Daily Briefs of Research and Analyst Actions

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CHANGE IN RATINGS

Audible rated new Neutral at J.P. Morgan

Audible (ADBL) was initiated with a Neutral rating, J.P. Morgan said. Company should enjoy strong growth, from its relatively strong base, through 2006.

Aztar downgraded at Morgan Stanley

Morgan Stanley said it is lowering its rating on Aztar(AZR) to Underweight. Most of the good news is already priced into the stock here.

Chico's FAS downgraded at Prudential

Prudential said it is downgrading Chico's FAS(CHS) based primarily on valuation, and also because of increased markdowns and upcoming hurricane season.

Conexant upgraded at Wachovia

Conexant (CNXT) was upgraded from Underperform to Market Perform, Wachovia said. Fundamentals are stabilizing, and liquidity is solid for the next 12 months.

Graco coverage initiated at Weisel

Weisel said it is initiating coverage on Graco (GGG) with a Peer Perform rating. Stock appears fairly valued.

Hewlett-Packard downgraded at First Albany

Hewlett-Packard (HPQ) was downgraded from Buy to Neutral, First Albany said. Stock is approaching $25 price target, but it will take many quarters to implement the new reorganization.

Kroger downgraded at J.P. Morgan

Kroger (KR) was downgraded from Overweight to Neutral, J.P. Morgan said. Company reported a strong quarter, but there have been many head-fakes in this industry in the past.

Kroger estimates raised at UBS

UBS said it is raising its estimates on KR for 2006 to $1.24 a share from $1.09 a share. Target raised to $17.50 from $11 a share. Reduce rating maintained.

Kroger estimates raised at Morgan Stanley

Morgan Stanley said it is increasing its estimates on KR for the full year 2006 by 3 cents a share to $1.25 a share. Target price raised to $16 a share. Market is already pricing in a supermarket industry recovery.

Mosaic upgraded at J.P. Morgan

Rating on Mosaic (MOS)MOS was upped from Underweight to Overweight, J.P. Morgan said. Phosphate and Potash businesses have recovered dramatically, with recent price increases exceeding expectations.

Nokia upgraded at UBS

UBS said it is increasing its rating on Nokia(NOK) to Buy. Improvement in customer management process and a more simplified approach to market segmentation and product development cited in the note.

Outback Steakhouse upgraded at CIBC

Outback Steakhouse(OSI) was upgraded from Sector Perform to Outperform, CIBC said. $54 price target. New management team to focus on improving the core brand, and slow down growth of other concepts. Estimates also raised.

STOCK COMMENTS/EPS CHANGES

Apple estimates raised at Weisel

Weisel said it is raising its 2005 estimates on Apple (AAPL) by 5 cents to $1.34 a share as channel checks indicate robust demand for new products. Maintained Peer Perform rating.

Barnes Group estimates raised at BofA

BofA said it is increasing its estimates on Barnes Group (B) for the full year to $2.40 a share from $2.32 a share. Commercial aerospace and less steel pressures should lead to strong second quarter results next month. Maintained Buy rating.

Boeing target raised at BofA

BofA said it is increasing its target price on Boeing (BA) to $70 a share due to better than expected Paris Airshow.

Colgate-Palmolive estimates raised at CSFB

CSFB said it is raising its 2005 estimates on Colgate-Palmolive(CL) by 2 cents to $2.65 a share to reflect restructuring savings. Maintained Outperform rating.

Syneron estimates raised at Smith Barney

Smith Barney said it is increasing its estimates on Syneron(ELOS) for 2005 to $1.47 a share from $1.42 a share. Target raised to $44 a share. Company recently announced it received FDA clearance to market VelaSmooth.

Ford Motor estimates lowered at Goldman

Goldman said it is lowering its estimates on Ford(F) for 2005 to $1.10 a share from $1.30 a share to reflect greater mix, share and price pressures versus prior expectations.

Ford Motor estimates lowered at UBS

UBS said it is lowering its estimates on F for 2006 to $1 a share from $1.40 a share after the company reduced its guidance. Maintained Neutral rating on the stock.

Ford Motor estimates cut at CSFB

CSFB said it is cutting its 2005 estimates on F by 16 cents to $1.09 a share after management cut guidance after the close yesterday. Maintained Neutral rating.

FirstFed estimates raised at Jefferies

Jefferies said it is raising its 2005 estimates on FirstFed (FED) by 59 cents to $5.09 a share. Maintained Buy rating.

Getty Images estimates cut at Piper

Piper said it is cutting its 2005 estimates on Getty Images(GYI) by 5 cents to $2.20 a share to reflect convertible amortization costs. Maintained Outperform rating.

Jabil estimates raised at Merrill

Merrill said it is increasing its 2005 estimates on Jabil Circuit(JBL) to $1.29 a share from $1.28 a share. Revenues and operating income were ahead of estimates.

Jabil estimates raised at Bear

Bear said it is raising its 2006 estimates on JBL by 5 cents to $1.64 a share after the company reported a strong quarter.

Jabil estimates upped at Morgan Stanley

Morgan Stanley said it is increasing its estimates on JBL for 2006 to $1.67 a share from $1.64 a share. Target raised at $33 a share. Maintained Overweight rating.

Kos Pharmaceuticals target raised at Merrill

Merrill said it is increasing its target price on Kos Pharmaceuticals(KOSP) to $75 a share from $66 a share. Strong cholesterol franchise and better than average earnings predictability.

Marriott target price raised at Bear

Bear said it is raising its target price on Marriott(MAR) to $80 after meeting with management. Maintained Outperform rating.

Pfizer target raised at UBS

UBS said it is increasing its target price on Pfizer(PFE) to $34 a share from $32 a share. Lipitor patent ruling is the next big catalyst for the stock.

Procter & Gamble estimates raised at Smith Barney

Smith Barney said it is increasing its 2006 estimates on Procter & Gamble (PG) to $2.65 a share from $2.62 a share. Target raised to $61 a share. Maintained Buy rating.

Veritas DGC estimates cut at Jefferies

Jefferies said it is cutting its 2005 estimates on Veritas DGC(VTS) by 7 cents to $1.22 a share. Maintained Buy rating.

STRATEGY CALLS/MARKET CALLS

Bear updates estimates on Media stocks

Bear said it is raising estimates on E.W. Scripps (SSP), and cutting estimates on Knight-Ridder(KRI) and Journal Register(JRC) following midyear media review.

Morgan Stanley initiates coverage on footwear stocks

Morgan Stanley said it is initiating coverage on Nike(NKE) and Reebok(RBK) with Overweight ratings. Foot Locker (FL)rated Equalweight in new coverage and Finish Line (FINL) is rated new Underweight.