Tuesday's Analysts' Upgrades and Downgrades

Altria (MO Quote) downgraded at AG Edwards: MO was downgraded from Buy to Hold at AG Edwards. Legal setback will delay a breakup of the company, bringing some uncertainty to the model.

Altria (MO Quote) numbers cut at Morgan Stanley: Morgan Stanley is trimming 2006-2008 EPS estimates and notes that the Schwab ruling is likely to delay the Kraft spinout by up to a year.

Micron Technology (MU Quote) downgraded at Credit Suisse: Credit Suisse is downgrading MU to Neutral from Outperform based on expected DRAM oversupply in 1H 2007. Maintained $19 target price.

Piper Jaffray (JCP Quote) downgraded at Wachovia: JCP was downgraded from Outperform to Market Perform at Wachovia. Stock has been a steady gainer, and the benefit of the company's buyback program has likely already been priced into the shares.

Verizon (VZ Quote) downgraded at AG Edwards: VZ was downgraded to Hold at AG Edwards. Valuation call, as the stock is up 25% on the year, and near its fair value of $38 a share.

Western Union (WU Quote) rated new Neutral at UBS: UBS is initiating coverage on WU with a Neutral rating. Sees near-term opportunities along with competition and regulatory scrutiny risk. Sets $20 target price.

STOCK COMMENTS / EPS CHANGES

Cephalon (CEPH Quote) estimates raised at Jefferies: Jefferies is increasing its 2006 estimates on CEPH by 6 cents to $3.89 after FDA approved Fentora, which will launch in coming months. Reiterate Hold rating and $56.50 target.