Thursday's Analysts' Upgrades and Downgrades

TSC Staff

CHANGE IN RATINGS

Automatic Data (ADP) upgraded at Weisel: ADP was upgraded from Market-weight to Overweight at Thomas Weisel. Stock is down 8% versus the market since last reporting earnings, though the company's fundamental outlook remains favorable.

Chubb (CB) upgraded at AG Edwards: CB was upgraded to Buy at AG Edwards. $59 price target. The company's personal line is likely not suffering the same fate as ALL. Estimates also raised.

CH Robinson (CHRW) downgraded at Credit Suisse: Credit Suisse is downgrading CHRW to Neutral from Outperform based on valuation. Stock was up more than 20% yesterday. Raised target price to $54 from $50.

CH Robinson numbers raised at UBS: CHRW numbers raised at UBS. 2008 EPS estimates raised to $2.00 from $1.98. Price target raised to $61 from $56. Reiterates Buy rating.

Celestica (CLS) numbers lowered at Jefferies: CLS numbers lowered at Jefferies. Lowers 2007 EPS estimates to $(0.12) from $0.69. Lowers price target to $6.25 from $8.25. Reiterates Hold rating.

Celestica downgraded at UBS: CLS downgraded at UBS. Rating lowered to Reduce from Neutral. Cuts 2007 EPS estimates to $(0.11) from $0.62. Cuts 2008 EPS estimates to $0.30 from $0.75. Reduces price target to $5.70 from $9.00.

The Cooper Companies (COO) upgraded at Bear Stearns: COO upgraded at Bear Stearns. Rating raised to Peer Perform from Underperform. Reiterates 2007 EPS estimates of $2.55 and 2008 EPS estimates of $2.88. Reiterates $47.70 target price.

Dell (DELL) upgraded at JP Morgan: DELL was upgraded from Underweight to Neutral at JP Morgan. Return of Michael Dell allows the company to begin the long, difficult road to recovery.

Dell upgraded at Merrill Lynch: Merrill Lynch upgrades Dell to buy with a $31 price target.

Gilead Sciences (GILD) estimates raised at Jefferies: GILD estimates raised at Jefferies. 2008 EPS estimates raised to $2.91 from $2.88. 2009 EPS estimates raised to $3.48 from $3.43. Reiterates 2007 EPS estimates of 2007, target price of $77 and Buy rating.

Gilead Sciences upgraded at CIBC: CIBC upgrades Gilead Sciences to sector outperform, as it believes the company's HIV franchise and new products should drive strong LT growth.

Gilead Sciences estimates raised at Goldman: Goldman is upping its 2007 estimates on GILD to $2.70 from $2.60 after company beat Q4 estimates. Growth driven by strong HIV sales, Hepsera upside, royalty upside and solid margins. Maintained Buy rating.

Harte-Hanks (HHS) downgraded at Baird: HHS was downgraded from Outperform to Neutral at Robert Baird. $30 price target. Recent slowdown in the Shoppers segment could hang over the stock for the next few quarters.

Eli Lilly (LLY) upgraded at Prudential: LLY was upgraded from Neutral to Overweight at Prudential. $62 price target. Company should deliver steady, above-average growth over the next four years, thanks to its low generic exposure.

Eli Lilly price target lowered at Goldman: Target on LLY moved to $62 from $64 at Goldman. New target based on P/E relative to sector. See improving capital discipline and improving cash flow picture driving shares in 2007. Maintained Buy rating.

Stryker (SYK) upgraded at Weisel: SYK was upgraded from Market-weight to Overweight at Thomas Weisel. Orthopedic market is cyclical and set to accelerate in the near term.

UPS (UPS) upgraded at Merrill Lynch: Merrill Lynch upgrades UPS to neutral from sell, as the company's earnings multiple now approaches Merrill's fair value estimate.

U.S. Steel Corp. (X) upgraded by Bear Stearns: X upgraded by Bear Stearns. Rating raised to Outperform from Peer Perform. 2007 EPS estimates raised to $8.20 from $6.70. 2008 EPS estimates raised to $9.20 from $7.85. Initiates $106 price target.

STOCK COMMENTS / EPS CHANGES

Airgas (ARG) estimates raised at Jefferies: ARG estimates raised at Jefferies. 2007 EPS estimates increased to $1.98 from $1.97. Reiterates 2008 EPS estimates of $2.35. Reiterates price target of $48 and Buy rating.

Airgas numbers raised at UBS: ARG numbers raised at UBS. 2007 EPS estimates increased to $2.00 from $1.96. 2008 EPS estimates raised to $2.30 from $2.25. Price target raised to $46 from $45. Reiterates Neutral rating.

Allegheny Technologies (ATI) numbers raised at Jefferies: ATI numbers raised at Jefferies. 2007 EPS estimates increased to $7.00 from $6.10. Introduced 2008 EPS estimates of $7.80. Raised price target to $100 from $64. Reiterates Hold rating.

Boeing (BA) estimates raised at Jefferies: BA estimates raised at Jefferies. 2008 EPS estimates raised to $5.90 from $5.70. Reiterates 2007 EPS estimates of $4.85, price target of $100 and Buy rating.

Boeing estimates upped at Goldman: Goldman is increasing its 2008 estimates on BA to $5.80 from $5.40 due to higher expected deliveries and slightly stronger margin. Price target bumped to $85 from $82 but maintained Neutral rating.

Foundry Networks (FDRY) estimates raised at Jefferies: FDRY estimates raised at Jefferies. 2007 EPS estimates raised to $0.62 from $0.60. 2008 EPS estimates raised to $0.72 from $0.70. Reiterates price target of $17.50 and Buy rating.

Fiserv (FISV) numbers raised at Jefferies: FISV numbers raised at Jefferies. 2007 EPS estimates increased to $2.86. 2008 EPS estimates introduced at $3.20. Price target raised to $52. Reiterates Hold rating.

Google (GOOG) numbers raised at Jefferies: GOOG numbers raised at Jefferies. 2007 EPS estimates increased to $14.66 from $14.59. Raised target price to $600 from $520. Reiterates Buy rating.

Google price target increased at Goldman: Goldman is raising its target on GOOG to $620 from $595 based on expected upward revisions to revenue/earnings and continued demand for search and display advertising that should benefit from better inventory (YouTube) and content agreements with Sony, MTV, and Warner Music. Maintained Buy rating.

Google numbers raised at UBS: GOOG numbers raised at UBS. Increased 2007 EPS estimates to $13.42 from $13.10. Increased price target to $560 from $535. Reiterates Neutral rating.

Hilton Hotels (HLT) numbers raised at Jefferies: HLT numbers raised at Jefferies. 2007 EPS estimates reiterated. 2008 EPS estimates increased to $1.70 from $1.66. Price target raised to $41 from $40. Reiterates Buy rating.

Hologic (HOLX) numbers raised at Jefferies: HOLX numbers raised at Jefferies. 2007 EPS estimates raised to $1.82 from $1.55. 2008 EPS estimates raised to $2.34 from $2.00. Price target raised to $69 from $62. Reiterates Buy rating.

JDS Uniphase (JDSU) estimates slashed at Goldman: Goldman is cutting its 2008 estimates on JDSU to $0.60 from $0.71 based on lower expectations for management's ability to exceed 40% gross margin and 2% to 5% operating margin targets given reduced visibility around customer and carrier M&A. Maintained Neutral rating. Price target at $19.50.

Kraft (KFT) estimates cut at Goldman: Goldman is lowering its 2007 estimates on KFT to $1.87 from $2.03 based on reduced outlook for the year. See higher tax rate and dilution weighing on shares. Altria's 89% stake set to be distributed on March 30. Price target cut to $33 from $35 and maintained Sell rating.

L-3 Communications (LLL) price target raised at Jefferies: LLL price target raised at Jefferies. Increases price target to $85 from $77. Reiterates 2007 EPS estimates of $5.65 and 2008 EPS estimates of $6.40. Reiterates Hold rating.

Lone Star Technologies (LSS) estimates cut at Jefferies: LSS estimates cut at Jefferies. 2007 EPS estimates reduced to $3.80 from $5.20. 2008 EPS estimates reduced to $7.00 from $7.50. Reiterates target price of $51 and Hold rating.

Moody's (MCO) estimates raised at Credit Suisse: Credit Suisse is raising its 2007 EPS estimates on MCO to $2.57 from $2.52. Expects solid Q4 results but believes stock is fairly valued. Maintained Neutral rating.

Altria (MO) price target increased at Goldman: Goldman is raising its target on MO to $101 from $98 based on new 2008 estimates and potential for more efficient capital structure following Kraft spin-off. Maintained Buy rating.

Nova Chemicals (NCX) estimates lowered at UBS: NCX estimates lowered at UBS. 2007 EPS estimates lowered to $4.00 from $4.25. Reiterates 2008 EPS estimates of $4.25, price target of $36 and Buy rating.

Starbucks (SBUX) estimates lowered at UBS: SBUX estimates lowered at UBS. 2007 EPS estimates reduced to $0.90 from $0.91. 2008 EPS estimates reduced to $1.10 from $1.11. Reiterates Buy rating and $42 price target.

Sepracor (SEPR) estimates cut at Goldman: 2007 estimates on SEPR lowered 9 cents to $2.42 at Goldman. Management issued EPS guidance below expectations due to increased share count. See Xopenex as increasingly important growth driver. Price target at $59. Maintained Neutral rating.

Sirius (SIRI) estimates changed, price target lowered at UBS: SIRI estimates changed, price target lowered at UBS. 2006 EPS estimates lowered to $(0.81) from $(0.80). 2007 EPS estimates raised to $(0.47) from $(0.50). Price target lowered to $4.25 from $4.50. Reiterates Neutral rating.

SRA International (SRX) numbers reduced at Jefferies: SRX numbers reduced at Jefferies. 2007 EPS estimates lowered to $1.07 from $1.18. Reiterates 2008 EPS estimates of $1.18. Lowers price target to $23 from $25 and reiterates Hold rating.

SRA International numbers lowered at UBS: SRX numbers lowered at UBS. 2007 EPS estimates lowered to $1.03 from $1.19. 2008 EPS estimates lowered to $1.22 from $1.40. Price target lowered to $27 from $32. Reiterates Neutral rating.

Sun Micro (SUNW) price target raised at Goldman: Goldman is increasing its target on SUNW to $7.50 from $6.50 based on greater confidence in execution and potential for earnings upside. Analyst meeting on Feb 6 likely to provide further information in improvements. Maintained Neutral rating.

WebEx Communications (WEBX) numbers raised at Jefferies: WEBX numbers raised at Jefferies. 2007 EPS estimates raised to $1.68 from $1.63. 2008 EPS estimates raised to $1.99 from $1.90. Price target raised to $42 from $39. Reiterates Hold rating.

XM Satellite (XMSR) estimates increased, target lowered at UBS: XMSR estimates increased; target price lowered at UBS. 2006 EPS estimates raised to ($2.56) from ($2.65). 2007 EPS estimates raised to ($1.95) from ($1.96). Price target lowered to $15.50 from $17.00. Reiterates Neutral rating.

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