Tuesday's Analysts' Upgrades and Downgrades

Adv. Medical Optics (EYE Quote) downgraded at Bear: EYE was downgraded to Peer Perform at Bear Stearns. Visibility is less at the company's highest margin business. Estimates also cut, following the company's latest warning.

Adv. Medical Optics (EYE Quote) estimates lowered at UBS: UBS is lowering its 2006 EPS estimates on EYE to $1.92 from $2.10 after management reduced guidance. Lowered target price to $49 from $52.

Adv. Medical Optics (EYE Quote) estimates cut at Morgan Stanley: Morgan Stanley is cutting 2006-2007 EPS estimates to reflect the company's recent guidedown.

Foundry Networks (FDRY Quote) coverage initiated at Jefferies: FDRY coverage initiated with a Buy rating at Jefferies. Recovery in government business and seasonal strength in enterprise spending could drive price appreciation. Price target at $15.

F5 Networks (FFIV Quote) coverage initiated at Jefferies: FFIV coverage initiated with a Buy rating at Jefferies. See company benefiting from increased investments in data centers and growing demand for application-aware networking. Price target set at $65.

Harrah's Entertainment (HET Quote) downgraded at JP Morgan: HET was downgraded from Overweight to Neutral at JP Morgan. Estimates also cut, as domestic EBITDA trends are lagging.

Jackson Hewitt (JTX Quote) downgraded at Morgan Stanley: Morgan Stanley is cutting numbers and downgrading Jackson Hewitt to underweight from equal-weight. The company faces serious headwinds heading into this years tax season, according to Morgan Stanley.

Lear (LEA Quote) upgraded at UBS: UBS is upgrading LEA to Neutral from Reduce based on valuation. Raised target price to $20 from $19.