Analyst Actions: Dell, W.P. Stewart, Calpine, UTI Energy

Bear Stearns cut computermaker Dell's(DELL Quote) earnings-per-share estimates for the next two years to reflect lower sales and margins, according to news service Reuters.

The firm trimmed Dell's 2001 EPS outlook to 87 cents from 92 cents and its 2002 EPS view to 90 cents from $1.05.

Reuters also said Bear Stearns expects outer PC-related companies to guide down estimates during earnings season.

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Goldman Sachs did some rejiggering on its recommended list, returning Spieker Properties(SPK Quote) to it and removing Developers Diversified Realty(DDR Quote). Also, W.P. Stewart(WPL Quote) was started at Goldman with a recommended list rating. Its EPS was set at $1.95 for 2001 and $2.35 for 2002.

Upgrades

Calpine(CPN Quote): 2000 EPS view UP to $1.05 from 92 cents at ABN Amro; and 2001 EPS view UP to $1.32 from $1.19.

Glenborough(GLB Quote): UP to strong buy from buy at Robertson Stephens.

UTI Energy(UTI Quote): 2001 EPS view UP to $1.10 from $1 at Merrill Lynch and its 12-month price target UP to $46.25 from $30.

Downgrades

Backweb(BWEB Quote): DOWN to long-term attractive from buy at Robbie Stephens.

Bausch & Lomb(BOL Quote): 2000 EPS view DOWN to $2.54 from $2.59 at Goldman; and 2001 EPS view DOWN to $2.35 from $2.70.

CNF Transportation(CNF Quote): DOWN to market perform from outperform at Goldman.

Crompton(CK Quote): 2000 EPS view DOWN to 89 cents from 91 cents at ABN Amro; and 2001 EPS view to 85 cents from $1.07.

Fairchild Semiconductor(FCS Quote): 2000 EPS view DOWN to $2.73 from $2.86 at Credit Suisse First Boston; and 2001 EPS view DOWN to $2.05 from $2.90.

Ford(F Quote): 2001 EPS view DOWN to $2 from $2.70 at Goldman.

General Motors(GM Quote): 2001 EPS view DOWN to $2.50 from $5 at Goldman.

Hispanic Broadcasting(HSP Quote): DOWN to outperform and price target cut to $34 at Salomon Smith Barney.

Starwood Hotels & Resorts(HOT Quote): DOWN to buy from strong buy at CSFB.

USG(USG Quote): fourth-quarter EPS DOWN to 50 cents from 65 cents at Goldman; and 2001 EPS DOWN to $3 from $3.30.

VerticalNet(VERT Quote): DOWN to hold from accumulate at Prudential Securities and 12-month price target DOWN to $7 from $20.

Initiations

American Electric Power(AEP Quote): NEW buy at CSFB; 12-month price target: $50.

Prologis(PLD Quote): NEW outperform at Solly.

Group Moves

Goldman said it expected such beverage companies as Coca-Cola(KO Quote), PepsiCo(PEP Quote) and Anheuser-Busch(BUD Quote) to meet fourth-quarter EPS estimates.

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Goldman lowered ratings on two trucking companies to market performers from market outperformers:

• US Freightways(USFC Quote):

• CNF(CNF Quote)