Morgan Stanley Dean Witter (MWD) raised Teekay Shipping's (TK) - Get Report price target to 36 from 32 and kept its "outperform" recommendation. Analysts said the recovery in the Far East economy and OPEC production increases was causing the tanker market to tighten.

Lehman said an imminent new building boom would drive new building prices and second-hand values higher, although ultimately this posed a threat to the industry. The new price target was a result of an increased year-end net asset value estimate of $30, raised from $26, which was then boosted by their standard 20% share price premium for the stock.

Upgrades

BroadVision

(BVSN) - Get Report

: UP to strong buy at CSFB; price target: 70.

Credence Systems

(CMOS)

: fiscal 2000 earnings estimates UP to $4.25 a share from $3.60 and fiscal 2001 estimates UP to $6.10 from $4.75 at Credit Suisse First Boston; price target UP to 180 from 170.

Downgrades

Compuware

(CPWR)

: first-quarter earnings estimates DOWN to 16 cents a share to 26 cents at

Credit Suisse First Boston

; hold rating REITERATED.

Initiations

Modem Media

(MMPT)

: NEW strong buy at CSFB; price target: 35.

Ulticom

(ULCM)

: NEW buy at

Lehman Brothers

.

Group Moves

Lehman Brothers

initiated coverage of four brokerages this morning:

  • Charles Schwab (SCH) at neutral.
  • Goldman Sachs (GS) - Get Report at neutral.
  • Merrill Lynch (MER) at outperform.
  • Morgan Stanley (MWD) at neutral.

UBS Warburg

initiated coverage of two wireless companies this morning:

  • AT&T Wireless (AWE) at buy; price target: 43.
  • Palm (PALM) at a hold