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This morning,

Lehman Brothers

downgraded several electronic manufacturing services companies, citing the market's risky "current tech environment."

In a note this morning, the firm lowered

Jabil Circuits

(JBL) - Get Report

,

Plexus

(PLXS) - Get Report

and

SCI Systems

(SCI) - Get Report

to buy from strong buy and

DDi

(DDIC)

to market perform from strong buy.

Upgrades

Cigna

(CI) - Get Report

: UP to recommended for purchase from trading buy at

Goldman Sachs

.

Phillips Petroleum

(P)

: UP to strong buy from hold at

Prudential Securities

; UP to market outperform from market perform at Goldman Sachs.

Pogo Producing

(PPP)

: UP to buy from hold at

Credit Suisse First Boston

.

Vectren

(VVC)

: UP to buy from accumulate at

Merrill Lynch

.

Williams

(WMB) - Get Report

: UP to strong buy from accumulate at Prudential and 2001 EPS view UP to $1.50 from $1.15.

Downgrades

Belo

(BLC)

: DOWN to market perform from long-term buy at

J.P. Morgan

.

Broadvision

(BVSN) - Get Report

: first-quarter EPS DOWN to nil from 2 cents at CSFB.

Liberate Technologies

(LBRT) - Get Report

: DOWN to market perform from buy at

Deutsche Banc Alex. Brown

.

Lucent

(LU)

: 2001 loss view was raised to 67 cents from 50 cents at Lehman.

Mohawk Industries

(MHK) - Get Report

: DOWN to hold from buy at CSFB.

Razorfish

(RAZF)

: 2001 loss increased to 19 cents from nil at Prudential Securities.

Sycamore Networks

(SCMR)

: DOWN to buy from strong buy at Alex. Brown.

TTM Tech

(TTMI) - Get Report

: 2001 EPS view DOWN to 90 cents from $1.03 at CSFB.

Initiations

Cellpoint

(CLPT)

: NEW buy at

Robertson Stephens

; price target: $15.

CMGI

(CMGI)

: NEW neutral at

Salomon Smith Barney

; price target: $6.

Hovnanian

(HOV) - Get Report

: NEW outperform at Solly; price target: $13.

Interact Commerce

(IACT)

: NEW attractive at Robbie Stephens; price target: $9.50.

Internet Capital

(ICGE)

: NEW outperform at Solly; price target: $7.

Mercury Interactive

(MERG)

: NEW outperform at Solly; price target: $80.

NL Industries

(NL) - Get Report

: NEW market perform at Goldman Sachs.

Tibco Software

(TIBX)

: NEW neutral at Solly; price target: $32.

Ventas

(VTR) - Get Report

: NEW buy at

Legg Mason

; price target: $80.