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Analyst Actions: Xilinx, Alcoa, Circuit City, Luminent

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After warning about its future forecasts last night, analysts have in turn dropped forecasts on chipmaker

Xilinx

(XLNX) - Get Free Report

. Fiscal 2000 earnings per share estimates were cut to $1.22 from $1.26 at

W.R. Hambrecht

, which also dropped its 2001estimates to $1.58 from $1.62.

Prudential Securities

also cut its estimates, trimming its 2001 forecast to $1.25 from $1.30, and its 2002 estimate to $1.71 from $1.83.

Upgrades

Covenant Transport

(CVTI) - Get Free Report

: UP to strong buy from buy at

Credit Suisse First Boston

.

J.D. Edwards

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: UP at CSFB, 2001 EPS to 45 cents from 25 cents.

Kinder Morgan

(KMI) - Get Free Report

: UP at Prudential, 2001 EPS to $1.75 from $1.60.

Downgrades

Albertson's

(ABS)

: DOWN to hold from accumulate at Prudential, 2001 EPS to $1.98 from $2.25.

Alcan

(AL) - Get Free Report

: DOWN at

Merrill Lynch

, 2000 EPS to $2.75 from $2.85.

Alcoa

(AA) - Get Free Report

: DOWN at Merrill, 2001 EPS to $2.60 from $3.25.

Certicom

(CERT) - Get Free Report

: DOWN at CSFB, price target to $35 from $50.

Circuit City

(CC) - Get Free Report

: DOWN at

Lehman Brothers

, 2000 EPS to $1.20 from $1.23, 2001 EPS to $1.40 from $1.60.

Outback Steakhouse

(OSI)

: DOWN to hold from buy at CSFB.

Phelps Dodge

(PD) - Get Free Report

: DOWN to neutral from buy at Lehman. DOWN at Merrill, 2000 EPS to 95 cents from $1.10, 2001 EPS to $2.40 from $3.00.

United Therapeutics

(UTHR) - Get Free Report

: DOWN at Prudential, 2001 losses of $1.75 a share from a 31-cent profit.

Initiations

Asia Global Crossing

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: NEW strong buy at Lehman; price target: $19.

Heidrick & Struggles

(HSII) - Get Free Report

: NEW accumulate at Merrill.

Korn/Ferry International

(KFY) - Get Free Report

: NEW accumulate at Merrill.

Luminent

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: NEW buy at CSFB; price target: $14.

Group Moves

Lehman Brothers sharply increased its forecast for the rallying natural gas industry, upping earnings forecasts across the board. Lehman analysts

Thomas Driscoll

and Jeffrey Robinson upped earnings estimates and price targets on the following companies:

  • Anadarko (APC) - Get Free Report: 2001 EPS to $5.70 from $4.60, 2002 EPS to $4.45 from $3.60, price target to $81 from $75.
  • Apache (APA) - Get Free Report: 2001 EPS to $6.95 from $5.65, 2002 EPS to $6.05 from $4.70, price target to $82 from $75.
  • Burlington Resources (BR) - Get Free Report: 2001 EPS to $3.70 from $2.65, 2002 EPS to $3.90 from $2.50, price target to $46 from $40.
  • Devon Energy (DVN) - Get Free Report: 2001 EPS to $7.07 from $5.50, 2002 EPS to $4.95 from $3.65, price target to $80 from $75.
  • EOG Resources (EOG) - Get Free Report: 2001 EPS to $4.75 from $3.60, 2002 EPS to $3.75 from $2.65, price target to $53 from $50.
  • Kerr-McGee (KMG) : 2001 EPS to $7.65 from $6.80, 2002 EPS to $5.55 from $4.85, price target to $87 from $85.
  • Noble Affiliates (NBL) - Get Free Report: 2001 EPS to $4.80 from $3.50, 2002 EPS to $3.00 from $1.90.
  • Ocean Energyundefined: 2001 EPS to $2.00 from $1.70, 2002 EPS to $1.40 from $1.10, price target to $25 from $23.
  • Pioneer Natural Resources (PXD) - Get Free Report: 2001 EPS to $2.25 from $1.75, 2002 EPS to $2.05 from $1.10.
  • Unocal (UCL) - Get Free Report: 2001 EPS to $4.30 from $3.55, 2002 EPS to $3.25 from $2.60, price target to $48 from $43.