Analysts' Actions: A Daily Roundup of Street Research

Who made what calls.
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CHANGE IN RATINGS

Archer-Daniels-Midland

downgraded at Deutsche Bank: Deutsche Bank said it was downgrading ADM from Buy to Hold on valuation citing proximity to discounting cycle peak. Target raised by $4 to $32.

Bausch & Lomb

downgraded at CSFB: CSFB said it is downgrading BOL to Underperform from Neutral citing accounting and pharma issues. Lowered target price to $74 from $88.

Circuit City

downgraded at UBS: UBS said it is lowering its rating on CC to Neutral from Buy based on valuation. Maintained $28 target price.

Esco Tech

downgraded at Baird: ESE was downgraded from Outperform to Neutral, Robert Baird said. Valuation call, as the stock has reached the $48 price target. Expect re-acceleration of earnings growth in 2007, though some of this is already reflected in the stock.

Fred's

downgraded at SunTrust Robinson Humphrey: SunTrust Robinson Humphrey said it was downgrading FRED from Buy to Neutral citing concerns over its ability to compete in the drugstore industry and recent share price gains.

Graco

downgraded at Baird: Baird said it was downgrading GGG from Outperform to Neutral on valuation. Maintained $40 target.

Google

downgraded at UBS: UBS said it is downgrading GOOG to Neutral from Buy citing concerns over international revenue growth and weaker margins. Believes disappointing 4Q results will likely impact negative sentiment. Dropped price target $75 to $425.

Google

target, estimates raised at Jefferies: Jefferies said it was raising FY EPS estimates on GOOG from $8.11 and $11.68 to $9.10 and $13.06 and target from $475 to $477 on Q4 results and solid fundamentals. Maintained Buy rating.

Harte-Hanks

upgraded at Baird: Baird said it is upgrading HHS to Outpeform from Neutral after 4Q beat forecasts. Sees solid business trends and continued free cash flow generation. Raised price target to $34 from $31.

Heatland Payments

coverage initiated at Merrill: Merrill said it is initiating coverage on HPY with a Neutral rating. It is trading at a premium valuation.

Investors Financial Services

downgraded at Morgan Stanley:Morgan Stanley said it was downgrading IFIN from Equal-Weight to Underweight and raising the target by $7 to $42 citing negative catalysts and multiple not supported by growth outlook.

Illinois Tool Works

downgraded at AG Edwards: AG Edwards said it is downgrading ITW to Hold from Buy after 4Q EPS estimates fell slightly below forecast. Sees no new catalysts.

URS

target raised at Merrill: Merrill said it is increasing its target price on URS to $50 a share from $45 a share. Outlook for Federal, State & Local spending points to solid revenue growth.

United Surgical Partners

downgraded at Ryan Beck: Ryan Beck said it is lowering its rating on USPI to Market Perform based on valuation. Shares advanced 21% in January.

WPS Resources

downgraded at Baird: Baird said it is downgrading WPS to Neutral from Outperform after negative 2006 guidance. Lowered price target by $4 to $58.

STOCK COMMENTS / EPS CHANGES

Allstate

estimates lowered at Morgan Stanley:Morgan Stanley said it was lowering FY 2006 and 2007 EPS estimates on ALL to $5.87 and $5.15 respectively on Q4 results and guidance. Maintained Equal-Weight rating.

American Standard

estimates lowered at Morgan Stanley: Morgan Stanley said it was lowering FY 2006 and 2007 EPS estimates on ASD to $2.72 and $3.05 and raising target by $3 to $49 on Q4 results. Maintained Equal-Weight rating.

Atmel

estimates raised at Morgan Stanley: Morgan Stanley said it was raising FY 2006 EPS estimates on ATML to $0.06 on improvements reported from Q4. Maintained Underweight rating.

Brink's

target price raised at UBS:UBS said it is raising its target price on BCO to $56 from $55 after net proceeds were higher than expected. Maintained Neutral rating.

Cooper Cameron

estimates raised at Morgan Stanley: Morgan Stanley said it was raising FY 2006 EPS estimate on CAM to $2.10 on Q4 results and order intake acceleration. Maintained Equal-Weight rating.

Chubb

estimates raised at Morgan Stanley: Morgan Stanley said it was raising FY 2006 and 2007 EPS estimates on CB to $8.80 and $9.30 respectively on solid Q4 results. Maintained Underweight rating.

Constellation Energy

target lowered at Jefferies: Jefferies said it was lowering the target on CEG from $62 to $60.50 on Q4 results. Maintained Hold rating.

Cinergy

target raised at Jefferies: Jefferies said it was raising the target on CIN by $0.50 to $44 on in-line Q4 results. Maintained Hold rating.

Corinthian Colleges

estimates trimmed at Morgan Stanley: Morgan Stanley said it was trimming FY 2006 EPS estimates on COCO to $0.49 on fiscal 2Q 2006 results. Maintained Equal-Weight rating and $14 target.

Cymer

target, estimates raised at Morgan Stanley: Morgan Stanley said it was raising FY 2006 and 2007 EPS estimates on CYMI to $2 and $2.13 respectively and target by $4 to $47 citing margin improvement from richer product mix. Maintained $47 target.

Cymer

estimates raised at CSFB: CSFB said it is raising its 2006 EPS estimates on CYMI to $1.90 from $1.03 after positive 4Q results and guidance. Revised target price to $45 from $34. Maintained Neutral rating.

Diebold

target raised at Jefferies: Jefferies said it was lowering FY 2006 EPS estimates on DBD from $2.40 to $2.10 but raising the target by $6 to $48 on Q4 results and turnaround prospects. Maintained Buy rating.

Encana

estimates cut at Goldman: Goldman said it is lowering its estimates on ECA for the full year to $3.99 a share from $4.10 a share to reflect lower natural gas prices.

Elan

estimates lowered at Morgan Stanley: Morgan Stanley said it was lowering FY 2007 and 2007 EPS estimates on ELN to $-0.89 and $-0.63 on Q4 results. Maintained Underweight rating.

Expeditors International

estimates raised at Morgan Stanley: Morgan Stanley said it was raising FY 2007 EPS estimates on EXPD to $2 on accelerating growth. Maintained Equal-Weight rating.

Fiserv

target raised at Jefferies: Jefferies said it was lowering FY 2006 EPS estimates on FISV by $0.04 to $2.48 and raising the target by $2 to $44 on in-line Q4 results and margin concerns. Maintained Hold rating.

Flextronics

estimates lowered at Morgan Stanley: Morgan Stanley said it was lowering FY 2006 and 2007 EPS estimates on FLEX to $0.58 and $0.69 on Q4 results; however, noting potential growth and margin expansion. Maintained Overweight rating and $13 target.

Fluor

target raised at Merrill: Merrill said it is increasing its target price on FLR to $100 a share from $90 a share. Spending trends visibility and improving contract structure cited. Maintained Buy rating.

Google

estimates cut at Merrill: Merrill said it is lowering its estimates on GOOG for the full year to $7.35 a share from $7.69 a share. The company reported a great quarter.

Hilton Hotels

target raised at Jefferies: Jefferies said it was raising the target on HLT from $25 to $30 on Q4 results ahead of consensus. Maintained Buy rating.

Harsco

target, estimates raised at Jefferies: Jefferies said it was raising FY 2006 and 2007 EPS estimates by $0.05 to $4 and $4.55 respectively and target by $14 to $88 on Q4 results and outlook. Maintained Buy rating.

Internet Security Systems

target lowered at Jefferies: Jefferies said it was lowering the target on ISSX from $23 to $21 on Q4 results and downward guidance. Maintained Hold rating.

J.B. Hunt

estimates raised at Morgan Stanley: Morgan Stanley said it was raising FY 2006 and 2007 EPS estimates on JBHT from $1.41 and $1.47 to $1.53 and $1.60 respectively on impressive Q4 results. Maintained Equal-Weight rating.

Knight Ridder

estimates lowered at Morgan Stanley: Morgan Stanley said it was lowering FY 2006 and 2007 EPS estimates on KRI to $3.55 and $3.95 respectively on Q4 results. Maintained Overweight rating.

L-3 Communications

estimates raised at Jefferies: Jefferies said it was raising FY 2006 and 2007 EPS estimates on LLL from $4.90 and $5.60 to $5.05 and $5.75 on acquisition accretions. Maintained Hold rating.

Altria

estimates cut at Goldman: Goldman said it is lowering its estimates on MO for the full year to $5.25 a share from $5.35 a share. Sum of parts value cut due to weaker PM International outlook.

Merck

outlook raised at Goldman: Goldman said it is increasing its estimates on MRK for the full year to $2.30 a share from $2.28 a share. Raising 2006 estimates to reflect expenses.

MicroStrategy

target, estimates raised at Jefferies:Jefferies said it was raising FY 2006 and 2007 EPS estimates on MSTR from $4.41 and $4.73 to $4.65 and $5.22 and target from $73 to $91 on Q4 results above consensus. Maintained Hold rating.

Nelnet

estimates lowered at Jefferies: Jefferies said it was lowering FY 2006 and 2007 EPS estimates on NNI from $2.76 and $2.94 to $2.67 and $2.87 respectively citing costs from new acquisitions. Maintained $48 target and Buy rating.

PACCAR

estimates lowered at UBS: UBS said it is lowering 2006 EPS estimates on PCAR by 20 cents to $7.30 to reflect lower margins and lower revenue growth rate. Maintained Neutral rating.

PNM Resources

estimates lowered at Jefferies: Jefferies said it was lowering FY 2006 and 2007 EPS estimates on PNM from $1.85 and $2.10 to $1.70 and $2 on Q4 results. Maintained Buy rating and $28 target.

Powerwave

estimates raised at Piper: Piper said it is raising its 2006 estimates on PWAV by a penny to 76 cents a share due to better margin performance offset by higher taxes. Maintained Outperform rating.

Powerwave

target raised at Jefferies: Jefferies said it was raising FY 2006 EPS estimates from $0.68 to $0.75 and target by $1 to $14 on Q4 results ahead of expectations. Maintained Hold rating.

Powerwave

outlook raised at CSFB: CSFB said it is raising its 2006 EPS estimates on PWAV to 79 cents from 73 cents after inline 4Q and positive 1Q guidance. Increased target price to $18.

Plains Exploration & Production

target lowered at Morgan Stanley: Morgan Stanley said it was lowering the target on PXP from $55 to $50 citing increased risk on T-Ridge project. Maintained Overweight rating.

Sepracor

outlook raised at Morgan Stanley: Morgan Stanley said it is raising its estimates on SEPR for the full year to $1.66 a share from 75 cents a share. Maintained Outperform rating.

Sepracor

estimates raised at Morgan Stanley: Morgan Stanley said it was raising FY 2006 EPS estimates on SEPR to $1.50 on strong Q4 results and guidance. Maintained Overweight rating and $70 target.

Symantec

estimates lowered at Morgan Stanley: Morgan Stanley said it was lowering FY 2006 and 2007 EPS estimates on SYMC to $0.67 and $0.87 respectively citing Q4 results and weakened guidance. Maintained Equal-Weight rating and $20 target.

Symantec

outlook cut at Goldman: Goldman said it is lowering its estimates on SYMC for the full year to $1 a share from $1.01 a share. Getting back to a more stable footing. Managing through the VRTS integration successfully and a discontinued valuation.

Symantec

target cut at Piper: Piper said it is cutting its target price on SYMC to $27 following quarter. Maintained Outperform rating.

Symantec

outlook lowered at CSFB: CSFB said it is lowering its 2006 EPS estimates on SYMC by a penny to $1.00 after inline FY 2Q results. Lowered target price by $1 to $20. Maintained Neutral rating.

Websense

estimates raised at Jefferies: Jefferies said it was raising FY 2006 EPS estimate on WBSN from $1.87 to $1.93 on Q4 results and positive guidance. Maintained Hold rating and $64 target.

Websense

estimates trimmed at CSFB: CSFB said it is lowering its 2006 EPS estimates on WBSN by 2 cents to $1.53. Sees positive drivers ahead. Maintained $75 target price and Outperform rating.

WMS Industries

outlook cut at Goldman: Morgan Stanley said it is increasing its estimates on WMS for 2005 to 95 cents a share from 99 cents a share. After the close, the company tops estimates.

U.S. Steel

outlook raised at Goldman: Goldman said it is increasing its estimates on X for the full year to $7.90 a share from $7.39 a share following strong underlying earnings in Q1 and positive conference call.