Thursday's Analysts' Upgrades and Downgrades

Tenaris (TS Quote) numbers raised at UBS: UBS raises price target on TS to $55.00 from $45.00 and ups FY 2007 EPS estimates to $3.46 from $3.38. Reiterates Buy rating.

Total System Services (TSS Quote) estimates raised at Piper: Piper said it is raising its 2007 estimates on TSS by 10 cents to $1.20 a share to reflect improved fundamentals and guidance. Maintained Market Perform rating.

STRATEGY CALLS / MARKET CALLS

Online Brokers initiated at Morgan Stanley: Morgan Stanley said it is upgrading online brokers AMTD and ET with Outperform ratings and SCHW with an Equal-Weight rating. Sees key drivers -- such as asset-based revenue and growing mass affluent opportunity -- as catalysts.

Six Homebuilding stocks upgraded at BofA: Bank of America said it upgraded SPF from Sell to Buy, as the downward trend in traffic and construction appears to have bottomed. Ratings on MTH, NVR, PHM, RYL and TOL also boosted from Neutral to Sell.

Morgan Stanley raises S&P 500 target: Morgan Stanley said it now sees the S&P 500 reaching 1,525 in 2007. Lower inflation rates should drive valuation multiple expansion. Energy remains the most favored sector.