Change in Ratings
Adobe (ADBE) upgraded at Jefferies to hold rating from underperform. Price target raised to $43 from $31 and fiscal year 2008 EPS estimates lift to $1.87 from $1.85.
Basic Energy (BAS) downgraded at UBS to neutral rating from buy. Price target and fiscal year 2008 EPS estimates hold at $29 and $3.85, respectively.
Exelon (EXC) downgraded at Citigroup from buy to hold with a $91 price target. The stock is now approaching its fair value and is at a premium to its integrated utility peers.
Content Continues Below
Flowers Foods (FLO) downgraded at Merrill to neutral. Valuation call, as the stock is up 25% over the past 12 months.
Frontier Oil (FTO) upgraded at Bear Stearns from underperform to peer perform. FTO is one of the better-positioned refiners that will be able to endure this period of margin weakness. Until fundamental conditions improve there is limited upside in FTO and other refining stocks share prices.
J.B. Hunt (JBHT) upgraded at Merrill from hold to buy with a $37.25 price target. Merrill believes JBHT will post above average growth led by continued double-digit growth of the intermodal market, and expected tightening of the TL market from increasing bankruptcies.
MetLife (MET) upgraded at Merrill from hold to buy with a $78 price target. Analysts suggest almost 35% return potential for MET over the next 12 months, and the stock is trading at only 1.3 times its current book value.
Quest Software (QSFT) added to Buy List at Goldman based on increased confidence in near-term earnings. Note reduced operating expenses. Price target raised to $21 from $17.50.
United Parcel Service (UPS) upgraded at Merrill from neutral to buy with a $77 price target. The upgrade is due to improved valuation and a continued shift to smaller parcel shipments. In addition, UPS has a new five-year Teamster contract beginning in 2008 that has provided stability to an often contentious issue.
WebMD (WBMD) upgraded at Citigroup from hold to buy with a $35 price target. WBMD has a strong outlook of growth acceleration and margin expansion that highlights it for potential M&A activity in the coming future.
Stock Comments/EPS Changes
General Mills (GIS) numbers raised at UBS. Price target lifts to $69 from $66 and fiscal year 2009 EPS estimates upped to $3.85 from $3.80. Reiterates buy rating.
Nike (NKE) price target raised at Credit Suisse to $85 from $75, based on international exposure and dominant market share. See China as primary driver over next 10 years. Maintained outperform rating.
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