Monday's Analysts' Upgrades and Downgrades

TSC Staff

CHANGE IN RATINGS

Andrew Corp. rated new Neutral at Credit Suisse: Credit Suisse said it is reinstating coverage on ANDW with a Neutral rating. Cites attractive valuation but limited catalysts. Raised target price to $13 from $11

Allegheny downgraded at Prudential: Prudential said it is downgrading ATI to a Neutral Weight rating after Thyssenkrupp announced it would build a stainless stab producing plant, as well as aerospace concerns.

Ford Motor upgraded at Bear: Rating on F was boosted from Underperform to Outperform, Bear Stearns said. Most of the potential good news is ahead of the company, and the stock should be able to outperform GM over the coming quarters.

General Motors downgraded at Bear: GM was downgraded from Peer Perform to Underperform, Bear Stearns said. Reversing the April upgrade, as a lot of good news already appears to be priced into the stock.

Neustar upgraded at Morgan Stanley: Morgan Stanley said it is raising its rating on NSR to Overweight from Equalweight. Target is $37 a share. See no basis for sell-off post strong Q2 numbers.

Penn Gaming coverage initiated at Goldman Sachs: Goldman said it is initiating coverage on PENN with a Neutral rating. See diverse asset base fairly valued in light of potential volatility due to state regulatory forces.

Polaris coverage initiated at Goldman Sachs: Goldman initiated coverage on PII with a Neutral rating. See challenging conditions due to high inventories in snowmobiles and ATVs. Shares have declined 49% from March 2005 peak, leaving stock fairly valued.

United Surgical Partners upgraded at Citigroup: Citigroup upgraded USPI to Buy from Hold and raised its price target to $34 from $30 noting that the remaining risks are mostly discounted.

Whole Foods upgraded at JP Morgan: WFMI was upgraded from Underweight to Neutral, JP Morgan said. Stock has corrected to new growth expectations, though the company is still expanding well ahead of its peers organically.

Weight Watchers upgraded at JP Morgan: WTW was upgraded from Neutral to Overweight, JP Morgan said. Stock has pulled back 29% since February, pricing in new attendance growth expectations. Growth is improving in the higher licensing and .com businesses.

STOCK COMMENTS / EPS CHANGES

Caremark price target increased at Goldman: Goldman said it is increasing its target on CMX to $61.50 from $59.50 following a better than expected second quarter earnings report. 2006 estimates increased to $2.38 based on continuing revenue growth.

DCP Midstream outlook raised at Morgan Stanley: Morgan Stanley said it is increasing its estimates on DPM to $1.32 a share from $1.14 a share. Maintained $33 target price.

TODCO outlook raised at Morgan Stanley: Morgan Stanley said it is increasing its estimates on THE for the full year to $3.11 a share from $3.04 a share. Target is $52 a share.

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