Upgrades

Applied Micro Circuits

(AMCC)

: UP to buy from attractive at

PaineWebber

. 12-month price target: UP to $210 from $175.

Ariba

(ARBA)

: 12 month price target UP to150 at

Merrill Lynch

; UP to strong buy from outperform at

Morgan Stanley Dean Witter

Global Crossing

(GBLX)

: UP to buy at Merrill Lynch; price target : 55.

Motorola

(MOT)

: UP to buy from hold at

Credit Suisse First Boston

.

Redback Networks

(RBAK)

: Year-end price target UP to 200 from 160 at

Lehman Brothers

.

Downgrades

Georgia Gulf

(GGC)

: DOWN to buy from strong buy at

ING Barings

.

Kansas City Southern

(KSU) - Get Report

: intermediate term rating DOWN to neutral from accumulate at Merrill Lynch.

Orckit Communications

(ORCT)

: DOWN to neutral from buy at Lehman Brothers.

Three-Five Systems

(TFS)

: DOWN to buy from strong buy at ING Barings.

Initiations

Entrust

(ENTU)

: NEW hold at

UBS Warburg

; price target: 40.

LandAmerica Financial Group

(LFG)

: NEW buy at CSFB; price target: 28.

Verisign

(VRSN) - Get Report

: NEW buy at UBS Warburg; price target: 230.