Analysts' Actions: A Daily Roundup of Street Research

Who made what calls.
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CHANGE IN RATINGS

Adobe Systems

downgraded at Baird: Baird said it is downgrading ADBE to Neutral from Outperform based on valuation. Stock essentially reached its target price.

ADTRAN

upgraded at Morgan Stanley: Morgan Stanley said it is increasing its rating on ADTN to Overweight from Equalweight. Company is well positioned to benefit from an architectural transition in DSL networks that is in the early stages.

Applebee's

upgraded at KeyBanc:APPB was upgraded from Hold to Buy, KeyBanc said. $27 price target. January will likely mark an inflection point in same-store sales.

Avery Dennison

upgraded at JP Morgan: JP Morgan said it was upgrading AVY from Neutral to Overweight on expected 10% EPS growth in 2006.

BEA Systems

upgraded at Baird: Baird said it is upgrading BEAS to Outperform from Neutral due to improved sales execution, and the longer-term opportunity emerging around SOA. Raised target price to $13 from $10.

CNF

downgraded at Stephens: Stephens said it was downgrading CNF to Equal-Weight citing 4Q05 miss, possible margin compression and guidance below consensus estimate. Target cut by $10 to $53.

Directed Electronics

coverage initiated at Goldman: Goldman said it is initiating coverage on DEIX with an Inline rating. Stability and growth cited in the note.

Health Management Associates

downgraded at Wachovia: Wachovia said it is downgrading HMA to Market Perform from Outperform. Believes FY2006 EPS guidance feels like a stretch. Sees limited catalyst for multiple expansion. Twelve-month valuation range is $21 to $23.

Independence Comm. Bank

downgraded at Friedman, Billings: Friedman, Billings, Ramsey & Co. said it was downgrading ICBC from Outperform to Market Perform and lowering FY 06 EPS estimate by $0.10 to $2.45 on limited potential due to merger. Maintained $42 target.

Macrovision

upgraded at JP Morgan: MVSN was upgraded from Underweight to Overweight, JP Morgan said. New management should drive further changes over the next couple of quarters. Shift from physical to electronic distribution should also drive higher margins.

NSTAR

upgraded at Jefferies: Jefferies said it was upgrading NST from Hold to Buy and raised target by $1.50 to $32 on valuation.

Pixar

upgraded at Deutsche: PIXR was upgraded to Buy, Deutsche Bank said. Moving rating in-line with Disney. $78 price target.

Pixar

downgraded at Prudential: Prudential said it is downgrading PIXR to a Neutral Weight rating and cutting the target price to $60 to reflect Disney offer.

Plantronics

upgraded at Baird: Baird said it is upgrading PLT to Outperform after better-than-expected F4Q06 guidance. Raised target price to $37 from $27.

PAREXEL

upgraded at Baird: Baird said it is upgrading PRXL to Outperform following FY2Q06 EPS upside, guidance raise, above target bookings, and improved asset management. Raised target price to $26 from $20.

Pactiv

downgraded at CSFB: CSFB said it is downgrading PTV to Underperform from Neutral based on valuation. Stock price surpassed $20 target.

Ruby Tuesday

upgraded at Bear Stearns: Bear Stearns said it was upgrading RI to Outperform from Peer Perform on improved near term outlook. FY 2007 EPS estimate raised by $0.15 to $1.80.

Ryland Group

downgraded at A.G. Edwards: A.G. Edwards said it was downgrading RYL to Sell on 5%decline in unit orders.

Swift Transportation

upgraded at JP Morgan: JP Morgan said it was upgrading SWFT to Overweight from Neutral on potential margin improvement and EPS growth.

STOCK COMMENTS / EPS CHANGES

AirTran

outlook raised at Goldman:Goldman said it is increasing its estimates on AAI for the full year to 40-cents a share from 35-cents a share. Maintained Inline rating.

Adtran

outlook cut at UBS: UBS said it is lowering 2006 EPS estimates on ADTN by 5 cents to $1.43 to account for stock option expenses. Saw 4Q revenues on the light-end. Lowered target price to $30 from $32.

ArvinMeritor

estimates raised at Morgan Stanley: Morgan Stanley said it is increasing its estimates on ARM for the full year to $1.75 a share from $1.45 a share. Maintained Equalweight rating.

BJ Services

estimates raised at Jefferies: Jefferies said it was raising FY 2006 and 2007 EPS estimates on BJS from $1.95 and $2.39 to $2.03 and $2.43 respectively citing price book increases and rising activity. Maintained Buy rating and $48 target.

BJ Services

outlook raised at UBS: UBS said it is raising 2006 EPS estimates on BJS by 3 cents to $2.15. Expects higher operating margins. Raised target price to $50 from $47. Maintained Buy rating.

Burlington Northern Santa Fe

estimates raised at UBS: CSFB said it is raising 2006 EPS estimates on BNI to $4.80 from $4.52 after positive 4Q numbers exceeded forecasts. Maintained Outperform rating and $80 target price.

CheckFree

estimates raised at Piper: Piper said it is raising its 2006 estimates on CKFR by 13 cents to $1.68 a share after strong quarter. Maintained Outperform rating.

CheckFree

estimates raised at Goldman: Goldman said it is increasing its estimates on CKFR for the full year to $1.64 a share from $1.56 a share. Maintained Inline rating.

CheckFree

target, estimates raised at Jefferies: Jefferies said it was raising FY 2006 and 2007 EPS estimates on CKFR from $1.54 and $1.90 to $1.64 and $1.95 and target raised by $5 to $55 positive adoption trends and accelerating profit growth. Maintained Buy rating.

Centex

estimates lowered at UBS: UBS said it is lowering 2006 EPS estimates on CTX by 15 cents to $9.85 to reflect expectations for higher SG&A in F4Q. Maintained Buy rating.

Convergys

estimates cut at Goldman: Goldman said it is lowering its estimates on CVG for 2005 to 91-cents a share from 97-cents a share. Improving margins and transparency are the biggest takeaways from the fourth quarter.

DuPont

estimates cut at JP Morgan: JP Morgan said it was removing DD from its Focus List and cutting FY 2006 EPS estimate by $0.10 to $2.60 citing operational challenges in 2006. Maintained Overweight rating.

DuPont

estimates cut at UBS: UBS said it is lowering 2006 EPS estimates on DD from $3.00 to $2.65 and reducing its target price from $54 to $48 after 4Q05 report was roughly In-line with estimates. Maintained Buy rating.

DuPont

outlook cut at Morgan Stanley: Morgan Stanley said it is lowering its estimates on DD for the full year to $2.60 a share from $2.80 a share. Maintained Equalweight rating.

Brinker International

outlook raised at Morgan Stanley: Morgan Stanley said it is increasing its estimates on EAT for the full year from $1.91 a share to $1.97 a share. Maintained Equalweight rating.

EMC

estimates lowered at UBS: UBS said it is lowering 2006 EPS estimates on EMC from 65 cents to 57 cents to adjust for stock options expenses. Fourth quarter estimates were in-line with preannouncement. Sees solid outlook for 2006. Maintained Buy rating.

EMC

numbers raised at Morgan Stanley: Morgan Stanley said it is increasing its estimates on EMC for the full year to 56 cents from 54 cents a share. Maintained Overweight rating.

El Paso

outlook cut at Goldman: Goldman said it is lowering its estimates on EP for the full year to $1.46 a share from $1.49 a share. Maintained Inline rating.

Health Mgmt. Assoc.

estimates lowered at Jefferies:Jefferies said the it was lowering FY 2006 EPS estimates on HMA from $1.54 to $1.50 on fiscal 1Q06 EPS results. Maintained Hold rating and $21 target.

Hologic

estimates, target raised at Jefferies:Jefferies said it was raising FY 2006 and 2007 EPS estimates on HOLX from $0.62 and $0.84 to $0.74 and $0.95 respectively on shift from analog to digital mammography and expected strong FY 2006 results. Maintained Buy rating and raised target from $43 to $57.

Headwaters

outlook lowered at Morgan Stanley: Morgan Stanley said it is lowering its estimates on HW for 2006 to $2.69 a share from $2.75 a share. Maintained Equalweight rating.

Imclone Systems

target price raised at UBS: UBS said it is raising its target price on IMCL by $1 to $44 after Board announced plans to explore strategic options. Maintained Buy rating.

IPSCO

target price raised at UBS: UBS said it is raising its target price on IPS to $90 from $80. Believes strong plate prices could result in higher EPS and values. Maintained Neutral rating.

Johnson & Johnson

estimates cut at UBS: UBS said it is lowering 2006 EPS estimates on JNJ from $3.78 to $3.65 after a difficult 4Q where near-term growth has decelerated. Maintained Buy rating.

Lucent

estimates raised at UBS: UBS said it is raising its 2006 EPS estimates on LU by 4 cents to 16 cents but sees growth challenges in the year ahead. Maintained Neutral rating.

Lucent

estimates raised at Goldman:Goldman said it is increasing its estimates on LU for the full year to 13-cents a share from 12-cents a share. Revenue risk and balance sheet issues cited.

Lexmark

estimates raised at UBS: UBS said it is raising 2006 EPS estimates on LXM to $3.05 from $2.70 after positive 4Q results highlighted by restructuring efforts. Raised target price to $54 from $48.

Lexmark

outlook raised at Morgan Stanley: Morgan Stanley said it is increasing its estimates on LXK for the full year to $3.38 a share from $3.19 a share. Too early to own. Maintained Underweight rating.

Meredith

estimates raised at UBS: UBS said it is raising 2006 EPS estimates on MDP by 3 cents to $2.88 after strong quarterly results. Maintained Buy rating.

3M

estimates cut at Morgan Stanley: Morgan Stanley said it is lowering its estimates on MMM for the full year to $4.60 a share from $4.75 a share. Maintained Equalweight rating.

Netflix

target raised at Jefferies: Jefferies said it was raising the target on NFLX from $30 to $37 on strong 4Q05 results. Maintained Buy rating.

Northrop Grumman

estimates raised at Jefferies: Jefferies said it was raising FY 2006 EPS estimates on NOC by $0.15 to $4.45 citing management focus on operating performance and share repurchase program. Maintained Hold rating and $60 target.

New York Times

outlook lowered at Morgan Stanley: Morgan Stanley said it is lowering its estimates on NYT by a nickel for 2006 to $1.60 a share to reflect higher depreciation and amortization and interest expense. Maintained Equalweight rating.

RF Micro

estimates raised at Jefferies: Jefferies said it was raising FY 2006 EPS estimates on RFMD from $0.17 to $0.20 on higher than projected top line acceleration. Maintained Buy rating and $7 target.

RF Micro

estimates raised at Piper: Piper said it is raising its 2007 estimates on RFMD by 9 cents to 37 cents a share based on strong guidance and favorable tax rate.

Sun Microsystems

estimates lowered at CSFB: CSFB said it is lowering 2006 EPS estimates on SUNW to ($0.22)from ($0.06) after fiscal 2Q06 revenues fell short of estimates. Maintained Underperform rating.

Swift Transportation

estimates raised at CSFB: CSFB said it is raising 2006 EPS estimates on SWFT to $1.65 from $1.51 after strong 4Q report. Raised target price to $24 from $18.

Tidewater

target, estimates raised at Jefferies: Jefferies said it was raising FY 2006 and 2007 EPS estimates on TDW from $2.89 and $3.54 to $3.37 and $4.72 respectively and target raised by $11 to $65 on strong OSV outlook. Maintained Buy rating.

Tidewater

estimates raised at UBS: UBS said it is raising 2006 EPS estimates to $3.24 from $2.99. Sees increasing demand for offshore drilling and construction/support services leading to consistent increases in dayrates and utilization. Raised target price to $58 from $52.

United Technologies

estimates raised at Prudential: Prudential said it is raising its 2006 estimates on UTX by a nickel to $3.55 a share after a robust Q4. Maintained Overweight rating.

VistaPrint

target, estimates raised at Jefferies: Jefferies said it was raising FY 2006 and 2007 EPS estimates on VPRT from $0.33 and $0.67 to $0.46 and $0.90 and target raised by $13 to $35 on strong fiscal 2Q results. Maintained Buy rating.

Waters

estimates lowered at UBS: UBS said it is lowering 2006 EPS estimates on WAT to $2.25 from $2.03 to reflect options expenses. Fourth quarter results beat estimates and guidance was mostly in-line. Maintained Neutral rating.