Analyst Actions -- 9/30/2011

 | Sep 30, 2011 | 9:24 AM EDT
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Altera downgraded at Auriga

ALTR was downgraded from Buy to Hold, Auriga said.  $37 price target.  Inventory correction and weaker orders have continued after the mid quarter guidance. 


A.O. Smith estimates, target cut at Jefferies

AOS estimates were reduced through 2012, Jefferies said. Industry growth could remain sluggish in the coming quarters. Buy rating and new $47 price target.


Constellation Brands numbers cut at Goldman

STZ estimates were lowered through 2014, Goldman Sachs said. Company is paying higher interest expenses and buying back less stock. Neutral rating and new $21 price target.


DaVita downgraded at Citigroup

DVA downgraded from Buy to Hold, Citigroup said.  $77 price target.  Valuation call along with recent legal developments. 


Dow Chemical rated new Hold at Jefferies

DOW was initiated with a Hold rating, Jefferies said.  $27 price target.  Ethylene peak still ahead, but better entry point within six months.


Edison upgraded at Wunderlich

EIX was upgraded from Hold to Buy, Wunderlich said. $43 price target. Company can generate solid growth and the market is giving little value to the unregulated operations.


EMC estimates lowered at Sterne Agee

EMC estimates were cut through 2012, Sterne Agee said. Channel checks show lower demand, especially from financial customers. Buy rating and $30 price target.


Flowserve estimates, target lowered at Jefferies

Shares of FLS now seen reaching $137, according to Jefferies. Estimates also cut, as the current industrial cycle could be pushed out. Buy rating.


Global Payments upgraded at Jefferies

GPN was upgraded from Hold to Buy, Jefferies said.  $50 price target.  Potential benefit from Durbin regulations and robust payment volume metrics.


Global Payments rated new Buy at Stifel

GPN was initiated with a Buy rating, Stifel Nicolaus said. $50 price target. Company is adding to its scale and has potential operating leverage.


Harsco estimates, target reduced at Jefferies

Shares of HSC now seen reaching $22, according to Jefferies. Estimates also cut, given slower expected industrial growth. Hold rating.


Itron downgraded at BofA Merrill

ITRI was downgraded from Buy to Underperform, Bank of America Merrill Lynch said.  $36 price target.  Expect further negative earnings revisions and a lack of positive near term catalysts.


Marathon Oil upgraded at Benchmark

MRO was upgraded from Sell to Hold, Benchmark said. Valuation call, based on a $23 price target.


MEMC Electronic Materials rated new Neutral at Piper Jaffray

WFR was initiated with a Neutral rating, Piper Jaffray said.  $7 price target.  Upbeat about top line growth, but remain cautious about transformation risk. 


Micron Technology numbers reduced at Morgan Stanley

Shares of MU now seen reaching $11, according to Morgan Stanley. Estimates also cut, given the sharp decline in DRAM pricing. Overweight rating.


Micron Technology estimates cut at UBS

MU estimates lowered through 2013 on lower gross margin and higher OpEx and interest.  Maintain $14 price target and Buy rating.


Mosaic estimates, target lowered at Citigroup

Shares of MOS now seen reaching $82, according to Citigroup.  Estimates also lowered on a slower restart of the Faustina plant and lower than expected phosphate guidance.  Maintain Buy rating.


NetApp estimates cut at Sterne Agee

NTAP estimates were reduced through 2013, Sterne Agee said. Channel checks show slower domestic growth. Neutral rating.

----- estimates lowered at Piper

CRM estimates were cut through 2013, Piper Jaffray said. Assistly purchase will reduce earnings. Overweight rating and $183 price target.


Valspar rated new Hold at KeyBanc

VAL was initiated with a Hold rating, KeyBanc said.  Remain cautious due to company's exposure to global industrial coatings.

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