Analysts' Actions: A Daily Roundup of Street Research

Who made what calls.
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CHANGE IN RATINGS

Albertson's

upgraded at Morgan Stanley: Morgan Stanley said it is increasing its rating on ABS to Equalweight from Underweight. The company has been sold to a buyout group.

Aspreva

upgraded at Merrill: Merrill Lynch said it is upgrading ASPV to Buy. Sees strong CellCept sales, lower expenses and additional licensing potential later in the year. Raises target price to $22.

Avaya

downgraded at Piper: Piper said it is downgrading AV to a Market Perform rating due to slowing growth, weakening margins, and higher expenses.

Avaya

estimates cut at Morgan Stanley: Morgan Stanley said it is lowering its estimates on AV for the full year to 72-cents a share from 75-cents a share. Revenue missed estimates. More work needed.

Barr Labs

downgraded at Friedman, Billings: BRL was downgraded from Outperform to Market Perform, Friedman, Billings Ramsey said. Valuation call, as there is limited upside to reach the $71 price target.

Copa Holdings

coverage initiated at Morgan Stanley: Morgan Stanley said it is initiating coverage on CPA with an Equalweight rating. Successful business strategy and presents an attractive intermediate term opportunity.

Lennar

upgraded at JP Morgan: LEN was upgraded from Underweight to Neutral, JP Morgan said. Company has attractive geographic layout, and 2006 earnings guidance could prove conservative.

McAfee

downgraded at Prudential: Prudential said it is downgrading MFE to a Neutral Weight rating following negative preannouncement.

McAfee

downgraded at Jefferies: Jefferies said it was downgrading MFE from Hold to Underperform on Q4 preannouncement. FY 2006 EPS estimate lowered from $1.38 to $1.30 and target cut by $7 to $20.

Rudolph Tech

upgraded at Deutsche: RTEC was upgraded from Hold to Buy, Deutsche Bank said. $18.50 price target. Company likely to merge with AUGT, after KLAC dropped its bid.

Somaxon

coverage initiated at Morgan Stanley: Morgan Stanley said it is increasing its estimates on SOMX with an Overweight rating and a $21 target price.

Target

upgraded at Lazard: Lazard said it was upgrading TGT from Sell to Hold on valuation with belief of limited downside. Maintained $52 price target.

Toll Brothers

downgraded at JP Morgan: JP Morgan said it was downgrading TOL from Overweight to Underweight on reduced order growth estimate and below-average EPS growth in 2006.

The South Financial Group

upgraded at Merrill: Merrill Lynch said it is upgrading TSFG to Neutral from Sell. Trades In-Line with fair value target.

Vitesse Semiconductor

upgraded at Merrill: Merrill Lynch said it is upgrading VTSS to Neutral citing improving end demand and expense reduction actions. Expects limited upside to the stock.

Wal-Mart

upgraded at Goldman Sachs: Goldman Sachs said it was upgrading WMT from In-Line to Outperform citing valuation and belief of limited downside at current level. Set $51 price target.

Coca Cola

upgraded at Merrill: Merrill Lynch said it is upgrading KO from Neutral to Buy. Cites reasonable long-term growth, low investor expectations, good innovative pipeline and better global volume growth. Price target raised to $45.

STOCK COMMENTS / EPS CHANGES

Americredit

estimates raised at Piper: Piper said it is raising its 2006 estimates on ACF to $2.00 a share due to lower credit losses. Maintained Outperform rating.

Affymetrix

target price lowered at UBS: UBS said it is lowering its target price on AFFX to $41 from $45 citing execution problems and questionable outlook. Maintained Neutral rating.

Avaya

estimates lowered at UBS: UBS said it is lowering 2006 EPS estimates on AV by 2 cents to $0.64 to account for stock option expense. Believes revenue growth consistency remains a challenge. Maintained Buy rating.

American Express

estimates raised at Goldman Sachs: Goldman Sachs said it was raising FY 2006 EPS estimates on AXP by $0.02 to $2.95 on healthy top line trends. Maintained In-Line rating.

Bank of America

estimates lowered at Goldman Sachs: Goldman Sachs said it was lowering FY 2006 and 2007 EPS estimates on BAC by $0.05 to $4.35 and $4.70 respectively citing higher consumer bankruptcy impact and lower trading. Maintained Outperform rating.

Bank of America

estimates cut at Piper: Piper said it is cutting its 2006 estimates on BAC by 15 cents to $4.40 a share due to more conservative revenue forecast following quarter.

Bank of America

estimates cut at Morgan Stanley: Morgan Stanley said it is lowering its estimates on BAC for the full year to $4.40 a share from $4.43 a share. Key elements to its Overweight rating persist despite earnings miss.

Eaton

estimates raised at Jefferies: Jefferies said it was raising FY 2006 EPS estimates on ETN from $5.67 to $5.80 on expectation of growth through electrical, acquisitions and cost improvements. Maintained Buy rating and $75 target.

Eaton

numbers raised at Morgan Stanley: Morgan Stanley said it is increasing its estimates on ETN for the full year to $6.35 a share from $6.20 a share. Moving further into late cycle territory.

Exelon

target priced raised at Merrill: Merrill Lynch said it is raising its target price on EXC to $64 from $57. Sees ICC vote on Illinois auctions imminent with approval expected. Maintained Buy rating.

Ford

estimates lowered at UBS: UBS said it is lowering 2006 EPS estimates on F by 10 cents to $1.00 based on expectations of a slower turnaround of NA operations. Maintained Neutral rating.

Harley Davidson

estimates raised at Goldman Sachs: Goldman Sachs said it was raising FY 2006 EPS estimates on HDI from $3.77 to $3.80 on shipment growth guidance. Maintained In-Line rating.

Isle of Capri Casinos

target raised at Jefferies: Jefferies said it was raising FY 2006 EPS estimates on ISLE from $0.36 to $0.58 and cutting FY 2007 EPS estimates from $1.55 to $1.38 on revised guidance. Maintained Buy rating and raised target from $31.75 to $35.75.

McAfee

estimates lowered at CSFB: CSFB said it is lowering 2006 EPS estimates on MFE to $1.32 from $1.48 after negative preannouncement. Maintained Ourperform rating.

Neurocrine Bio.

estimates lowered at Jefferies: Jefferies said it was lowering FY 2006 and 2007 EPS estimates on NBIX from $1 and $0.63 to $0.26 and $-0.44 respectively citing limited upside potential of indiplon approval. Maintained Hold rating and $57 target.

Qwest Communications

outlook raised at CSFB: CSFB said it is raising its 2006 EPS estimates on Q to 12 cents from 1 cent and raising its target price to $6 from $4. Sees improvement in business/wholesale market pricing and less aggressive price competition in VoIP launches. Maintained Underperform rating.

St. Jude Medical

estimates raised at Goldman Sachs: Goldman Sachs said it was raising FY 2006 and 2007 EPS estimates on STJ from $1.66 and $1.91 to $1.79 and $2.08 respectively on ANSI acquisitions. Maintained In-Line rating.

Supervalu

outlook raised at UBS: UBS said it is raising its 2007 EPS estimates by 5 cents to $2.31 after announcement to buy Albertson's. Raised target price by $1 to $35 but sees substantial execution risks. Maintained Neutral rating.

Swift Transportation

outlook raised at Merrill: Merrill Lynch said it is raising 2006 EPS estimates on SWFT to $1.85 from $1.63 after strong 4Q results. Raised target price to $29 from $26. Maintained Buy rating.

Texas Instruments

estimates lowered at Goldman Sachs: Goldman Sachs said it was lowering 2006 and 2006 EPS estimates on TXN from $1.54 and $1.68 to $1.50 and $1.65 respectively on choppy results. Maintained Underperform rating.

Texas Instruments

estimates lowered at UBS: UBS said it is lowering 2006 and 2007 EPS estimates on TXN from $1.71 and $1.93 to $1.55 and $1.84, respectively. The revision reflects S&C divestiture, higher tax rate offset by higher operating margins and lower share count. Maintained Buy rating.

Texas Instruments

estimates lowered at Jefferies: Jefferies said it was lowering FY 2006 EPS estimates on TXN by $0.14 to $1.47 citing capacity constraints. Maintained Hold rating and $36 target.

Texas Instruments

outlook raised at Morgan Stanley: Morgan Stanley said it is increasing its estimates on TXN for 2006 to $1.75 a share from $1.70 a share. Company's operating margin was better than expected due to cost controls.

United Health

outlook increased at Morgan Stanley:Morgan Stanley said it is increasing its estimates on UNH for the full year to $2.90 a share from $2.87 a share. Believes UNH shares will outpeform the managed care group in coming 12-18 months.

Verizon

numbers increased at Morgan Stanley: Morgan Stanley said it is increasing its estimates on VZ for the full year to $2.46 a share from $2.41 a share. Net adds likely lead industry.

WebMethods

estimates raised at Prudential: Prudential said it is raising its 2006 estimates on WEBM by 12 cents to 24 cents a share following solid Q3 results. Maintained Overweight rating.