Analysts' Actions: A Daily Roundup of Street Research
CHANGE IN RATINGS
Altiris
upgraded at Deutsche Bank: Deutsche Bank said it is upgrading ATRS to Buy citing emerging growth opportunities. Raised target price to $26 from $20.
Comverse Technology
downgraded at Baird: Baird said it was downgrading CMVT from Outperform to Neutral and lowering the target by $4 to $28 on option accounting overhang.
Eclipsys
upgraded at Jefferies: Jefferies said it was upgrading ECLP from Hold to Buy and raising FY 2006 and 2007 FY EPS estimates from $0.58 and $0.93 to $0.60 and $1 on valuation and turnaround progress. Maintained $27.50 target.
HealthSprings
rated new Neutral at UBS: UBS said it is initiating coverage on HS with a Neutral rating. Sees solid earnings performance in 2006 but remains cautious on outlook for Medicare Advantage going into 2007. Sets $21 target price.
Palm
downgraded at JP Morgan: JP Morgan said it is downgrading PALM to Neutral from Overweight. Believes shares are approaching appropriate value and sees near-term risk that consensus expectations for F4Q are too high.
Penn National Gaming
initiated at Bear Stearns: Bear Stearns said it was initiating coverage on PENN with an Outperform rating and a $46 target citing a favorable risk-reward scenario.
PMC-Sierra
upgraded at UBS: UBS said it is upgrading PMCS to Buy from Neutral citing stronger telecom and storage prospects. Raised target price to $15 from $11.
Pioneer Natural Resources
downgraded at CSFB: CSFB said it is downgrading PXD to Underperform from Neutral citing rising costs. Reduced target price to $34 from $47.
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Shanda
downgraded at Piper: Piper said it is downgrading SNDA to an Underperform rating as transition to a media company limits visibility.
STOCK COMMENTS / EPS CHANGES
Automatic Data
estimates lowered at Morgan Stanley: Morgan Stanley said it is lowering its estimates on ADP for fiscal 2007 to $2.22 a share from $2.25 a share. Company has a strategy to accelerate growth. Maintained Overweight rating.
Alpharma
estimates cut at Morgan Stanley: Morgan Stanley said it is lowering its estimates on ALO for the full year to $1.44 a share from $1.51 a share. Maintained Underweight rating.
Belo
estimates lowered at Goldman: Goldman said it is lowering its estimates on BLC for the full year to $1.19 a share from $1.26 a share. Maintained Inline rating.
Goldman
outlook raised at Morgan Stanley: Morgan Stanley said it is raising its estimates on GS for the full year to $15.76 from $11.98 a share. Target raised to $165 a share from $150 a share. Maintained Equalweight rating.
NRG Energy
estimates raised at Prudential: Prudential said it is raising its 2006 estimates on NRG by 64 cents to $3.15 a share due to near term drivers like higher margins from Texas gas fired plants, higher than expected NYC capacity revenues, and greater than expected cost savings. Maintained Overweight rating.
Network Appliance
outlook lowered at Morgan Stanley: Morgan Stanley said it is lowering its estimates on NTAP for 2007 to 70 cents a share from 81 cents a share. Maintained Equalweight rating.
Penn National Gaming
target raised at Jefferies: Jefferies said it was raising FY 2007 EPS estimates on PENN from $2.38 to $2.59 and the target from $37 to $40.50 following the revaluation of Illinois properties. Maintained Hold rating.
Vulcan Materials
estimates raised at Goldman: Goldman said it is increasing its estimates on VMC for 2005 to $4.55 a share from $4.20 a share. Maintained Inline rating.
Wireless Facilities
estimates lowered at CSFB: CSFB said it is lowering 2006 EPS estimates on WFII by 7 cents to 22 cents after negative 4Q results. Maintained $7 target price.
