Analysts' Actions: A Daily Roundup of Street Research

Who made what calls.
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CHANGE IN RATINGS

CCE

upgraded at Deutsche Bank: Deutsche Bank said it is upgrading CCE to Buy from Hold. Sees benefits from modest operation improvement, gradual conversion to warehouse delivery, and possible Coke takeout. Raises target price to $24 from $21.

Dollar General

downgraded at Wachovia: Wachovia said it is downgrading DG to Market Perform from Outperform citing difficult SSS comparisons and macro headwinds for FY 2007.

Eastman Chemical

downgraded at CSFB: CSFB said it is downgrading EMN to Neutral after sharply lower 4Q results. Lowered target price to $55 from $69.

Eastman Chemical

outlook lowered at UBS: UBS said it is lowering 2006 EPS estimates on EMN to $5.60 from $5.90 after weaker than expected 4Q. Lowered price target by $2 to $53.

Gap

upgraded at BofA: GPS was upgraded from Neutral to Buy, Banc of America said. $23 price target. There are 3 potential scenarios that could play out for value investors over the next several quarters.

Juniper

upgraded at Piper: Piper said it is upgrading JNPR to an Outperform rating as sell-off has stock at trough valuation.

Kirby

downgraded at JP Morgan: JP Morgan said it was downgrading KEX from Overweight to Neutral on valuation noting that share prices are approaching historical highs.

Manpower

downgraded at Deutsche Bank: Deutsche Bank said it was downgrading MAN from Buy to Hold on valuation. FY 2006 EPS estimate raised by $0.02 to $3.10 and target raised by $1 to $53 on Q4 results and positive guidance.

Nektar

downgraded at Morgan Stanley: Morgan Stanley said it is lowering its rating on NKTR to Underweight from Equalweight. Recent strength creates compelling selling opportunity.

Phoenix Companies

downgraded at CSFB: CSFB said it is downgrading PNX to Neutral from Outperform after significant move in the stock price. Raised target price to $16 from $14.50.

Potash

downgraded at CSFB: CSFB said it is downgrading POT to Underperform from Neutral with shares nearing $91 target price. Projected return now falls into bottom third of coverage universe.

Robert Half

upgraded at Deutsche Bank: Deutsche Bank said it was upgrading RHI from Hold to Buy on Friday's sell-off. Target raised by $8 to $45.

IMS Health

upgraded at Lehman: RX was upgraded from to Overweight, Lehman Bros. said. Recent weakness, especially if caused by the FX confusion, has created an attractive buying opportunity.

Stryker

upgraded at Bear Stearns: Bear Stearns said it was upgrading SYK to Outperform on expected 20% EPS growth. Maintained $60 target.

Teva Pharmaceuticals

rated new Buy at UBS: UBS said it is initiating coverage on TEVA with a Buy rating. Remains positive on the generic space in 2006. Sets price target at $50.

TIBCO Software

upgraded at Jefferies: Jefferies said it was upgrading TIBX from Hold to Buy and raising the target from $8 to $10 on increased revenue estimates and valuation.

UnumProvident

downgraded at FBR: FBR said it is downgrading UNM to Market Perform from Outperform based on revised outlook that ROE improvement will not materialize within next 12 months. Adjusted price target to $24 from $22.

XM Satellite

downgraded at Wachovia: Wachovia said it is downgrading XMSR to Market Perform. Sees challenges in 2006 forecast for net new subscribers of 3.067MM. Sets valuation range between $27 to $30.

STOCK COMMENTS / EPS CHANGES

Apple

estimates lowered at UBS: UBS said it is lowering its 2006 EPS estimates on AAPL by 10 cents to $2.14 to reflect slightly lower Mac estimates and q/q decline in iPod sales. Maintained $100 target price.

Alcan

outlook raised at Goldman: Goldman said it is lowering its estimates on AL for the full year to $2.43 a share from $2.50 a share. Maintained Inline rating.

Air Products

target, estimates raised at Jefferies: Jefferies said it was raising FY 2006 and 2007 EPS estimates on APD from $3.35 and $3.85 to $3.40 and $3.90 respectively and raised the target by $5 to $70 on raised guidance. Maintained Buy rating.

Airgas

target, estimates raised at Jefferies: Jefferies said it was raising FY 2007 EPS estimates from $1.85 to $1.90 and raising the target by $2 to $41 on fiscal Q3 results and guidance. Maintained Buy rating.

AutoZone

outlook cut at Goldman: Goldman said it is lowering its estimates on AZO for the full year to $7.43 a share from $7.60 a share. Maintained Inline rating.

Black & Decker

outlook raised at Morgan Stanley:Morgan Stanley said it is raising its estimates on BDK for the full year to $7.25 a share from $7.20 a share. Continuing to execute on plan.

Baker Hughes

estimates raised at UBS: UBS said it is raising 2006 EPS estimates on BHI to $3.65 from $3.53. Sees strong 4Q after positive results from peers. Raised price target to $89 from $75.

Certergy

estimates cut at Morgan Stanley: Morgan Stanley said it is lowering its estimates on CEY for 2006 to $2.06 a share from $2.09 a share. Looking ahead to potential synergies for new company.

Comcast

numbers cut at Morgan Stanley: Morgan Stanley said it is lowering its estimates on CMCSA for 2006 to 51-cents a share from 52-cents a share. Maintained Inline rating.

Cisco Systems

outlook raised at Morgan Stanley: Morgan Stanley said it is increasing its estimates on CSCO for the full year to $1.06 a share from $1.05 a share. Riding the advanced technologies segment, which should offset lower growth in the more cyclical routing and switching business.

CV Therapeutics

target raised at Lehman:Shares of CVTX now expected to reach $40, Lehman Bros. said. Ranexa was approved Friday, with a better prescribing label than expected. Overweight rating.

Chevron

numbers lowered at Lehman: CVX estimates reduced to $7.55 a share in 2006 and $6.90 for next year, Lehman Bros. said. Reserve growth remains unimpressive. Overweight rating and new $63 price target.

Chevron

outlook cut at Goldman: Goldman said it is lowering its estimates on CVX for the full year to $8.65 a share from $9.15 a share. Maintained Inline rating.

Dover

outlook upped at Morgan Stanley: Morgan Stanley said it is raising its estimates on DOV for the full year to $2.80 a share from $2.61 a share. Dover's fourth quarter EPS from continuing operations were 61 cents on a lower tax rate.

Gannett

numbers cut at Goldman: Goldman said it is lowering its estimates on GCI for the full year to $5.25 a share from $5.29 a share. Ad market still challenging, but valuation interesting.

Gannett

outlook lowered at UBS: UBS said it is lowering 2006 EPS estimates on GCI to $5.30 from $5.60. After better than expected quarter, believes environment will remain volatile. Lowered price target to $67 from $70.

Halliburton

outlook raised at UBS: UBS said it is raising its 2006 EPS estimates on HAL to $4.00 from $3.82 after plans for IPO of its KBR unit and expectations of continued growth in oil services market. Raises target price to $95 from $89.

Halliburton

target raised at Jefferies: Jefferies said it was raising FY 2007 estimates from $4.35 to $4.70 and the target by $13 to $98 on Q4 results. Maintained Buy rating.

Halliburton

outlook raised at Morgan Stanley: Morgan Stanley said it is increasing its estimates on HAL for 2006 to $4.19 a share from $3.94 a share. Target raised to $100 a share from $84 a share. E&P spending should continue to accelerate in line with its above consensus 20% to 30% forecast.

Quicksilver

target price raised at UBS: UBS said it is raising its target price on KWK to $58 from $50 based on NAV for proved and probable reserves. Maintained Buy rating.

Noble

estimates cut at Lehman: NE now seen earning $5.50 a share in 2006 and $7.86 for next year, Lehman Bros. said. Company warned of peaking deepwater rig rates. Overweight rating.

Nucor

estimates raised at Prudential: Prudential said it is raising its 2006 estimates on NUE by $2.41 a share to $7.73 a share due to stronger than expected selling prices.

Stanley Works

outlook cut at Morgan Stanley: Morgan Stanley said it is lowering its estimates on SWK for the full year to $3.55 a share from $3.57 a share. Maintained Underweight rating.

T.Rowe Price

outlook revised at Morgan Stanley: Morgan Stanley said it is increasing its estimates on TROW for the full year to $3.53 a share from $3.63 a share. Target raised to $75 a share from $65 a share. Maintained Equalweight rating.

XTO Energy

target, estimates raised at Jefferies: Jefferies said it was raising the target on XTO by $4 to $54 on relatively low reinvestment risk and belief that shares deserve a premium. Maintained Buy rating.

Zions Bancorp

outlook raised at Morgan Stanley: Morgan Stanley said it is increasing its estimates on ZION for 2006 to $5.68 a share from $5.43 a share. Maintained Equalweight rating.