Kerr-McGee

(KMD)

: UP to strong buy from buy at

Credit Suisse First Boston

.

Upgrades

Phillips Petroleum

(P)

: UP to intermediate accumulate, long-term buy from neutral, accumulate at

Merrill Lynch

.

Downgrades

MascoTech

(MSX)

: DOWN to hold from strong buy at

ING Barings

.

Initiations

CacheFlow

(CFLO)

: NEW attractive at Bear Stearns; price target: 72.

Community Health Systems

(CYH) - Get Report

: NEW intermediate, long-term buy at Merrill Lynch; price target: 20.

Group Moves

Schroder Salomon Smith Barney

lowered its rating on the U.S. semiconductor sector to outperform from neutral, with several stock included in the downgrade:

Merrill Lynch rolled out coverage of stocks in the several semiconductor capital equipment industry:

  • Electro Scientific Industries (ESIO) - Get Report: NEW intermediate, long-term buy; price target of 62
  • Metron Tech (MTCH) - Get Report: NEW intermediate, long-term buy; price target of 22
  • Therma-Wave (TWAV) : NEW intermediate, long-term buy; price target of 40
  • GaSonics International (GSNX) : NEW intermediate accumulate, long-term buy; price target of 50
  • Photon Dynamics (PHTN) : NEW intermediate accumulate, long-term buy; price target of 80