Analyst Actions: AT&T, Razorfish, priceline.com, CheckFree - TheStreet

Salomon Smith Barney

is strutting its stuff this morning, downgrading shares of

AT&T

(T) - Get Report

to an outperform from a buy, and lowering its 12- to 18-month price target on the company to $37 from $65. Salomon also lowered earnings-per-share estimates due to assumptions of lower revenues in the consumer and long-distance business segments. Salomon added that it dropped AT&T to an outperform rating rather than a neutral rating because the stock is off 53% from its 52-week high.

The

Dow

component, which has gotten its tailed kicked lately, is likely to come under pressure this morning due to the comments. "AT&T is in the process of figuring out how to restructure the company, and therefore the downside may be limited," the note said.

After the company announced an earnings warning last night, analysts have woken up and are downgrading shares of Internet consulting firm

Razorfish

(RAZF)

this morning. The company said it will report third-quarter earnings of 1 cent to 4 cents a share, falling short of the

First Call/Thomson Financial

11-analyst estimate of 8 cents.

Lehman Brothers

dropped its rating on the company to outperform from buy and dropped its price target to $12 from $40.

Credit Suisse First Boston

maintained a strong buy rating but lowered earnings estimates to 17 cents a share for fiscal 2000 from 31 cents a share, and to 31 from 47 cents a share for fiscal 2001.

The company said results were affected by a greater-than-expected seasonal impact on European operations and a strong U.S. dollar. Razorfish expects to report its third-quarter results Oct. 24.

Upgrades

ATI Technologies

(ATYT)

UP at CSFB, fiscal 2001 earnings per share to 47 cents from 45 cents.

Canadian Pacific

(CP) - Get Report

UP to buy from hold at CSFB.

Cincinnati Financial

(CINF) - Get Report

: UP to buy from hold at CSFB.

Electronic Arts

(ERTS)

: UP to strong buy from buy at CSFB.

Inverness Medical Technology

(IMA)

: UP to buy from outperform at Lehman; price target: $30.

Nextel Communications

(NXTL)

: UP to strong buy from buy at

ING Barings

.

Downgrades

Apollo Group

(APOL)

: DOWN to buy from strong buy at

W.R. Hambrecht

.

ITT Educational Services

(ESI) - Get Report

: DOWN to hold from buy at CSFB.

Marimba

(MRBA)

: DOWN to hold from buy at CSFB, after the company preannounced a loss of 13 to 17 cents a share, compared with the five-broker First Call/Thomson Financial consensus for earnings of 4 cents a share.

Dain Rauscher

downgraded the company to neutral from buy.

Masco

(MAS) - Get Report

: DOWN to market perform from buy at

Donaldson Lufkin & Jenrette

.

priceline.com

(PCLN)

: DOWN to hold from buy at CSFB.

Primus Telecommunications

(PRTL)

: DOWN to accumulate from buy at

Merrill Lynch

.

Initiations

CheckFree

(CKFR)

: NEW strong buy at W.R. Hambrecht; price target: $50.

iBeam

(IBEM)

: NEW buy at ING Barings.

Intercept Group

(ICPT) - Get Report

: NEW strong buy at W.R. Hambrecht; price target: $32.

S1

(SONE)

: NEW buy at W. R. Hambrecht; price target: $14.75.

Skillsoft

(SKIL)

: NEW buy at Merrill; price target: $50.