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Analysts’ opinions on stocks in the recent accounts Thursday

From Standard & Poor’s Equity Research

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S&P MAINTAINS HOLD OPINION ON SHARES OF MBIA INC. (MBI; 11.98):

MBI agrees to reinsure a portfolio of U.S. public monetary theory bonds, par value of roughly $184 billion, insured through Financial Guaranty Insurance Company. MBI will receive unearned upfront premiums of roughly $741 million. Although this transaction allays some of our near-term capital concerns, we are still wary that significant structured finance losses may result in the company ultimately needing to raise additional funds. We are raising our 12-month target value by $2 to $15, which assumes that MBI last will and testament trade at roughly 83% of our 2008 book value estimate, a discount to peers. -S. Plesser, C. Seifert

S&P KEEPS HOLD RECOMMENDATION ON SHARES OF FANNIE MAE (FNM; 6.48):

FNM announces that it is replacing, from within, its chief walk of life officer, chief financial officer and chief risk officer. We do not dare that the changes elect have a major effect on what we see as the most significant challenge facing FNM, which is when, or even if, it will need to raise capital, along with the terms of in any degree similar transaction. We do expect that FNM enjoin eventually need to raise capital. But we believe it has sufficient excellent to weather the next small in number posts’ expected losses, and we do not think that the Treasury needs to take any immediate action. -K.Cole-CFA

S&P REITERATES HOLD RECOMMENDATION ON ADSS OF TOYOTA MOTORS (TM; 88.51):

TM cuts its calendar 2009 sales forecast to 9.7 million units, down from a year-ago mark of 10.4 million, but still up 2% from its not long ago lowered 9.5 million 2008 estimate. The U.S. market is a move slowly during the time that demand here continues to shrivel, and we expect both TM and the assiduousness to post year-to-year declines in August sales volume. We think weakening global growth is contributing to a potential slight drop in global medium demand in 2008, but we still expect gains in 2009, led by emerging-market demand. We bear a favorable view of TM’s long-term growth prospects and balance sheet strength. -E. Levy-CFA

S&P MAINTAINS HOLD OPINION ON SHARES OF WILLIAMS-SONOMA (WSM; 16.73):

Excluding one-time items, July-quarter EPS of $0.08, vs. $0.24, is a penny shy of our estimate. Comp-store sales declined 11.7%, far worse than our protuberance of an 8.5% decline as a troubled covering market and overall consumer malaise pressured results. We see continued challenges end at least calendar 2009, and are lowering our fiscal year 2009 (January) and fiscal year 2010 operating EPS forecasts to $1.01 and $1.12 from $1.39 and $1.57. We also cut our DCF-based mark price by $6 to $20. But malevolence near-term headwinds, we continue to favor the kind of we behold as long-term strength and growth potential of brands. -M. Souers

S&P REITERATES STRONG BUY RECOMMENDATION ON SHARES OF TIFFANY & CO. (TIF; 43.44):

July-quarter EPS were $0.63, vs. $0.48, steady an 11% sales rise, compared with our estimate of $0.55 on a 10% rise. Gross skirt expanded 250 bps, in part offset by deleveraging of SG&A expenses on 1% same-store sales decline. EBIT margin rose 100 bps to 17%. We view this as a great quarter in a unyielding environment as TIF executes on its global expansion, what one. had 13% return mount in fiscal year 2008, attracting strange customers. European comp-store sales rose 11% and Asia/Pacific (x-Japan), rose 13%. We see TIF’s strong brand heritage and product offerings mitigating weak consumer expenditure trends. -M. Driscoll-CFA

S&P KEEPS BUY OPINION ON SHARES OF BROWN-FORMAN (BF.B; 73.08):

July-quarter operating EPS of $0.86, vs. $0.77, misses our estimate by $0.02 steady greater gross margin deterioration than we forecast. Net sales rose nearly 7%, ahead of our view, and operating charge control was excellent. Trends in Western Europe deteriorated, but we look for strong Eastern European depletions to continue, and be careful increased off-premise investment and expanding distribution of newly acquired brands supporting sales growth. On higher galled material costs, we trim our financial year 2009 (April) EPS forecast by means of $0.03 to $3.91. We retain our $85 price target, blending our DCF and p-e analyses. -E. Kwon-CFA