Thursday's Analysts' Upgrades and Downgrades

Federated Dept. Stores (FD) estimates cut at Morgan Stanley: FD estimates reduced for 2007 and 2008, Morgan Stanley said. Company had poor execution in home goods. May sales also soft, especially in the Midwest. Equal-weight rating.

Federated Dept. Stores (FD) estimates cut at Prudential: Prudential said it is cutting its 2007 estimates on FD by a nickel to $2.21 a share due to guidance being below expectations. Maintained Neutral Weight rating.

Hewlett-Packard (HPQ) price target raised at Goldman: Goldman said it is increasing its target on HPQ to $46 from $42.50. See likely higher gross margins, lower operating expenses, and larger share buybacks ahead. Maintained Buy rating.

Medicis Pharma (MRX) estimates raised at Morgan Stanley: MRX estimates increased through 2008, Morgan Stanley said. Company realized higher margins this quarter, and should also benefit from the Ziana launch. Equal-weight rating.

Priceline.com (PCLN) numbers boosted at Morgan Stanley: PCLN shares now expected to reach $44, according to Morgan Stanley. Estimates also raised, as the company appears to be taking market share. Overweight rating.

Priceline.com (PCLN) price target raised at Goldman: PCLN target upped to $49 from $45, Goldman said. Better than expected Q3 results included strong gross bookings, revenue, and earnings. Expect trends to continue. Maintained Neutral rating.

Polo Ralph Lauren (RL) estimates raised at Prudential: Prudential said it is raising its 2007 estimates on RL by 30 cents to $3.60 a share following fabulous quarter and strong guidance. Maintained Overweight rating.

Wynn (WYNN) target raised at Jefferies: Target on WYNN raised to $90 from $80.50, Jefferies said. Company reported weak Q3. Believe Macau growth will drive growth. Reiterated Buy rating.

>To order reprints of this article, click here: Reprints