Credit Suisse First Boston analyst James Parmalee is assuming coverage of Cisco (CSCO) - Get Report with a strong buy rating and a 12-month price target of 85.

Merrill Lynch

analyst Michael Ching today raised both his EPS and revenue estimates on Cisco. EPS estimates for 2000 were lifted to 53 cents from 51 cents and 2001 EPS estimates were raised to 70 cents from 66 cents. Revenue estimates for 2000 were raised to $18.6 billion from $18 billion and to $26.5 billion from $24.3 billion for 2001.

UBS Warburg

lifted Cisco's price target to 85 from 82, and its 2000 earnings outlook to 53 cents from 51 cents.

Upgrades

Tandy

(TAN) - Get Report

: rated a near-term buy and added to the Focus 1 List at Merrill Lynch.

Downgrades

Credit Suisse First Boston downgraded

Abercrombie & Fitch

(ANF) - Get Report

to a hold from a buy. Merrill Lynch cut Abercrombie to near-term neutral, long-term accumulate.

J.P. Morgan

cut the stock to market performer from buy.

General Motors

(GM) - Get Report

: DOWN to near-term neutral from accumulate at Merrill Lynch.

Jacobs Engineering

(JEC) - Get Report

: DOWN to hold from buy at CSFB.

Initiations

Merix

(MERX)

: NEW strong buy at

Thomas Weisel

; six-month price target of 34.

Salomon Smith Barney

cut its rating on

Motorola

(MOT)

to outperform from buy and lowered its target to 120 from 200.

Salomon cut its earnings estimates from $3.20 to $3.10 for 2000 and to $4.12 from $4.25 in 2001. Salomon said its long-term positive outlook on Motorola is unchanged, it believes the assumptions behind its more optimistic view may not materialize. It also mentioned that the "loss of a major customer to Nortel suggests better-than-expected results are unlikely in 2000".

webMethods

(WEBM)

: NEW buy at Thomas Weisel.

Group Moves

Lehman Brothers

said it selectively downgraded several steel producers to emphasize low cost producers as demand growth pulls back. The companies included:

AK Steel

(AKS) - Get Report

,

National Steel

(NS) - Get Report

,

Bethlehem Steel

(BS)

and

WHX

(WHX)

.

AK Steel and National Steel were lowered to outperform from buy.

Bethlehem Steel and WHX were cut to neutral from outperform.

Merrill Lynch cut auto maker

General Motors

(GM) - Get Report

to near-term neutral from accumulate, but raised

Ford

(F) - Get Report

to near-term accumulate from neutral.