Analysts' Actions: A Daily Roundup of Street Research

Who made what calls.
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CHANGE IN RATINGS

Blockbuster

downgraded at Bear Stearns: Bear Stearns said it is lowering its rating on BBI to Underperform on the threat from Video on Demand.

Dell

upgraded at Baird Baird said it was upgrading DELL from Neutral to Outperform citing valuation and an overdone selloff. Target raised by $1 to $36.

Equifax

upgraded at Morgan Stanley: Morgan Stanley said it is increasing its rating on EFX to Equalweight from Underweight on a firm economic outlook.

FARO Technologies

downgraded at Baird: Baird said it was downgrading FARO from Neutral to Underperform and lowered the target from $26 to $19 on poor D4 profit expectation. FY 2006 EPS estimate lowered from $1.02 to $0.62.

Fairchild Semiconductor

estimates raised at Piper: Piper said it is raising its 2006 estimates on FCS by 10 cents to 70 cents a share based on strength in power analog products.

Fairchild Semiconductor

downgraded at Baird: Baird said it was downgrading FCS from Outperform to Neutral on muted top-line outlook and rich valuation. Maintained $20 target.

Gulfmark Offshore

upgraded at A.G. Edwards: A.G. Edwards said it was upgrading GMRK to Buy citing attractive risk/reward profile after lagging performance. Target set at $38.50.

Kerr-McGee

upgraded at JP Morgan: JP Morgan said it was upgrading KMG from Neutral to Overweight following its annual analyst meeting.

Microchip Tech

downgraded at Friedman, Billings: Friedman, Billings, Ramsey & Co. said it was downgrading MCHP to Market Perform on expectation of limited margin upside and valuation. Target raised from $33 to $38.

Microchip Tech

numbers raised at Piper: Piper said it is raising its 2006 estimates on MCHP by 4 cents to $1.46 a share following solid quarterly results. Target price raised to $40.

Microchip Tech

estimates raised at Morgan Stanley: Morgan Stanley said it is increasing its estimates on MCHP for 2005 to $1.26 a share from $1.23 a share. Target raised to $36 a share from $32 a share. Solid execution and a constructive outlook.

Mellon Financial

upgraded at Morgan Stanley: Morgan Stanley said it is increasing its rating on MEL to Overweight from Equalweight on stronger relative 2006 outlook.

Millipore

downgraded at UBS: UBS said it is lowering its rating on MIL to Neutral. Despite strong fundamentals, shares are now trading at a 25% premium increasing near-term risk. Maintained $80 target price.

Mirant

coverage initiated at Morgan Stanley: Morgan Stanley said it is initiating coverage on MIR with an Overweight rating. Attractive risk/reward right out of bankruptcy.

Pixar

downgraded at Jefferies: Jefferies said it was downgrading PIXR from Hold to Underperform on valuation. Maintained public valuation of $52.

PNM Resources

upgraded at Jefferies:Jefferies said it was upgrading PNM from Hold to Buy citing the accretion from the purchase of the Twin Oaks plant. Target raised from $26.50 to $28.

Valspar

upgraded at JP Morgan: JP Morgan said it was upgrading VAL from Underweight to Neutral on 2006 earnings growth outlook.

STOCK COMMENTS / EPS CHANGES

BB&T

numbers cut at Morgan Stanley: Morgan Stanley said it is lowering its estimates on BBT for 2005 to $3.23 a share from $3.38 a share. Maintained Underweight rating.

BlackRock

outlook raised at Goldman: Goldman said it is increasing its estimates on BLK for 2005 to $4.93 a share from $4.75 a share. Maintained Outperform rating.

Home Depot

estimates raised at Piper: Piper said it is raising its target price on HD to $52 based on move to 2007 estimates. Maintained Outperform rating.

Hyperion Solutions

outlook lowered at Goldman: Goldman said it is lowering its estimates on HYSL for 2005 to $1.17 a share from $1.18 a share. Revenue results may raise come competitive questions for Hyperion and broader BI market.

Hyperion Solutions

estimates lowered at Jefferies: Jefferies said it was lowering HYSL FY 2006 EPS estimates from $1.51 to $1.47 citing weak guidance. Target raised by $2 to $34 and maintained Hold rating.

Merrill Lynch

outlook raised at Morgan Stanley: Morgan Stanley said it is increasing its estimates on MER for the full year to $5.86 a share from $5.56 a share. Target raised to $85 a share from $75 a share. Maintained Overweight rating.

Motorola

estimates raised at Prudential: Prudential said it is raising its 2006 estimates on MOT by 4 cents to $1.29 a share. Maintained Neutral Weight rating.

Pfizer

outlook raised at UBS: UBS said it is increasing its estimates on PFE for 2006 to $2.10 a share on a higher sales base. Maintained Buy rating.

PPG Industries

estimates lowered at UBS: UBS said it is lowering 2006 EPS on PPG by 25 cents to $4.75 citing higher natural gas prices. Trimmed target price by $2 to $60. Maintained Neutral rating.

Pantry

estimates, target raised at Jefferies: Jefferies said it was raising FY 2006 and 2007 EPS estimates on PTRY from $2.90 and $3.35 to $3.55 and $3.75 respectively citing less favorable gasoline margins. Target raised from $47 to $55 and maintained Hold rating.

SLM

outlook cut at Goldman: Goldman said it is lowering its estimates on SLM for the full year to $2.82 a share from $2.85 a share. Maintained Inline rating.

Time Warner Telecom

target raised at Jefferies: Jefferies said it was raising the target on TWTC from $11 to $12 on the Q4 2005 earnings preview. Maintained Buy rating.

UnitedHealth

estimates raised at UBS: UBS said it is raising 2006 and 2007 estimates to $2.89 and $3.43 from $2.78 and $3.26, respectively to reflect impact of PHS acquisition and solid momentum. Maintained Buy rating.

UnitedHealth

estimates raised at Prudential: Prudential said it is raising its 2006 estimates on UNH by 10 cents to $3.10 a share due to solid quarter and outlook. Maintained Overweight rating.

Union Pacific

estimates raised at CSFB: CSFB said it is raising its 2006 EPS estimates on UNP to $4.85 from $4.67 after strong 4Q results. Maintained Outperform rating and $100 target price.

Xilinx

estimates lowered at Jefferies: Jefferies said it was lowering FY 2006 and 2007 EPS estimates on XLNX from $0.98 and $1.21 to $0.95 and $1.07 on lack of revenue catalyst. Maintained Hold rating and $30 target.

Xilinx

outlook raised at Goldman: Goldman said it is increasing its estimates on XLNX for 2005 to 80-cents a share from 78-cents a share. Strong results and outlook. Maintained Inline rating.

Xilinx

estimates raised at Prudential: Prudential said it is raising its 2006 estimates on XLNX by 2 cents to $1.00 a share. Maintained Underweight rating.