted, to reflect a recovery in the auto market and positive China trends. Neutral rating.
Dish Network estimates cut at Morgan Stanley7:52 AM EDT DISH estimates were lowered through 2011, Morgan Stanley said. Latest bond offering will increase interest expense and fundamental visibility remains low. Equal-weight rating.
JC Penney target raised at Morgan Stanley7:50 AM EDT JCP target was boosted to $37, Morgan Stanley said. Company should be able to expand its gross margin in the coming quarters. Overweight rating.
Eli Lilly target cut at Merrill/BofA7:28 AM EDT Shares of LLY now seen reaching $35, Merrill Lynch/Bank of America said. Product portfolio is facing increased generic risk. Underperform rating.
Lowe's estimates cut at Goldman8:11 AM EDT LOW 2010 estimate was lowered to reflect a slower sales rebound, according to Goldman Sachs. Buy rating and $23 price target.
Marvell Technology numbers raised at FBR7:22 AM EDT MRVL estimates were increased through 2010, Friedman, Billings Ramsey said. Expect the company to raise guidance later this month. Outperform rating and new $18.50 price target.
Valspar estimates, target increased at UBS7:45 AM EDT VAL estimates were boosted through 2010, according to UBS. Company seeing higher paint demand and cutting costs. Neutral rating and new $24 price target

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