StreetNotes: A Summation of Street Research

CHANGE IN RATINGS

Amazon.com downgraded at Legg Mason: AMZN was downgraded from Buy to Hold, Legg Mason said. Valuation call, as the stock is up 40% in the past month. Operating margins should continue to benefit from increased scale and higher international sales.

Aptar Group rated new Neutral at J.P. Morgan: ATR was initiated with a Neutral rating, J.P. Morgan said. Company's organic growth is slowing, but should still remain above that of its peers.

American Express upgraded at Morgan Stanley: Morgan Stanley said it is increasing its rating on AXP to Equalweight from Underweight. Greater credit to operating leveraging the TRS business model.

CapitalSource coverage initiated at Bear: Bear said it is initiating coverage on CSE with an Outperform rating and a $25 target price.

EchoStar downgraded at Bear: Bear said it is downgrading DISH to a Peer Perform rating as short-term the business model may be in a state of flux.

EchoStar estimates raised at Prudential: Prudential said it is raising its 2005 estimates on DISH by 9 cents to $2.14 a share after a better-than-expected quarter. Retention costs are stabilizing.

Delphi upgraded at J.P. Morgan: DPH was upgraded from Neutral to Overweight, J.P. Morgan said. Bailout from GM and UAW offers considerable valuation upside.

Fairchild Semiconductor rating lowered at Smith Barney: Smith Barney said it is lowering its rating on FCS to Hold from Buy on valuation following strong performance.

Fossil coverage initiated at Piper: Piper said it is initiating coverage on FOSL with a Market Perform rating and a $23 target price.

IntraLase estimates lowered at BofA: BofA said it is increasing its estimates on ILSE for 2005 to 32 cents a share from 41 cents a share. TLC has placed 21 lasers in its laser center, which is a meaningful positive. Maintained Buy rating and $26 target price.

IntraLase upgraded at Wachovia: ILSE was upgraded to Outperform, Wachovia said. Laser adoption continues to rise, with the company specifically gaining market share.

American Italian Pasta downgraded at Legg Mason: PLB was downgraded to Sell, Legg Mason said. Company is once again facing multiple challenges, including an internal audit investigation.

Qualcomm upgraded at Morgan Stanley: Morgan Stanley said it is increasing its rating on QCOM to Equalweight. The stock has underperformed the semiconductor stock average by 26.5%. Maintained Equalweight rating.

Greenfield Online downgraded at Piper: Piper said it is downgrading SRVY to a Market Perform rating due to revenue and margin uncertainty.

Questar upgraded at Wachovia STR was upgraded to Outperform, Wachovia said. Company will continue to convert its reserve base into cash, and new drilling rules could double potential.

United Stationers downgraded at Bear: Bear said it is downgrading USTR to a Peer Perform rating as infrastructure investment initiatives are expected to take a toll, and margins under pressure.