NEW YORK (CNN/Money) -
One brokerage downgraded Kraft Foods and upgraded Novellus Systems, while another upgraded Coherent before the opening bell Wednesday.
In a morning note, Merrill Lynch downgraded food maker Kraft (KFT: Research, Estimates) to "neutral" from "buy" after the company reduced expectations for growth in 2003 due primarily to pension contribution and soft Latin America results. Shares of Kraft fell 69 cents to $36.11 Tuesday.
Merrill cut its 2003 earnings estimate for MGM Mirage (MGG: Research, Estimates) to $1.74 a share from $2 and lowered its target price on the stock to $32 from $34, citing a slower-than-expected turnaround in high-end business. Shares of the casino operator rose 65 cents to $26.50 Tuesday.
The firm upgraded Novellus Systems (NVLS: Research, Estimates) to "buy" from "neutral," citing order improvement, following the chip equipment maker's report of fourth-quarter earnings that were in line with expectations. Shares of Novellus slipped 46 cents to $29.53 Tuesday.
Merrill also upgraded Dime Community (DCOM: Research, Estimates) to "neutral" from "sell" and raised its 2003 earnings forecast to $2 from $1.86 after the parent of the Dime Bank's fourth-quarter report beat Wall Street expectations. Shares of Dime rose 5 cents to $19.05 Tuesday.
Credit Suisse First Boston upgraded Coherent (COHR: down $0.33 to $17.47, Research, Estimates) to "outperform" from "neutral" and raised its price target to $22 a share from $28, citing the testing equipment maker's compelling valuation. Shares of Coherent fell 33 cents to $17.47 Tuesday.
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