CIBC World Markets

has downgraded several networking equipment companies this morning, including market behemoth

Cisco Systems

(CSCO) - Get Cisco Systems, Inc. Report

, which it dropped to a hold rating from a buy.

Juniper Networks

(JNPR) - Get Juniper Networks, Inc. (JNPR) Report

was dropped to a buy rating from a strong buy, and

Redback Networks

(RBAK)

was cut to a hold from a buy today by the brokerage.

Lucent

(LU)

received more favorable treatment, getting upgraded to buy from hold.

Credit Suisse First Boston

analyst Charlie Glavin noted the continuing price war between

Intel

(INTC) - Get Intel Corporation (INTC) Report

and

Advanced Micro Devices

(AMD) - Get Advanced Micro Devices, Inc. Report

, and said the poor environment for PCs (for which both companies supply chips) will cause further pricing pressure through Labor Day, and recommended remaining on the sidelines in these names until at least March.

Merrill Lynch

has named

J.P. Morgan Chase

(JPM) - Get JPMorgan Chase & Co. (JPM) Report

a "focus one" stock, and reiterated its existing buy rating. Merrill said J.P. Morgan Chase is its top financial services pick for 2001, saying the "shares appear deeply undervalued when viewed as an emerging global securities play."

Upgrades

Redback

(RBAK)

: UP to strong buy from buy at

Robertson Stephens

.

TheStreet Recommends

Downgrades

AudioCodes

(AUDC) - Get AudioCodes Ltd. Report

:DOWN to accumulate from strong buy at

Prudential Securities

.

Whoa! A sell rating! Prudential Securities cut

Barnes & Noble.com

(BNBN)

to a sell rating from hold. According to

First Call/Thomson Financial

, sell ratings currently comprise just 0.8% of all analyst ratings.

Ceridian Corporation

(CEN) - Get Center Coast Brookfield MLP & Energy Infrastructure Fund of Benef Interest Report

: DOWN to market performer from market outperformer at

Goldman Sachs

; 2001 earnings estimates lowered to 65 cents a share from 84 cents a share.

Darden Restaurants

(DRI) - Get Darden Restaurants, Inc. Report

:DOWN to neutral from outperform at

Salomon Smith Barney

.

Evoke

(EVOK) - Get Evoke Pharma, Inc. Report

:DOWN to long term attractive from buy at Robertson Stephens.

Outback Steakhouse

(OSI)

:DOWN to long term attractive from buy at Robertson Stephens.

Varian Semiconductor

(VSEA)

: Earnings estimates DOWN for 2001 to $3.50 from $3.95 a share at

Lehman Brothers

.