One day after posting fourth-quarter

earnings that beat the street by a penny a share,

Network Appliances

(NTAP) - Get Report

saw its rating cut by

Bear Stearns

. The Bear cut Network Appliances to attractive from hold, citing slowing business momentum.

In a note from this morning, the analyst said that strong earnings would not continue in the short term "as the law of large number catches up with the company," meaning that expectations cannot possibly continue to go higher. Think of this as a reality check from Bear Stearns, who also added that it was confident about Network Appliance's position in the marketplace and management's ability to oversee its rapid growth.

Upgrades

Analog Devices

(ADI) - Get Report

: UP at

Merrill Lynch

, 2001 EPS to $2.50 from $2.37.

Apache

(APA) - Get Report

: UP to buy from outperform at

Lehman Brothers

, price target to $75 from $65.

WMS Industries

(WMS) - Get Report

: UP to buy from attractive at Bear Stearns.

UnumProvident

(UNM) - Get Report

: UP at Lehman Brothers, price target to $34 from $27.

Allstate

(ALL) - Get Report

: UP at

UBS Warburg

, price target to $48 from $42.

Downgrades

Lear

(LEA) - Get Report

: DOWN at

ABN Amro

: price target to $41 from $46, 2000 EPS to $4.31 from $4.32, 2001 EPS to $4.60 from $4.85. DOWN at

Salomon Smith Barney

, 2001 EPS to $4.40 from $4.75. DOWN at UBS Warburg, 2001 EPS to $4.40 from $4.70.

Micron Technology

(MU) - Get Report

: DOWN at Lehman Brothers, 2001 EPS to $2.50 from $3.50.

Anheuser-Busch

(BUD) - Get Report

: DOWN to hold from buy at

Credit Suisse First Boston

. DOWN to outperform from buy at Salomon Smith Barney.

Bank of America

(BAC) - Get Report

: DOWN at

Goldman Sachs

, 2001 EPS to $5.60 from $5.75, 4Q EPS to $1.22 from $1.35.

TJX

(TJX) - Get Report

: DOWN to market perform from buy at

Deutsche Banc Alex. Brown

.

Triton Network Systems

(TNSI)

: DOWN to buy from strong buy at Deutsche Banc Alex. Brown.

Home Depot

(HD) - Get Report

: DOWN at Goldman Sachs, 2000 EPS to $1.15 from $1.17, 2001 EPS to $1.37 from $1.39.

Saks

(SKS)

: DOWN at Goldman Sachs, 4Q EPS to 84 cents from 92 cents.

Coors

(RKY)

: DOWN to neutral from outperform at Salomon Smith Barney.

Intimate Brands

(IBI)

: DOWN to hold from buy at UBS Warburg.

Initiations

Stilwell Financial

(SV)

: NEW near-term neutral, long-term buy at Merrill Lynch.