Compaq

(CPQ)

is enjoying, and partly not enjoying, a mixed reaction on Wall Street to yesterday's first-quarter earnings report, which met expectations.

Merrill Lynch

upgraded the stock to near-term attractive from neutral;

Salomon Smith Barney

upped it to buy from neutral and boosted its 12-month price target to 45 from 25; and

Donaldson Lufkin & Jenrette

raised its fiscal 2000 earnings estimate to $1.05 a share from $1.00 while repeating a buy rating.

Warburg Dillon Read

, however, trimmed its EPS view to $1.05 from $1.15 and maintained a hold rating.

Upgrades

Alcan

(AL) - Get Report

: UP to intermediate-term buy from neutral at Merrill Lynch.

BMC Software

(BMCS)

: UP to near-term accumulate from neutral at Merrill Lynch; UP to strong buy from hold at

CIBC World Markets

..

Dynegy

(DYN)

: price target UP to 85 from 52 at

Lehman Brothers

.

Fair Isaac

(FIC)

: UP to strong buy from buy at

U.S. Bancorp Piper Jaffray

.

Nortel Networks

(NT)

: fiscal 2000 earnings estimates UP to $1.36 a share from $1.30 at Lehman Brothers; fiscal 2001 UP to $1.77 a share from $1.60.

Scientific-Atlanta

(SFA)

: UP to strong buy from buy at

SG Cowen

.

Downgrades

Transaction Systems Architects

(TSAI)

:

Goldman Sachs

removes from recommended list.

Initiations

Maxwell Technologies

(MXWL) - Get Report

: NEW buy at CIBC World Markets; price target: 23.