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Morgan Stanley Dean Witter


Juniper Networks

(JNPR) - Get Juniper Networks Inc. Report


Redback Networks


to outperform from strong buy. The firm also cut


(CSCO) - Get Cisco Systems Inc. Report

price target to $75 from $90.

Also this morning,

Lehman Brothers



(EBAY) - Get eBay Inc. Report

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TheStreet Recommends

to neutral from buy.

Lehman strategist Jeffrey Applegate came out this morning with a note saying that Lehman is modestly reducing its earnings per share forecast for the

S&P 500

, but leaving its equity returns alone as "valuation has moderately improved." Lehman lowered its EPS growth for the third quarter to 10% from its previous 13% expectation. Lehman cut its forecast for the fourth quarter by 60 cents to $15.05, for growth of 8%. For full-year 2001, Lehman is reducing its EPS forecast to $64 from $67, or 10% growth. These are its estimates for the S&P 500 as a whole, put together as an average.

Applegate said he wasn't changing his firm's expected equity returns as valuation has moderately improved.


Bank of America

(BAC) - Get Bank of America Corporation Report

: fourth-quarter earnings estimate DOWN to $1.13 from $1.33 at

Credit Suisse First Boston

and lowered 2001 earnings estimates to $5.50 from $5.75.



: DOWN to buy from strong buy at

Deutsche Banc Alex. Brown



(MAC) - Get Macerich Company (The) Report

: DOWN to neutral from outperform at Lehman.


Heidrick & Struggles

(HSII) - Get Heidrick & Struggles International Inc. Report

: NEW buy at CSFB.