Thursday's Analysts' Upgrades and Downgrades

CHANGE IN RATINGS

Chico's (CHS) outlook cut at Credit Suisse: Credit Suisse said it is lowering its 2007 EPS estimates on CHS to $1.32 from $1.57 based on lower comps and margin assumptions. Reduced target price to $33 from $46.

Chico's (CHS) downgraded at UBS: UBS said it is downgrading CHS to Neutral from Buy after company significantly lowered its 2006 and 2007 outlook. Reduced target price to $25 from $40.

eBay (EBAY) downgraded at Piper: Piper said it is downgrading EBAY to an Underperform rating as structural problems such as rising costs of buyer acquisition and retention will hurt margins.

Gateway (GTW) upgraded at Bear: GTW was upgraded from Underperform to Peer Perform, Bear Stearns said. E-Machines owner proposed to buy the company's retail business, though the company's fundamentals remain soft.

Landstar Systems (LSTR) upgraded at BB&T: LSTR was upgraded from Hold to Buy, BB&T Capital said. $58 price target. Issue over exclusive FAA contract should eventually blow over, and the company should hold up well in a difficult economy.

Navteq (NVT) downgraded at Jefferies: Jefferies said it is downgrading NVT to Hold from Buy due to possibility of Q3 revenue miss. See weakness in SUV sales, competition from TomTom, and possible softness at Garmin. 2006 estimates cut 2 cents to $1.12.

Par Pharma (PRX) added to Sell List at Goldman Sachs: Goldman said it is downgrading PRX to Sell from Neutral and adding it to its America's Investment Sell List based on valuation. Shares are up 32% since July 7 and visibility remains low. 2007 estimates lowered to $1.08 from $1.26.