Analyst Actions: Sun Microsystems, Dell, eBay, Biomet - TheStreet

Following the sun, analysts this morning have trimmed earnings estimates for Unix server maker

Sun Microsystems

(SUNW) - Get Report

, which fell short of revenue expectations when

reporting earnings last night. However,

SG Cowen

went a step further, downgrading the stock to neutral from buy.

Lehman Brothers

trimmed 2001 estimates to 67 cents a share from 72 cents a share, and dropped 2002 estimates to 84 cents a share from 88 cents a share.

Merrill Lynch

cut fiscal 2001 EPS estimates to 68 cents from 71 cents, expressing caution about the company.

"The economic slowdown reduces visibility and raises the risk that Sun could be the next

Dell

," wrote Merrill analyst Tom Kraemer this morning. "We continue to believe Sun is the best positioned server company and that it should continue to gain share. The question is the rate of share gains and continued economic deterioration may mean additional downward revisions."

Credit Suisse First Boston

upgraded Dell

(DELL) - Get Report

this morning to buy from hold. Of the PC maker, CSFB said, "While economic uncertainties could still pressure Dell's near-term earnings performance, secular industry trends now favor Dell's business model, increasing our confidence in Dell's ability to hit numbers."

Upgrades

Biomet

(BMET)

: UP to buy from long-term attractive at

Robertson Stephens

.

eBay

(EBAY) - Get Report

: UP to strong buy from buy at

W.R. Hambrecht

. Estimates for 2001 and 2002 upped to 38 cents a share and 65 cents a share from 37 cents a share and 57 cents a share. Lehman raised 2000 estimates to 24 cents a share from 22 cents a share.

Johnson Controls

(JCI) - Get Report

: UP to strong buy from buy at Lehman; price target up to $70 from $63.

Lakehead Pipeline Partners

(LHP)

: UP to buy from market perform at Lehman.

Micron Technology

(MU) - Get Report

: UP to strong buy from accumulate at

Prudential Securities

.

USA Education

(SLM) - Get Report

: UP to buy from outperform at

Salomon Smith Barney

.

Downgrades

Critical Path

(CPTH)

: DOWN to buy from strong buy at Robertson Stephens.

Delta

(DAL) - Get Report

: DOWN to hold from buy at CSFB.

Genentech

(DNA)

: DOWN to buy from strong buy at CSFB.

GlaxoSmithKline

(GSK) - Get Report

: DOWN to accumulate from buy at Merrill.