Matrix USA Rating Changes 7/3 Jul 3, 2008 11:30AM

Matrix USA Rating Changes 7/3

Upgrades:
Del Monte Foods Co. (NYSE: DLM) from Buy to Strong Buy (new financials, 10Q); American Woodmark Corp. (Nasdaq: AMWD) from Strong Sell to Sell (valuation); Caraco Pharmaceutical Laboratories Ltd. (AMEX: CPD) from Buy to Strong Buy (new financials, 10Q); SeaChange International Inc. (Nasdaq: SEAC) from Buy to Strong Buy (valuation); Student Loan Corp. (NYSE: STU) from Strong Sell to Sell (valuation)

Downgrades:
Pioneer Drilling Co. (NYSE: PDC) from Hold to Sell (valuation); St. Mary Land (NYSE: SM) from Buy to Hold (valuation); US Airways Group, Inc. (NYSE: LCC) from Hold to Sell; Northwest Pipe Co. (Nasdaq: NWPX) from Hold to Sell (valuation); BJ Services Company (NYSE: BJS) from Hold to Sell (valuation).


Piper Jaffray Upgrades Corel Corporation (CREL) to Buy Jul 3, 2008 11:08AM

Piper Jaffray upgrades Corel Corporation (Nasdaq: CREL) from Neutral to Buy with an $11 price target, after in-line results, saying they believe the acquisition at $11 likely happens.

On March 28th, the company received an unsolicited proposal from Corel Holdings, L.P., the holder of 69% of Corel's outstanding common shares, to acquire the company at $11 per share.


FTN Midwest Upgrades Bryn Mawr Bank (BMTC) to Buy Jul 3, 2008 09:34AM

FTN Midwest upgrades Bryn Mawr Bank Corp. (Nasdaq: BMTC) from Neutral to Buy with a $23 price target.

Bryn Mawr Bank Corporation operates as the bank holding company for The Bryn Mawr Trust Company, which offers commercial and retail banking services in Pennsylvania.


Oppenheimer Goes Against The Grain and Upgrades NVIDIA (NVDA) Following Sell-Off Jul 3, 2008 09:31AM

Oppenheimer upgrades NVIDIA (Nasdaq: NVDA) from Market Perform to Outperform with an $18 price target.

NOTE: This is a contrarian call as the stock is down 28% after warning for Q2. The stock has also received multiple downgrades today.


Morgan Joseph Upgrades Jacobs Engineering Group (JEC) to Buy Jul 3, 2008 08:55AM

Morgan Joseph upgrades Jacobs Engineering Group (NYSE: JEC) from Hold to Buy with a $93 price target.

The firm said, "We believe the company is solidly positioned to benefit from strength in the oil and gas markets over the next several years, and view the recent share price retrenchment of JEC stock (down over 25% from its 52-week high in early January) as a buying opportunity to own one of the blue chip names in the E&C space. Furthermore, Y/Y backlog growth continues to accelerate, exceeding 50% in the company's F2Q08 report, which provides us with confidence in the company's ability to achieve our earnings expectations over the next several quarters."

The firm believes that Jacob's Energy & Refining Downstream and Oil & Gas Upstream segments, which accounts for 40% of revenue, will be robust for many years due to high oil prices, expansion of refining capacity, and a shift in crude supplies. In addition, the company's federal work, which accounts for 18% of revenue, should benefit from the US military's Base Realignment and Closure (BRAC) program, along with from clean-up work of weapons and nuclear facilities. Finally, Morgan Joseph likes JEC’s business model which focuses on growth through the development of long-term client partnerships vs. competing for one-time transactional projects.

Jacobs Engineering Group, Inc. provides technical, professional, and construction services to industrial, commercial, and governmental customers worldwide.


More Upgrades

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