Analysts' Actions: A Daily Roundup of Street Research

Who made what calls.
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CHANGE IN RATINGS

Alpha Natural Resources

upgraded at Morgan Stanley: Morgan Stanley said it is initiating coverage on ANR with an Overweight rating and a $32 target price.

Activision

upgraded at William Blair & Co.: William Blair & Co. said it was upgrading ATVI from Market Perform to Outperform citing best of breed status for upcoming cycle.

Blue Coat Systems

downgraded at Wachovia: Wachovia said it is downgrading BCSI to Market Perform after substantial F3Q miss. Sees limited EPS upside in the near-term.

Citadel Broadcasting

downgraded at CIBC: CIBC said it is downgrading CDL to Sector Performer. Does not see any upside in shares until deal is completed.

Walt Disney

upgraded at CIBC: DIS was upgraded from Underperform to Sector Perform, CIBC said. $28 price target. Company reported okay quarterly results, but is also buying back a lot of stock.

Walt Disney

outlook raised at Goldman: Goldman said it is increasing its estimates on DIS for the full year to $1.45 a share from $1.38 a share. ABC Radio deal at 12.5x sales makes strategic and financial sense.

Walt Disney

outlook raised at Morgan Stanley: Morgan Stanley said it is increasing its estimates on DIS for the full year to $1.48 a share from $1.44 a share. Disney announced the combination of 22 of its ABC radio stations and its ABC radio networks with Citadel in a $2.7 billion deal that valued assets at 12-15 times EBTDA.

JetBlue

downgraded at Morgan Stanley: Morgan Stanley said it is lowering its rating JBLU to Underweight from Equalweight. The company released guidance that it would report a loss in 2006.

Mettler-Toledo

upgraded at UBS: UBS said it is upgrading MTD to Buy from Neutral based on improving fundamentals. Raised target price to $72 from $60.

Noble

upgraded at Morgan Stanley: Morgan Stanley said it is increasing its rating on NBL to Overweight with a $54 target price. Performance has materially lagged its peers despite a stronger than average growth and return profile.

NCR

rated new Outperform at CSFB: CSFB said it is initiating coverage on NCR with an Outperform rating citing margin expansion opportunities. Sets target price at $50.

Nice Systems

downgraded at Deutsche Bank: Deutsche Bank said it was downgrading NICE from Buy to Hold on valuation. Maintained $55 target.

Palm

downgraded at Lehman: PALM was downgraded from Equal-weight to Underweight, Lehman Bros. said. $32 price target. Recent checks show that Treo sales may fall short of the most bullish estimates.

XL Capital

upgraded at Wachovia: Wachovia said it was upgrading XL to Outperform citing overhang issues in the past and potential catalysts ahead. Set valuation range of $75 to $77 per share.

STOCK COMMENTS / EPS CHANGES

AFLAC

estimates cut at Goldman: Goldman said it is lowering its estimates on AFL for the full year to $2.92 a share from $2.98 a share. Maintained Inline rating.

Anadarko Petroleum

outlook raised at UBS: UBS said it is raising its target price on APC to $126 from $114 after strong 4Q results. Maintained Buy rating.

Activision

estimates lowered at UBS: UBS said it is lowering its 2006 EPS estimates on ATVI to 10 cents from 23 cents following negative 3Q results and guidance. Maintained Buy rating.

Activision

estimates cut at Prudential: Prudential said it is cutting its 2006 estimates on ATVI to 6 cents a share due to weak guidance. Maintained Neutral Weight rating.

Boeing

target raised at Morgan Stanley: Morgan Stanley said it is increasing its target on BA to $80 a share from $75 a share. Bringing out the big guns: Profits and Cash.

Brooks Automation

outlook raised at Goldman: Goldman said it is raising its estimates on BRKS for 2005 to 39-cents a share from a loss of 5-cents a share. Maintained Inline rating.

Brooks Automation

estimates raised at Prudential: Prudential said it is raising its 2006 estimates on BRKS by 28 cents to 54 cents a share due to potential projects increase, optimistic on second half. Maintained Underweight rating.

CNET Networks

estimates lowered at Jefferies: Jefferies said it was lowering the FY 2006 EPS estimates on CNET by $0.05 to $0.38 on mixed quarter and guidance. Maintained Hold rating and $13 target.

CNET Networks

estimates lowered at CSFB: CSFB said it is lowering its 2006 EPS estimates on CNET to 23 cents from 40 cents after dismal 4Q. New estimates include stock compensation expense. Maintained $16 target price.

Foundation Coal

target raised at Morgan Stanley: Morgan Stanley said it is increasing its target price on FCL to $55 a share from $42 a share.

Forest Labs

target raised at Piper: Piper said it is raising its target price on FRX to $54 due to likely Lexapro settlement and cheap valuation vs. peers. Maintained Outperform rating.

Hewitt Associates

target price lowered at UBS:UBS said it is lowering its target price on HEW to $33 from $40 after negative Q2 guidance. Maintained Buy rating.

Hewitt Associates

outlook cut at Morgan Stanley:Morgan Stanley said it is increasing its estimates on HEW for the full year to $1.29 a share from $1.30 a share. Maintained Equalweight rating.

j2 Global Comm.

target raised at Jefferies: Jefferies said it was cutting FY 2006 EPS estimates by 7-cents to $2.45 and raising the price target on JCOM by $3 to $51 on inline Q4 results coupled with weak guidance. Maintained Buy rating.

Liberty Media

target lowered at Jefferies: Jefferies said it was lowering the target on L from $12.69 to $12.17 on filing of Schedule 14A with tracking stock split information. Maintained Buy rating.

NeuStar

outlook raised at Morgan Stanley: Morgan Stanley said it is increasing its estimates on NSR for 2006 to 86-cents a share from 83-cents a share. Maintained Equalweight rating.

NeuStar

estimates raised at Jefferies: Jefferies said it was raising FY 2006 EPS estimates on NSR by $0.06 to $0.96 on strong Q4 results and positive guidance. Maintained Buy rating and $35 target.

Playtex

outlook estimates cut at Goldman: Goldman said it is lowering its estimates on PYX for the full year to 43-cents a share from 51-cents a share. Long term guidance coming down. Factors still seem reasonable but the stock will be weak.

Reynolds

outlook lowered at Morgan Stanley: Morgan Stanley said it is lowering its rating on RAI to Underweight from Equalweight. Expect underperformance versus sector. Would swap into Altria or MO-stub.

Raytheon

outlook raised at Morgan Stanley: Morgan Stanley said it is increasing its estimates on RTN for 2006 to $2.60 a share from $2.49 a share. Maintained Overweight rating.

Semiconductor Mfg. Int'l

estimates lowered at Jefferies: Jefferies said it was lowering FY 2006 EPS estimates on SMI from $0.05 to $-0.12 on profitability concerns. Maintained Hold rating and $9 target.

United Rentals

target price raised at UBS: UBS said it is raising its target price on URI to $36 from $31. Believes 4Q could be better than expected. Maintained Buy rating.

Wendy's

estimates lowered at UBS: UBS said it is lowering 2006 EPS estimates on WEN to $2.84 from $2.54. But sees upside in shares over 12-18 month period. Maintained Buy rating.