Analysts' Actions: A Daily Roundup of Street Research

Who made what calls.
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CHANGE IN RATINGS

Avanex

upgraded at Raymond James: AVNX was upgraded from Market Perform to Strong Buy, Raymond James said. Operations improving, along with the broader industry.

Chico's FAS upgraded at Suntrust: CHS was upgraded from Neutral to Buy, Suntrust Robinson Humphrey. $44 price target. 2006 consensus estimates could prove conservative. Company is "best of breed" retailer.

Chipotle

rated new Hold at AG Edwards: Coverage of CMG was started with a Hold rating, AG Edwards said. Company will use IPO funds to go national, and should be able to sustain 20% annual growth.

Chipotle

rated new Underperform at Wachovia: CMG was initiated with an Underperform rating, Wachovia said. Valuation call, even though the concept can generate 25% annual growth over the long term.

Diamond Foods

downgraded at Merrill: Merrill said it is lowering its estimates on DMND to Neutral from Buy. Cites expiration of a lock up of 50% of the shares outstanding.

JetBlue

downgraded at Prudential: Prudential said it is downgrading JBLU to an Underweight rating as longer-term structural issues are more important than current losses.

Kronos

downgraded at Jefferies: Jefferies said it was downgrading KRON from Buy to Hold, lowering FY 2006 and 2007 EPS estimates from $1.91 and $2.16 to $1.88 and $2.12 respectively and the target from $47 to $43 on heightened risks in the near-term.

OptionsXpress

upgraded at Raymond James: OXPS was upgraded from Market Perform to Outperform, Raymond James said. Stock has dropped 18% from Monday's intraday high, despite reporting solid February trading metrics.

PDL Bio

downgraded at Deutsche: PDLI was downgraded from Buy to Hold, Deutsche Bank said. $34 price target. Valuation call, as the company continues to see risk to its clinical development program.

Pain Therapeutics

downgraded at Oppenheimer: PTIE was downgraded from Buy to Neutral, Oppenheimer said. Valuation call, as the stock is approaching $12 price target. Fundamentals remain sound.

Schnitzer Steel

coverage initiated at Morgan Stanley: Morgan Stanley said it is initiating coverage on SCHN with an Overweight rating and a $53 target price. Chinese economic growth will drive structural increases in scrap steel prices and per ton margins over the next 10-20 years.

STOCK COMMENTS / EPS CHANGES

Alpharma

estimates cut at Morgan Stanley: Morgan Stanley said it is lowering its estimates on ALO for the full year to $1.51 a share from $1.58 a share. Maintained Underweight rating.

Aeropostale

estimates raised at Goldman: Goldman said it is increasing its estimates on ARO for the full year to $1.85 a share from $1.75 a share. Maintained Outperform rating.

Aeropostale

estimates raised at Prudential: Prudential said it is raising its 2007 estimates on ARO by 16 cents a $1.80 a share after the company beat earnings expectations. Inventories look good. Maintained Neutral Weight rating.

Commerce Bancorp

estimates upped at Morgan Stanley: Morgan Stanley said is increasing its estimates on CBH for the full year to $1.68 a share from $1.65 a share. Maintained Underweight rating.

Cumulus

estimates lowered at Goldman: Goldman said it is cutting its estimates on CMLS for 2006 to 15-cents a share from 37 cents a share. Results were another quarter of deceleration.

Energy Conversion Devices

estimates lowered at Jefferies: Jefferies said it was lowering FY 2006 and 2007 EPS estimates on ENER from $0.14 and $1.50 to $0.01 and $1.38 respectively following the completion of the company's 7 million share secondary offering. Maintained Buy rating and $65 target.

McDATA

estimates raised at CSFB: CSFB said it is raising its 2007 estimates on MCDTA by a penny to 21 cents a share following better than expected fourth quarter results. Maintained Overweight rating.

Novell

estimates lowered at Jefferies: Jefferies said it was lowering FY 2006 EPS estimates on NOVL by a penny to 16 cents a share following senior management changes announced yesterday. Maintained Hold rating and $7 target.

National Semiconductor

target, estimates lowered at Jefferies: Jefferies said it was lowering FY 2006 and 2007 EPS estimates on NSM from $1.09 and $1.31 to $1.08 and $1.20 respectively and the target by $1 to $29 on fiscal Q3 results. Maintained Hold rating.

National Semiconductor

numbers boosted at UBS: NSM estimates raised to $1.32 a share in 2006 and $1.58 for next year, UBS said. Company seeing strength in analog and wireless infrastructure. Buy rating and new $35 price target.

National Semiconductor

estimates raised at Morgan Stanley: Morgan Stanley said it is increasing its estimates on NSM for the full year to $1.34 a share from $1.29 a share. Maintained Equalweight rating.

National Semiconductor

estimates raised at Piper: Piper said it is raising its 2006 estimates on NSM by 18 cents to $1.54 a share following a strong quarter with record margins. Maintained Outperform rating.

Pioneer Natural Resources

numbers cut at UBS: PXD estimates lowered to $3.05 a share in 2006 and $3.10 for next year, UBS said. Company has set aggressive production growth targets, but does not have a good track record when it comes to meeting guidance. Neutral rating and new $43 price target.

Pioneer Natural Resources

estimates cut at Prudential: Prudential said it is cutting its 2006 estimates on PXD by $1.45 to $2.90 a share due to lower production and higher cost forecasts. Maintained Neutral Weight rating.

R.H. Donnelley

target cut at Morgan Stanley: Morgan Stanley said it is lowering its target on RHD to $67 a share from $72 a share. Maintained Overweight rating.

Swift Energy

target lowered at UBS: Shares of SFY now seen reaching $43, according to UBS. Reserve life has been declining, and the company's valuation should revert back to its historical average. Neutral rating.

Urban Outfitters

estimates raised at Goldman: Goldman said it is increasing its estimates on URBN for 2005 to 74 cents a share from 73 cents a share. Maintained Inline rating.

Urban Outfitters

estimates cut at Prudential: Prudential said it is cutting its 2007 estimates on URBN by 4 cents to 99 cents a share. Maintained Overweight rating.

Veritas DGC

target, estimates raised at Jefferies; Jefferies said it was raising FY 2006 and 2007 EPS estimates on VTS from $1.96 and $2.35 to $2.12 and $2.50 respectively and raising the target by $5 to $58 on fiscal Q2 results. Maintained Buy rating.