Analysts' Actions: A Daily Roundup of Street Research

Who made what calls.
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CHANGE IN RATINGS

Aetna

upgraded at JP Morgan: JP Morgan said it was upgrading AET from Neutral to Overweight on positive growth and earnings outlook. FY 2006 & 2007 EPS estimates raised from $5.35 & $6.18 to $5.42 & $6.25 respectively.

Basic Energy Services

rated new Neutral at UBS: UBS said it is initiating coverage on BAS with a Neutral rating. Cites growth opportunities through consolidation, growth in market share and strong fundamentals. Sets $27 target price.

Flamel

upgraded at Merrill: Merrill said it is raising its rating on FLML to Neutral from Sell citing pending commercial milestones.

Forest Labs

estimates, target raised at Jefferies: Jefferies said it was raising FY 2006 EPS estimates on FRX from $2.28 to $2.33 on near-term pipeline. Target raised from $38 to $41 and maintained Hold rating.

Forest Labs

numbers cut at Goldman: Goldman said it is lowering its estimates on FRX for the full year to $2.48 a share from $2.65 a share following its earnings release.

Forest Labs

estimates raised at UBS: UBS said it is raising 2006 EPS estimates on FRX by 6 cents to $2.48 following 4Q report. Maintained Neutral rating.

Forest Labs

upgraded at Piper: Piper said it is upgrading FRX to an Outperform rating based on relicensing of nebivolol and likely resolution on the Lexapro patent litigation.

Global Cash Access

upgraded at Deutsche Bank: Deutsche Bank said it was upgrading GCA to Buy from Hold and raising the target to $19 from $15 on valuation and near-term earnings projections.

Guidant

downgraded at Keybanc: GDT was downgraded from Hold to Underweight, Keybanc said. Neither potential bidder will be likely to top the current $80 offer on the table from BSX.

Google

downgraded at Stifel Nicolaus: Stifel Nicolaus said it was downgrading GOOG from Hold to Sell citing valuation, lofty expectations, disappointing Yahoo! results and unsustainable PPC pricing.

Heartland Express

downgraded at JP Morgan: JP Morgan said it was downgrading HTLD from Overweight to Neutral citing share valuation reflecting strong execution.

Intel

downgraded at Piper: Piper said it is downgrading INTC to a Market Perform rating as share loss to AMD continues. Target price cut to $25.

Intel

downgraded at JMP Securities: JMP Securities said it was downgrading INTC from Strong Buy to Market Perform on disappointing 4Q results and outlook. FY 2006 EPS estimate lowered from $1.75 to $1.38.

Intel

downgraded at UBS: UBS said it is downgrading INTC to Neutral from Buy. Sees lower growth and lower margins after 4Q results. Reduced 2006 and 2007 EPS estimates from $1.70 and $1.92 to $1.30 and $1.50, respectively.

J.B. Hunt

upgraded at JP Morgan: JP Morgan said it was upgrading JBHT to Overweight from Neutral on diversified growth base and less sensitivity to trucking cycle.

Lockheed Martin

downgraded at JP Morgan: LMT was downgraded from Overweight to Neutral, JP Morgan said. Stock has already made a big run, and there is likely little upside potential remaining in the margins.

U.S. Steel

downgraded at Merrill: Merrill said it is lowering its rating on X to Neutral on higher costs.

Yahoo!

numbers lowered at Goldman: Goldman said it is lowering its estimates on YHOO for 2006 to $1 a share from $1.05 a share. Trends are not as bad as you think.

Yahoo!

estimates cut at Piper: Piper said it is cutting its 2006 estimates on YHOO by 11 cents to 83 cents a share due to slightly lower revenue assumptions following quarter. Maintained Outperform rating.

Yahoo!

downgraded at JMP Securities: JMP Securities said it was downgrading YHOO from Strong Buy to Market Perform on disappointing 4Q results and 2006 guidance. Target lowered from $46 to $42.

STOCK COMMENTS / EPS CHANGES

Alcoa

estimates raised at Morgan Stanley: Morgan Stanley said it is increasing its estimates on AA for 2006 to $1.93 a share from $1.66 a share. Maintained Equalweight rating.

Affiliated Computer Svcs

estimates raised at Jefferies: Jefferies said it was raising the FY 2006 EPS estimates on ACS from $3.46 to $3.51 and target from $57 to $70 on better business momentum. Maintained Buy rating.

Avaya

estimates cut at Morgan Stanley: Morgan Stanley said it is lowering its estimates on AV for 2006 to 62-cents a share from 78-cents a share. Maintained Equalweight rating.

Commerce Bancorp

outlook cut at Morgan Stanley: Morgan Stanley said it is lowering its 2006 EPS forecast on CBH to $1.65 a share from $1.80 a share. Maintained Underweight rating.

Chesapeake Energy

estimates raised at Jefferies: Jefferies said it was raising 2006 EPS estimates on CHK from $2.54 to $2.76 production growth through aggressive acquisition and development. Maintained $37 target and Buy rating.

Chesapeake Energy

estimates raised at UBS: UBS said it is raising 2006 EPS estimates by 5 cents to $8.65 after full-priced acquisitions. Maintained Buy rating and $39 target price.

EMC

numbers outlook lowered at Morgan Stanley: Morgan Stanley said it is lowering its estimates on EMC for the full year to 54-cents a share from 65-cents a share. Maintained Overweight rating.

Freeport-McMoran

outlook reduced at UBS: UBS said it is lowering 2006 EPS estimates on FCX to $2.94 from $3.50 to reflect updated production guidance and increased costs. Maintained Neutral rating.

Federated Dept.

estimates raised at UBS: UBS said it is raising 2007 EPS estimates by 2 cents to $4.93 citing margin/cost benefit related to merger. Maintained Buy rating.

Fifth Third Bancorp

outlook lowered at UBS: UBS said it is lowering 2006 EPS estimates on FITB by 15 cents to $2.95. Believes near-term upside in the stock is limited. Lowered target price by $2 to $39.

IBM

estimates raised at CSFB: CSFB said it is raising 2006 EPS estimates on IBM by 10 cents to $5.90 due to margin adjustments. Despite expecting slower revenue growth, sees business model and earnings power improving. Maintains Outperform rating and $100 target price.

IBM

numbers raised at Morgan Stanley: Morgan Stanley said it is raising its estimates on IBM for the full year to $6.40 a share from $6.22 a share. Earnings beat provides the offset to an otherwise uninspiring quarter.

IBM

estimates raised at UBS:UBS said it is raising 2006 EPS estimates on IBM by 15 cents to $5.80 citing restructuring efforts. Still sees prospects for lower revenues. Maintained Neutral rating.

MGM Mirage

estimates raised at Prudential: Prudential said it is raising its 2006 estimates on MGM by 10 cents to $1.85 a share due to exceptional strip trends.

Mettler-Toledo

outlook raised at Merrill: Merrill said it is increasing its target on MTD to $66 a share from $60 a share. Maintained Buy rating.

National City

outlook raised at Morgan Stanley: Morgan Stanley said it is increasing its estimates on NCC for the full year to $3.04 a share from $3.02 a share. Maintained Equalweight rating.

Nelnet

estimates raised at Jefferies: Jefferies said it was raising FY 2006 and 2007 EPS estimates on NNI from $2.68 and $2.86 to $2.76 and $2.94 respectively citing model adjustment and Q4 results preview. Maintained $48 target and Buy rating.

Precision Castparts

estimates raised at Jefferies: Jefferies said it was raising FY 2006 EPS estimates on PCP from $2.45 to $2.52 citing expanding operating profit and market share. Maintained $55 target and Buy rating.

Precision Castparts

estimates raised at UBS: UBS said it is raising 2006 EPS estimates on PCP by 3 cents to $2.55 citing better margins at Forged Products/Fasteners. Suggests buying on weakness. Maintained $63 target price.

Phelps Dodge

outlook raised at Morgan Stanley: Morgan Stanley said it is raising its estimates on PD for 2005 to $18 a share from $15.49 a share. Copper price momentum has share close to an all-time high.

Sovereign Bank

estimates lowered at UBS: UBS said it is lowering 2006 EPS estimates on SOV by 5 cents to $1.80. Believes stock is likely to be weak given sluggish 4Q. Maintained Neutral rating.

Molson Coors

outlook raised at UBS: UBS said it is raising 2006 EPS estimates on TAP from $4.66 to $4.90 on Kaiser sale. Sees attractive valuation at current price. Maintained Buy rating.

Temple-Inland

estimates raised at UBS: UBS said it is raising 2006 EPS estimates on TIN by 15 cents to $2.10 to account for purchase of CSAR interest. Maintained Neutral rating.