Updated from 10:12 a.m. EDT

Donaldson Lufkin & Jenrette

started

Cisco

(CSCO) - Get Report

,

Nortel Networks

(NT)

and

Tellabs

(TLAB)

with buy ratings.

Upgrades

May Department Stores

(MAY)

: UP to buy from hold at

ING Barings

.

Trimble Navigation

(TRMB) - Get Report

: UP to strong buy from buy at

Banc of America

; price target: 54.

Downgrades

Applied Science

(ASTX)

: DOWN to attractive from buy at

Paine Webber

; price target down to 20 from 35.

Garden.com

(GDEN) - Get Report

: DOWN to market neutral from buy at

W.R. Hambrecht

.

National Computer Systems

(NCS) - Get Report

: DOWN to market perform from strong buy at

Thomas Weisel

.

Initiations

Baxter International

(BAX) - Get Report

: NEW buy at ING Barings.

Commnuity Health Systems

(CYH) - Get Report

: NEW buy at

UBS Warburg

; price target: 28.

GlobeSspan

(GSPN)

: NEW outperform at

Morgan Stanley Dean Witter

; price target: 175.

Pain Therapeutics

(PTIE)

: NEW buy at Thomas Weisel; price target: 26.

Sunrise Telecom

(SRTI)

: NEW buy at

CIBC World Markets

; price target: 55.

Group Moves

Banc of America started coverage of

Adolph Coors

(RKY)

and

Anheuser-Busch

(BUD) - Get Report

with buy ratings.

Salomon Smith Barney

lowered its ratings and target prices on several hard disk drive and component stocks based on a recent turn for the worse in second half outlook. Salomon said it believes it will take longer than it had previously expected for the industry to fundamentally improve. Salomon also initiated coverage of one general technology stock.

  • Hutchison Technology (HTCH) : DOWN to neutral speculative from buy; price target down to 16.50 in 12 months from 40 in 18 months.
  • Maxtor (MXTR) DOWN to outperform from buy; price target: down to 7 from 16.
  • Orbitech (MXTR) NEW outperform; price target: 105
  • Read-Rite (RDRT) DOWN to outperform from buy; price target down to 5.50 in 12 months from 8 in 18 months.
  • Quantum (HDD) price target: DOWN to 9.50 in 12 months from 15 in 18 months.