Tuesday's Analysts' Upgrades, Downgrades

Change in Ratings

DST Systems(DST Quote) downgraded at Merrill from buy to neutral. Revenue mix is shifting toward subaccounts, which have lower incremental sales. Estimates also cut, following the company's poor first-quarter results.

Halliburton(HAL Quote) downgraded at Natixis from buy to hold with a $52.50 price target. Valuation call, with less than 10% upside potential expected from current levels.

Netflix(NFLX Quote) downgraded at Credit Suisse to neutral from outperform based on lower gross margin expectations stemming from management's decision to ramp digital content, as well as higher Blu-ray costs. Note lower subscriber acquisition costs and increased subscriber guidance. Maintained $35 target.

PDL Biopharma(PDLI Quote) downgraded at Wachovia outperform to market perform. Valuation call, ahead of the expected cash dividend of $4.25 a share. Stock lacks other potential near-term catalysts.

Rohm & Haas(ROH Quote) downgraded at Keybanc from buy to hold. Valuation call. Stock is within 4% of its price target, and the company is operating in a declining U.S. market while input costs are rising.

Seaspan(SSW Quote) coverage initiated at Goldman Sachs with a buy rating and $35 price target. See company benefitting from secular trends while avoiding short-term cyclicality by using long-term contracts. Also note high visibility, strong balance sheet and 7% dividend yield.

Molson Coors(TAP Quote) coverage initiated at Credit Suisse with an outperform rating, predicated on approval of the MillerCoors joint venture. See the combined operations driving accelerated earnings growth, with potential for topline growth longer term. Price target at $62.

Stock Comments/EPS Changes

Fastenal(FAST Quote) numbers raised at Morgan Stanley. FAST now seen reaching $41. Estimates also raised, to reflect the company's strong first-quarter results. Equal-weight rating.

Halliburton numbers raised at Jefferies. Price target lifts to $58 from $52 and 2009 EPS initiated at $3.60. Reiterates buy rating.

Weatherford Int'l.(WFT Quote) numbers raised at Morgan Stanley. Shares of WFT now seen reaching $110. Estimates also raised, as the company continues to win several new awards overseas. Overweight rating.

Weatherford price target raised at Jefferies to $100 from $85 while 2008 EPS holds at $4.30. Reiterates buy rating.