CHANGE IN RATINGSCephalon (CEPH) upgraded at CIBC: CEPH was upgraded to Outperform, CIBC said. $89 price target. Strong Fentora and Provigil sales should offset any weakness at Actiq.
Express Scripts (ESRX) upgraded at JP Morgan: ESRX was upgraded from Neutral to Overweight, JP Morgan said. Initial 2007 guidance, due out tomorrow, could be a positive catalyst. Looking for 20% annual growth.
Ensco (ESV) downgraded at Morgan Stanley: ESV was downgraded to Underweight, Morgan Stanley said. $58 price target. Valuation call. Estimates and target moving higher, because of continued strength in the international jack-up market.
Gannett (GCI - Get Report) upgraded at Merrill: GCI was upgraded from Neutral to Buy, Merrill Lynch said. $65 price target. Company will likely boost dividend in the near term, but also has other potential ways to increase shareholder value.Grant Prideco (GRP) upgraded at Morgan Stanley: GRP was upgraded to Overweight, Morgan Stanley. Estimates also raised, to reflect the improving natural gas market. $54 price target. Plains Exploration (PXP) downgraded at Morgan Stanley: PXP was downgraded to Equal-weight, Morgan Stanley said. $49 price target. Market is already beginning to price in Gulf of Mexico success and the potential for share buybacks. RF Micro (RFMD) upgraded at CIBC: RFMD was upgraded from Sector Perform to Outperform, CIBC said. $9 price target. Company to benefit from new NOK products as well as PS3 sales in 2007. SanDisk (SAND - Get Report) downgraded at UBS: UBS said it is downgrading SNDK to Neutral from Buy based on likely 2006/2007 NAND oversupply. Lowered target price to $55 from $75. Skyworks (SWKS) downgraded at Weisel: SWKS was downgraded from Outperform to Peer Perform, Thomas Weisel said. MOT delaying orders, as it switches to EDGE technology. Competition also heating up for Samsung.