Credit Suisse First Boston

slashed its ratings on four web consulting companies this morning, for pretty obvious reasons -- there isn't enough money to go around anymore to build out various Internet-related concerns.

The company cut its ratings to buy from strong buy on

Sapient

(SAPE)

;

Razorfish

(RAZF)

,

Eloyalty

(ELOY)

, and

marchFirst

(MRCH)

.

MarchFirst missed estimates

by a mile when it reported third-quarter earnings Tuesday, and the stock was roundly destroyed in trading this week. All of these stocks are way, way off their 52-week highs, and all but Sapient already trade in the single digits. "The downgrades imply a scenario of 'dead money,' rather than significant downside price risk, through the remainder of the year for these already-washed out names," the company said.

Upgrades

JDS Uniphase

(JDSU)

:

W.R. Hambrecht

upped price target to $180 from $140; raised fiscal 2001 earnings per share estimates to 80 cents from 69 cents. CSFB upped 2001 estimates to 80 cents from 69 cents; 2002 estimates to $1.10 from $1.00.

Trico Marine

(TMAR)

: UP to strong buy from hold at

ING Barings

.

Beverly Enterprises

(BEV)

: UP to buy from hold at ING Barings.

American General

(AMG) - Get Report

: UP to strong buy from buy at

UBS Warburg

.

Varian Semiconductor

(VSEA)

: UP to strong buy from buy at UBS Warburg.

Downgrades

Transactions Systems Architects

(TSAI)

: DOWN to buy from strong buy at CSFB.

Worldcom

(WCOM)

: DOWN to hold from strong buy at ING Barings.

CTC Communications

(CPTL)

: DOWN to buy from strong buy at ING Barings.

American Home Products

(AHP)

: DOWN to neutral from outperform at

Salomon Smith Barney

.

Initiations

Lincoln National

(LNC) - Get Report

: NEW hold at UBS Warburg.