06:19 Early Reesarch Calls , AAPL upped by BEST, $110
Upgrades: Bear Stearns upgrades Apple (AAPL 83.90) to Outperform from Peer Perform and $105 tgt, as they cite increased visibility in the co's product roadmap, improved revs/earnings growth rate, and reduced Intel transition risks... Bear Stearns upgrades PRA Intl (PRAI 24.20) to Outperform form Peer Perform and $30 tgt, as they see a Q4 revenue shortfall as a buying opportunity... Downgrades: JMP Securities downgrades BISYS Group (BSG $14.59) to Underperform from Mkt Perform and establishes a $13 tgt, as they believe that investors will find it increasingly difficult to value BSG as a pure-play, recurring revenue processor, as the current earnings multiple implies, and they also believe that the long-term secular growth outlook for its life insurance wholesaling business is in the single-digits... Piper Jaffray downgrades JP Morgan (JPM 40.70) to Market Perform from Outperform and $43 tgt, as they cite valuation, NIM deterioration, a moderating trading environment and slowing consumer loan volumes may be more severe than anticipated... First Albany downgrades Power Integratios (POWI 28.15) to Neutral from Buy, as they cite valuation... Wachovia downgrades Raymond James Financial (RJF 39.83) to Market Perform from Outperform, as they cite valuation, a pending M&A backlog that has been depleted over the recent quarter and competitor forward estimates that may be too high... Prudential downgrades Apollo Group (APOL 62.15) to Neutral from Overweight in light of Chairman and Chief Executive Todd Nelson's sudden resignation... Citigroup downgrades PDL Biopharma (PDLI 30.21) to Hold from Buy and $34 tgt, citing valuation... Miscellaneous: Goldman Sachs initiates CBS (CBS 26.18) with an Underperform and $21 tgt, as they cite limited growth and returns due to weak fundamentals, unfavorable themes and a more limited ability to transition to the digital world
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