Analysts' Actions: A Daily Roundup of Street Research

Who made what calls.
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CHANGE IN RATINGS

Advance America

upgraded at Jefferies: Jefferies said it was upgrading AEA from Hold to Buy, raising the target from $13 to $16.50 and raising FY 2006 and 2007 EPS estimates from $1.07 and $1.24 to $1.10 and $1.27 respectively on improving operating environment.

Amerigroup

downgraded at CIBC: CIBC said it is lowering its rating on AGP to Sector Underperformer after disappointing 2006 guidance. Lowered target price to $16.

Career Education

downgraded at Piper: Piper said it is downgrading CECO to a Market Perform rating based on lower than expected enrollment growth.

Emerson

downgraded at CIBC:CIBC said it is downgrading EMR to Sector Perform from Sector Outperform. Believes valuation limits upside.

Foot Locker

downgraded at CSFB:CSFB said it is downgrading FT to Underperform from Neutral. Believes margins have peaked. Reduced price target to $20.

Genzyme

upgraded at Thomas Weisel: Thomas Weisel said it is upgrading GENZ to Outperform. Sees strong sales from Myozyme and Renagel in 2006.

Honeywell

upgraded at CIBC: CIBC said it is upgrading HON to Sector Outperformer from Sector Performer. Sees margin expansion going forward. Raised target price to $48 from $40.

Hewlett-Packard

upgraded at CSFB: CSFB said it is upgrading HPQ to Outperform from Market Weight after strong Q1 2006 guidance. Raised target price to $40 from $30.

Penn Nat'l Gaming

downgraded at Jefferies: Jefferies said it was downgrading PENN from Buy to Hold, raising the target by $4 to $37 and raising FY 2007 EPS estimates by 7-cents to $2.38 on Q4 results and valuation.

P.F. Chang's

downgraded at CIBC: CIBC said it is downgrading PFCB to Sector Perform from Sector Outperform based on valuation.

PNC Financial

upgraded at Bear Stearns: Bear Stearns said it was upgrading PNC from Underperform to Outperform on benefits from BlackRock transaction. Maintained $81 target.

STOCK COMMENTS / EPS CHANGES

Applied Materials

outlook raised at UBS: UBS said it is raising 2006 EPS estimates on AMAT to 92 cents from 86 cents after strong sales data. Raised target price $25 from $23.

Applied Materials

estimates raised at Goldman: Goldman said it is increasing its estimates on AMAT for the full year to 94-cents a share from 57-cents a share. Maintained Underperform rating.

Applied Materials

estimates raised at Prudential: Prudential said it is raising its 2006 estimates on AMAT by 18 cents to 92 cents a share after company issued strong outlook. Maintained Neutral Weight rating.

Applied Materials

estimates raised at CSFB: CSFB said it is raising 2006 EPS estimates on AMAT to 89 cents from 80 cents after F1Q beat estimates. Raised target price by $2 to $18.50.

Applied Materials

outlook raised at Morgan Stanley: Morgan Stanley said it is increasing its estimates on AMAT for the full year to 97-cents a share from 75-cents a share. Maintained Overweight rating.

aQuantive

outlook raised at UBS: UBS said it is raising 2006 EPS estimates on AQNT by 5 cents to 60 cents after well-balanced quarter. Raised target price by $2 to $29.

aQuantive

target raised at Jefferies: Jefferies said it was raising the target on AQNT by $7 to $28 and lowering FY 2006 EPS estimate by 3-cents to $0.61 on Q4 results and valuation. Maintained Hold rating.

Biogen Idec

outlook raised at UBS: UBS said it is raising 2007 EPS estimates on BIIB by 2 cents to $2.33 based on higher sales on Rituxan and Avonex. Raising target price to $46 from $45.

Biogen

target raised at Morgan Stanley: Morgan Stanley said it is increasing its estimates on BIIB for 2007 to $2.26 a share from $2.22 a share. Target raised to $44 a share from $43 a share. Maintained Equalweight rating.

Career Education

estimates lowered at UBS: UBS said it is lowering 2006 EPS estimates on CECO to $2.23 from $2.34 after low quality quarter. Maintained Reduce rating.

Ceridian

target raised at Jefferies: Jefferies said it was raising the target by $2 to $25 and lowering FY 2006 EPS by 2-cents to $1.08 on Q4 results and 2006 guidance. Maintained Hold rating.

Dade Behring

estimates raised at Morgan Stanley: Morgan Stanley said it is increasing its estimates on DADE for the full year to $1.57 a share from $1.52 a share. Maintained Equalweight rating.

Duquesne Light Holdings

estimates lowered at Jefferies: Jefferies said it was lowering FY 2006 and 2007 EPS estimates on DQE from $1.10 and $1.75 to $1 and $1.55 respectively on Q4 results. Maintained Hold rating.

DreamWorks

estimates raised at Goldman: Goldman said it is lowering its estimates on DWA for the full year to 86-cents a share from 90-cents a share. Company updated outlook.

Endo Pharma.

target, estimates raised at Jefferies: Jefferies said it was raising FY 2006 and 2007 EPS estimates on ENDP from $1.52 and $1.75 to $1.72 and $1.92 respectively and raising the target by $3 to $33 on oqymorphone ER/IR approvals. Maintained Buy rating.

Expedia

estimates cut at Goldman:Goldman said it is lowering its estimates on EXPE for the full year to $1.13 a share from $1.30 a share. Maintained Inline rating.

Forest Labs

estimates cut at Morgan Stanley: Morgan Stanley said it is lowering its estimates on FRX for 2006 to $2.06 a share from $2.34 a share. Product in licensing milestone payments results in lower 2006 estimates.

Genzyme

estimates boosted at Goldman: Goldman said it is increasing its estimates on GENZ for the full year to $2.30 a share from $2.28 a share. Maintained Inline rating.

General Motors

estimates cut at Goldman: Goldman said it is lowering its estimates on GM for the full year to 90-cents a share from $1 a share to reflect greater US share loss. Maintained Inline rating.

GSI Commerce

outlook lowered at Goldman: Goldman said it is lowering its estimates on GSIC for the full year to 31-cents a share from 41-cents a share. Maintained Inline rating.

Guitar Center

estimates raised at Goldman: Goldman said it is raising its estimates on GTRC for the full year to $2.96 a share from $2.82 a share. Maintained Inline rating.

Guitar Center

estimates lowered at CSFB: CSFB said it is lowering 2006 EPS estimates on GTRC to $2.95 from $3.12 after disappointing guidance. Maintained Neutral rating.

Hewlett-Packard

estimates raised at Prudential: Prudential said it is raising its 2006 estimates on HPQ by 14 cents to $2.14 a share after better-than-expected printer and PC growth. Maintained Overweight rating.

Hewlett-Packard

estimates raised a Morgan Stanley: Morgan Stanley said it is raising its estimates on HPQ for 2006 to $1.86 a share from $1.80 a share. Maintained Underweight rating.

Jones Apparel

estimates lowered at UBS: UBS said it is lowering 2006 EPS estimates on JNY to $2.20 from $2.70. Sees uncertainty ahead. Maintained Buy rating and $39 target price.

Network Appliance

estimates raised at Goldman: Goldman said it is increasing its estimates on NTAP for the full year to 56-cents a share from 53-cents a share. Maintained Inline rating.

Network Appliance

target price raised at CSFB: CSFB said it is raising its target price on NTAP to $33 from $30 after strong F3Q results. Maintained Neutral rating.

Office Depot

estimates raised at Goldman: Goldman said it is increasing its estimates on ODP for the full year to $1.65 a share from $1.40 a share. Maintained Inline rating.

Office Depot

estimates raised at Goldman: Goldman said it is increasing its estimates on ODP for the full year to $1.65 a share from $1.40 a share. Maintained Inline rating.

Office Depot

estimates raised at Piper: Piper said it is raising its 2006 estimates on ODP by 12 cents to $1.67 a share due to expected margin expansion. Maintained Market Perform rating.

Office Depot

outlook raised at CSFB: CSFB said it is raising 2006 EPS estimates on ODP to $1.64 from $1.47 after earnings were ahead of expectations. Raised target price to $38 from $35.

Photronics

estimates raised at Morgan Stanley: Morgan Stanley said it is increasing its estimates on PLAB for the full year to 90-cents a share from 71 cents a share. Maintained Underweight rating.

PNC Financial

outlook raised at UBS: UBS said it is raising 2006 EPS estimates on PNC by 20 cents to $5.60. Believes BLK/MER deal is good for company. Raised target price to $73 from $69.

PNC

outlook raised at Goldman: Goldman said it is increasing its estimates on PNC for the full year to $4.93 a share from $4.90 a share. Maintained Inline rating.

PNC

estimates raised at Prudential:Prudential said it is raising its 2007 estimates on PNC by 20 cents to $5.50 a share due to accretive BlackRock deal. Maintained Neutral Weight rating.

Stolt Offshore

target, estimates raised at Jefferies: Jefferies said it was raising FY 2006 EPS by 5-cents to $0.80 and raising the target on SOSA by $2 to $15 on Q4 results and 2006 guidance. Maintained Buy rating.

Exxon Mobil

estimates raised at Morgan Stanley: Morgan Stanley said it is increasing its estimates on XOM for the full year to $5.50 a share from $5.45 a share. Maintained Overweight rating.

Yankee Candle

estimates raised at Goldman: Goldman said it is increasing its estimates on YCC for the full year to $2.02 a share from $2.01 a share. Maintained Inline rating.