Change in RatingsApple (AAPL) initiated at UBS with a Buy rating and $195 price target. Introduces 2008 EPS estimates of $5.21.
AIG (AIG) upgraded at UBS to Buy from Neutral. Price target raised to $41 from $35. Maintains 2008 EPS estimates of $1.80.
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Astrazeneca (AZN) upgraded at Merrill Lynch to Neutral from Underperform based on near-term earnings momentum and increasing pipeline newsflow over next 12 months.
Dell (DELL) initiated at UBS with a Neutral rating and $27 price target. Introduces fiscal 2009 EPS estimates of $1.61.
Genzyme (GENZ) initiated as a Buy at Bank of America with $90 price target.
Hewlett-Packard (HPQ) initiated at UBS with a Neutral rating and $49 price target. Introduces 2008 EPS estimates of $3.57.
Janus (JNS) downgraded at JPMorgan to Underweight from Neutral due to weakening fund performance and overexposure to international securities. Note rich relative valuation and see potential for selloff ahead of redemptions.
LSI Logic (LSI) reduced to Underweight from Equal-weight at Lehman. Price target cut to $7 from $8.
Microstrategy (MSTR) downgraded at Roth to Hold from Buy. Second-quarter earnings missed consensus estimates by a wide margin, and investments in sales personnel have not driven higher license fees. Price target lowered to $60.
Nortel (NT) downgraded at Merril Lynch to Underperform from Neutral based on increased caution over 2009 prospects. Note deterioration in deferred revenue and bookings. Price target cut to $7 from $8.50.
Novo Nordisk (NVO) downgraded at Merrill Lynch to Underperform in conjunction with AstraZeneca upgrade. See shares as less attractive relative to other Neutral-rated stocks under coverage.
Rackable Systems (RACK) downgraded at Merriman to Neutral due to high customer concentration and margin concerns. Note limited visibility into near-term operating results.
Smithfield Foods (SFD) initiated at JP Morgan with a Neutral rating. Introduces 2008 EPS estimates of $1.14.
Vivus (VVUS) downgraded at RBC to Sector Perform rating from Outperform. Price target lifts to $10 from $8, while FY09 estimates improve to a loss of 81 cents a share from a loss of 87 cents. Reiterates Speculative Risk qualifier.
Werner Enterprises (WERN) downgraded at Merrill Lynch to Underperform from Neutral based on limited return potential following recent advance. Maintained $24 target.
Stock Comments/EPS ChangesBanco Bradesco (BBD) estimates raised at Morgan Stanley. Fiscal 2009 EPS estimates upped to $1.88 from $1.81 and price target holds at $24. Reiterates Equal-weight rating.
Biogen Idec (BIIB) price target lowered at UBS to $48 from $59. 2008 EPS estimates raised to $3.73 from $3.72. Maintains Sell rating.
Cinemark Holdings (CNK) 2Q earnings estimate reduced by Lehman to 13 cents a share from 18 cents to reflect nominal industry growth for the quarter. Price target reduced to $19 from $20.
Dish Network (DISH) estimates raised at Morgan Stanley. Fiscal 2009 EPS estimates upped to $2.68 from $2.64 and price target holds at $40. Reiterates Overweight rating.
Health Management Associates (HMA) target cut at Credit Suisse to $6 from $7 after company reported below-consensus earnings and a decline in same-facility admissions. Maintained Neutral rating.
Humana (HUM) numbers raised at UBS. 2008 EPS estimates raised to $4.35. Price target raised to $52 from $48. Maintains Neutral rating.
Walgreen (WAG) estimates lowered at Lehman. 4Q EPS reduced to 44 cents a share from 46 cents. Maintained Equal-weight rating and $39 price target.
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