Eaton Corp. (NYSE: ETN), a leading power management company, is upgraded to Buy from Hold with a price target of $54, down from $57. Analysts say the valuations remain compelling even as they trim estimates to account for slower growth. Analysts expect FY 2011 Q3 earnings season to be largely supportive for the former. Shares of Eaton fell 0.40 percent, or $0.17, to trade at $42.
Caterpillar Inc. (NYSE: CAT : 85.51, 1.4), which manufactures and sells construction and mining equipment, and diesel and natural gas engines, is raised to Buy from Neutral by analysts at Goldman Sachs with a price target of $98. Analysts state that the company's exposure to rising resource production costs along with a reasonable valuation position the stock to outperform. Shares of Caterpillar added 0.95 percent, or $0.80, to trade at $84.89.
Analysts at Raymond James upgrade Noble Corp. (NYSE: NE : 34.97, 1.52), which operates as an offshore drilling contractor for the oil and gas industry worldwide, to Strong Buy from Outperform. The latter is scheduled to unveil its fiscal 2011 third quarter earnings on October 19, 2011. The average estimate of analysts is for a profit of $0.56 per share, a rise of 43.6 percent from the company's actual earnings for the same quarter a year ago. Shares of Noble were down 0.35 percent, or $0.11, to trade at $31.37.
Analysts at Piper Jaffray downgrade Veeco Instruments Inc. (Nasdaq: VECO : 26.22, 0.18), which designs, manufactures and markets equipment to make high brightness light emitting diodes, to Neutral from Overweight. They lowered the stock's price target to $30 from $62. They state that their recent checks in Asia confirm a slowdown in orders and likely shipment delays due a weak macro environment and a difficult credit environment in China. Shares of Veeco were down 6.33 percent, or $1.76, to trade at $26.03.
Apple Inc. (Nasdaq: AAPL : 397.33, 2.02), which designs, manufactures and markets personal computers, is downgraded to Hold from Buy by analysts at BGC Partners. They state that the near-term downside risk outweighs upside reward and the quarter also faces the possibility of pressure from education pricing discounts. Shares of Apple added 0.23 percent, or $0.99, to trade at $422.99.
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