CHANGE IN RATINGS

Franklin Resources

upgraded at Morgan Stanley: Morgan Stanley said it is increasing its rating on BEN to Overweight with a $110 target price. Potential upside from more aggressive use of cash.

Bank of New York

upgraded at Merrill: BK was upgraded from Neutral to Buy, Merrill Lynch said. Bank trades at a 17% discount to its peers, yet has equally impressive earnings growth potential.

Bear Stearns

upgraded at Merrill: BSC was upgraded to Buy, Merrill Lynch said. $153 price target. Stock has done well, but continues to trade at a discount to its peers. Company should see more consistent earnings, as it invests in its business.

Cendant

downgraded at Weisel: CD was downgraded from Outperform to Peer Perform, Thomas Weisel said. Company continues to see margins erode in the e-Travel business. Stock lacks catalysts over the next quarter or two.

CDW

rated new Peer Perform at Bear: Coverage of CDWC was started with a Peer Perform rating, Bear Stearns said. Company continues to gain market shares in a market with secular growth. That said, the company's expansion is decelerating.

Cephalon

upgraded at Jefferies: Jefferies said it was upgrading CEPH from Hold to Buy, raising the target by $32 to $85 and raising FY 2006 and 2007 EPS estimates from $3.03 and $3.23 to $3.20 and $4.01 citing '06 guidance, significant leverage beyond '06 and strong revenue and EPS growth fro 2 - 3 years.

Capital One Financial

upgraded at Jefferies: Jefferies said it was upgrading COF from Hold to Buy, raising the target by $25 to $100 and raising FY 2006 EPS estimates by 31-cents to $7.77 citing decreased earnings volatility and multiple expansion.

Flowserve

upgraded at Baird: Baird said it is upgrading FLS to an Outperform rating based on improving order visibility and backlog. Target raised to $55.

Ingram Micro

downgraded at Prudential: Prudential said it is downgrading IM to a Neutral Weight rating due to limited opportunity for further margin expansion.

Transocean

downgraded at Wachovia: RIG was downgraded to Market Perform, Wachovia said. Management has admitted mistakes, but downside risk remains to earnings estimates.

Waste Connections

upgraded at Weisel: Weisel said it is upgrading WCN to an Outperform rating as stock price has bad news factored in. Valuation attractive given industry-leading financial performance.

STOCK COMMENTS / EPS CHANGES

Amkor

estimates raised at Piper: Piper said it is raising its 2006 estimates on AMKR to 60 cents a share due to strong revenue growth. Maintained Market Perform rating, target price raised to $8.

Abercrombie

estimates raised at Piper: Piper said it is raising its 2007 estimates on ANF by 4 cents to $4.44 a share. Maintained Outperform rating, target raised to $80.

Deere

estimates raised at Morgan Stanley: Morgan Stanley said it is increasing its estimates on DE for 2006 to $7.20 a share from $6.95 a share. Target raised to $90 a share. Raising longer-term estimates on ethanol growth.

Ingram Micro

outlook raised at Morgan Stanley: Morgan Stanley said it is raising its estimates on IM for the full year to $1.60 a share from $1.55 a share. Inventory build adds pricing risk in first half 2006.

Ingram Micro

estimates raised at CSFB: CSFB said it is raising 2006 EPS estimates on IM by 3 cents to $1.53 after better than expected 4Q results. Maintained Outperform rating.

Masco

estimates lowered at Morgan Stanley: Morgan Stanley said it is lowering its estimates on MMC for the full year to $2.20 a share from $2.40 a share. Bring on the price increases. Maintained Equalweight rating.

March & McLenan

estimates cut at Morgan Stanley: Morgan Stanley said it is lowering its estimates on MMC for the full year to $2.20 a share from $2.40 a share. Still sees long term upside. Maintained Overweight rating.

Prudential

numbers boosted at Morgan Stanley: Morgan Stanley said it is lowering its estimates on PRU for the full year to $6 a share from $5.69 a share. Expects a significant upside surprise in 2006.

Transocean

target, estimates lowered at Jefferies: Jefferies said it was lowering the target on RIG by $5 to $92 and putting FY 2006 and 2007 EPS estimates from $4.44 and $8.43 to $3.51 and $8.07 respectively on Q4 results. Maintained Buy rating.

Transocean

estimates cut at Morgan Stanley: Morgan Stanley said it is lowering its estimates on RIG for the full year to $3.48 a share from $4.40 a share. Ongoing expense and reactivation costs mentioned in the note. Maintained Equalweight rating.

Transocean

target price lowered at UBS: UBS said it is lowering its target price on RIG from $99 to $94 after surprise negative 1Q guidance. Maintained Buy rating.

Constellation

target price raised at UBS: UBS said it is raising its target price on STZ to $33 from $31. Sees weakness as buying opportunity. Maintained Buy rating.

Molson Coors

estimates lowered at Goldman: Goldman said it is lowering its estimates on TAP for the full year to $4.95 a share from $5.20 a share. Maintained Outperform rating.

UnitedAuto Group

estimates lowered at Morgan Stanley: Morgan Stanley said it is lowering its estimates on UAG for 2006 to $2.65 a share from $2.68 a share. Maintained Equalweight rating.

US Steel

target price raised at UB: UBS said it is raising its target price on X to $50 from $47 but maintained reduce rating. Believes stock will underperform peers.