Lehman Brothers

cut its estimates of

Dell's

(DELL) - Get Report

earnings per share after the company lowered its revenue predictions for 2000. Lehman reduced this year's estimates to 92 cents from 93 cents and next year's to $1.17 a share from $1.22.

Salomon Smith Barney

initiated coverage of 23 bank stocks this morning, saying the firm recommends a slightly overweight position but also advises selectivity, since it sees many banks as low-growth companies. Credit quality and sector rotation were among the concerns expressed. Among stocks commented on, seven were rated buys, four as outperforms and 12 as neutrals, including:

Bank One

(ONE) - Get Report

: OUTPERFORM; price target: $45.

Chase Manhattan

(CMB)

: BUY; price target: $75.

FleetBoston

(FBF)

: BUY; price target: $52.

Upgrades

Colgate-Palmolive

(CL) - Get Report

: UP to intermediate-term accumulate from neutral at

Merrill Lynch

.

Gillette

(G) - Get Report

: UP to intermediate-term accumulate from neutral at Merrill.

i2 Technologies

(ITWO)

: 12-month price target UP to $215 from $175 at

Wit Soundview

.

St. Jude Medical

(STJ)

: UP to market outperformer from market performer at

Goldman Sachs

.

TCF Financial

(TCB)

: price target UP to $47 from $38 at

Lehman Brothers

.

Downgrades

BMC Software

(BMCS)

: 2001 EPS estimate DOWN to 85 cents from $1.43 at Goldman.

Hughes Electronics

(GMH)

: DOWN to outperform from strong buy at

Morgan Stanley Dean Witter

.

Martin Marietta

(MLM) - Get Report

: DOWN to outperform from buy at Salomon Smith Barney; and it was cut from Goldman's U.S. recommended for purchase list.

Masco

(MAS) - Get Report

: DOWN to market performer at Goldman and removed from the firm's recommended for purchase list. 2000 EPS estimate DOWN to $1.57 from $1.65 and 2001 EPS outlook to $1.70 from $1.85.

Pitney Bowes

(PBI) - Get Report

: DOWN to market performer from market outperformer at Goldman; 2000 EPS estimate DOWN to $2.44 from $2.60; 2001 EPS estimate DOWN to $2.75 a share from $2.90.

Charles Schwab

(SCH)

: third-quarter EPS estimate DOWN to 12 cents from 15 cents at Salomon; fourth-quarter EPS estimate 18 cents from 21 cents; 2001 EPS estimate to 83 cents from 90 cents.

Initiations

Marine Drilling

(MRL)

: NEW neutral at Lehman Brothers.

Group Moves

Morgan Stanley started coverage of toy companies

Hasbro

(HAS) - Get Report

and

Mattel

(MAT) - Get Report

with neutral ratings.

Lehman downgraded

Firstar

and

U.S. Bancorp

(USB) - Get Report

, which announced

merger plans yesterday, to neutral from outperform. The firm said "concerns about execution risk and slower growth rates might limit Firstar's near-term upside."