CHANGE IN RATINGS

Acxiom

downgraded at Bear:ACXM was downgraded to Peer Perform, Bear Stearns said. Valuation call, as the stock is already up 13% on the year, and is approaching the $27 price target.

Aflac

upgraded at Morgan Stanley: Morgan Stanley said it is increasing its rating on AFL to Overweight from Equalweight. Maintained $52 target price.

Check Point

downgraded at CIBC: CHKP was downgraded from Outperform to Sector Perform, CIBC said. Company warned of lower quarterly results, and should use its hefty cash balance to help jump-start sales growth.

Check Point

estimates slashed at Goldman: Goldman said it is lowering its estimates on CHKP for the full year to $1.17 a share from $1.24 a share. Maintained Inline rating.

CIT Group

downgraded at CSFB: CSFB said it was downgrading CIT from Outperform to Neutral on valuation. Maintained $58 target.

Checkfree

upgraded at Suntrust: CKFR was upgraded from Neutral to Buy, Suntrust Robinson said. $62 price target. Risk/reward is improving of late.

Conexant

coverage initiated at Merrill: Merrill said it is initiating coverage on CNXT with a Buy rating and a $4.50 a share. See's room for further appreciation as the company's product cycles in xDSL and satellite set-top boxes plays out.

Lucent

upgraded at Jefferies: Jefferies said it was upgrading LU from Underperform to Hold and target raised from $2.25 to $3 on Alcatel merger announcement.

Powerwave Tech

downgraded at Deutsche: PWAV was downgraded from Buy to Hold, Deutsche Bank said. $14 price target. Company cited delays at a single carrier, likely Cingular.

Powerwave Tech

estimates lowered at Jefferies: Jefferies said it was lowering FY 2006 and 2007 EPS estimates on PWAV from $0.75 and $0.85 to $0.65 and $0.78 respectively on negative Q1 pre-announcement. Maintained Hold rating and $14 target.

Radian

downgraded at Wachovia: RDN was downgraded from Outperform to Market Perform, Wachovia said. Stock up 35% over the past year, more than twice as much as the S&P 500.

Radware

downgraded at Merrill: RDWR was downgraded from Buy to Neutral, Merrill Lynch said. Company seeing continued weakness in the U.S., which accounts for 40% of sales.

Vasco Data

downgraded at Raymond James: VDSI was downgraded to Market Perform, Raymond James said. RSAS has been gaining traction in the authentication software business, and Vasco may have to spend more on R&D to bolster its own offerings.

Viacom

initiated at UBS: UBS said it was initiating coverage on VIA with a Neutral rating and $44 price target.

Valeant Pharma.

downgraded at Piper: Piper said it is downgrading VRX to a Market Perform rating due to questions on pipeline and restructuring.

STOCK COMMENTS / EPS CHANGES

Apple Computer

target, estimates lowered at UBS: UBS said it was lowering FY 2006 and 2007 EPS estimates on AAPL from $2.14 and $2.75 to $2.10 and $2.70 respectively and the target from $100 to $95 on Q2 weakness.

Continental

estimates raised at Goldman: Goldman said it is increasing its estimates on CAL for the full year to $2.50 a share from $1.70 a share. Maintained Outperform rating.

Century Aluminum

outlook raised at Goldman: Goldman said it is increasing its estimates on CENX for the full year to $6.05 a share from $5.95 a share. Maintained Inline rating.

Dresser-Rand

estimates lowered at Goldman: Goldman said it is lowering its estimates on DRC for the full year to DRC to 46 cents a share from 54 cents a share. Maintained Underperform.

Form Factor

outlook lowered at Morgan Stanley: Morgan Stanley said it is lowering its 2006 EPS estimates on FORM to 92-cents a share from 97-cents a share. Revenue outlook improving, but EPS and price target hit by recent dilution and higher capital intensity.

Intel

target, estimates lowered at UBS:UBS said it was lowering FY 2006 and 2007 EPS estimates on INTC from $1.06 and $1.27 to $1 and $1.21 and the target by $1 to $21 on expectations of lower ASPs. Maintained Neutral rating.

Lazard

target, estimates raised at CSFB: CSFB said it was raising FY 2007 EPS estimates from $2.45 to $2.55 and the target to $52 on current market conditions and record M&A backlog.

Merrill Lynch

estimates lowered at UBS: UBS said it was lowering FY 2006 EPS estimate from $6.20 to $5.35 on revised non-cash comp charge estimate. Maintained Neutral rating and $84 target.

Silicon Laboratories

target raised at Morgan Stanley: Morgan Stanley said it is increasing its estimates on SLAB for 2006 to $1.10 a share from $1 a share. Target price raised to $65 a share from $55 a share. Maintained Overweight rating.

SanDisk

outlook lowered at Morgan Stanley: Morgan Stanley said it is lowering its estimates on SNDK for the full year to $1.78 a share from $1.96 a share. Maintained Equalweight rating.

UPS

target raised at UBS: UBS said it was raising the target on UPS by $3 to $90 on valuation. Maintained Neutral rating.