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Analysts' Actions: ADBE CLWR MSFT MU

NEW YORK (TheStreet) -- CHANGE IN RATINGS

Adobe Systems (ADBE) upgraded at JMP from Underperform to Outperform, JMP Securities said. $42 price target. Company is successfully moving its offerings over to the cloud.

Adtran (ADTN) rated new Neutral at JP Morgan. $19 price target. Core business could continue to decline in 2013.

Burger King (BKW) rated new Neutral at BofA/Merrill. Valuation call, based on an $19.50 price target.

Cienna (CIEN) downgraded at BMO Capital Markets to Market Perform from Outperform, BMO Capital Markets said. $15 price target. Conversion to revenue could slow.

Clearwire (CLWR) downgraded at Guggenheim to Neutral. $3 price target. It is uncertain if there will be a materially higher bid than Sprint's offer of $2.90.

Carpenter Technology (CRS) initiated at Goldman Sachs as Buy. $63 price target. Margin/volume expansion story.

Endo Health (ENDP) downgraded at Needham from Hold to Underperform, Needham said. Core franchises will likely continue to deteriorate.

Ensco (ESV) upgraded at Jefferies to Buy from Hold, Jefferies said. $70 price target. Strong free cash flow.

Exterran Partners (EXLP) downgraded to hold at TheStreet Ratings.

Halcon Resources (HK) rated new Outperform at Baird. $10 price target. Company can deliver industry-leading growth in 2013.

Hornbeck (HOS) rated new Buy at Citigroup. $60 price target. Aggressive pursuit of up to a 64 vessel construction program.

Microsoft (MSFT) rated new Market Perform at BMO. $30 price target. Weak PC market and lower tablet demand will likely weigh on shares.

Micron (MU) upgraded at Drexel Hamilton to Buy, Drexel Hamilton said. $8 price target. Spot memory prices continue to surge.

Newcastle Investment (NCT) rated new Buy at UBS. $10 price target. Ties to Fortress and Nationstar provide competitive advantage.

National Oilwell (NOV) downgraded at Guggenheim from Buy to Neutral, Guggenheim said. $71 price target. Estimates also cut, as rig counts could fall in North America.

Six Flags (SIX) rated new Outperform at Wells. Company generates strong recurring cashflow and its business has high barriers to entry.

SPX (SPW) upgraded at Nomura to Buy, Nomura said. $80 price target. Stock is attractive, following the recent pullback.

TD Ameritrade (AMTD) upgraded to buy at TheStreet Ratings.

Tidewater (TDW) rated new Buy at Citigroup. $62 price target. Committed capital to expanding fleet.

TIVO (TIVO) initiated at Goldman Sachs aS new Buy. $15 price target. Well positioned to target consumers who desire a premium experience.

Waddell & Reed (WDR) rated new Equal-weight at Morgan Stanley. $35 price target. Stock is pricing in both expansion opportunities and flow headwinds.

Wynn Resorts (WYNN) downgraded at UBS to Neutral from Buy, UBS said. $118 price target. No major catalysts and Cotai parcel a challenge.

STOCK COMMENTS / EPS CHANGES

Apple (AAPL) numbers cut at UBS. Shares of AAPL now seen reaching $700, UBS said. Estimates also lowered on slowing iPhone build rates. Buy rating.

CVS Caremark (CVS) numbers increased at Lazard. CVS estimates were raised through 2014, Lazard said. Company boosted its guidance. Buy rating and new $48.50 price target.

Diamond Offshore Drilling (DO) numbers lowered at Jefferies. Shares of DO now seen reaching $73, Jefferies said. Estimates also lowered on valuation. Hold rating.

Phillips 66 (PSX) numbers raised at Oppenheimer. Shares of PSX now seen reaching $60, Oppenheimer said. Estimates also raised on bullish analyst meeting. Outperform rating.

STRATEGY CALLS / MARKET CALLS

S&P 500 (SPX) target increased at JP Morgan. SPX now seen reaching 1,440 by the end of the year. Investors will likely continue to chase beta.

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