Analysts' Actions: A Daily Roundup of Street Research

Who made what calls.

Author:: TSC Staff
Publish date:: Apr 19, 2006 9:54 AM EDT

CHANGE IN RATINGS

Allstate

upgraded at Wachovia: ALL was upgraded to Outperform, Wachovia said. Stock is already pricing in catastrophe risk, and the company should be able to build upon recent earnings momentum. Share buyback should also add to earnings.

Amkor Tech

downgraded at Deutsche: AMKR was downgraded from Buy to Hold, Deutsche Bank said. Stock looks fully valued, despite higher earnings expectations. $10 price target.

AmSouth Bancorp

upgraded at Friedman, Billings, Ramsey & Co.: Friedman, Billings, Ramsey & Co. said it was upgrading ASO from Market Perform to Outperform and raising FY 2006 and 2007 EPS estimates by 3-cents to $2.17 and $2.41 respectively on strong Q1 results. Target raised from $30 to $32.

AmSouth

upgraded at Sandler O'Neill: Sandler O'Neill said it is upgrading ASO to Hold from Sell after better than expected 1Q results. Raised target price to $29 from $27.

Peabody Energy

downgraded at Raymond James: BTU was downgraded to Market Perform, Raymond James said. Valuation call. Company reported a strong quarter, but the stock is already pricing in good coal fundamentals.

Manor Care

upgraded at CIBC: CIBC said it was upgrading HCR from Sector Performer to Sector Outperformer and raising the target by $6 to $50 on improving fundamentals.

Hartford Financial

upgraded at Merrill: Merrill said it is increasing its rating on HIG to Buy. More confidence in the near and long term earnings power cited in the note.

Manpower

upgraded at Wachovia Securities: Wachovia Securities said it was upgrading MAN from Market Perform to Outperform on strong Q1 results. Maintained $66-$68 valuation range.

Mattel

upgraded at Oppenheimer: MAT was upgraded from Sell to Neutral, Oppenheimer said. Company is having trouble generating growth in a difficult industry, but the stock will likely bottom out in the near term.

Palm

coverage initiated at Piper: Piper said it is initiating coverage on Palm with a Market Perform rating. Company well positioned in smartphone market but competition is increasing.

Sycamore Networks

upgraded at Weisel:SCMR was upgraded from Underperform to Peer Perform, Thomas Weisel said. Company could generate 20% annual earnings growth over the next five years, as the company is a pure-play on the optical upgrade cycle.

Seagate Technology

downgraded at Bear Stearns: Bear Stearns said it is downgrading STX to Peer Perform from Outperform based on weaker near-term outlook. Lowered target range from $34-$38 to $28-$31.

STOCK COMMENTS / EPS CHANGES

Adtran

outlook cut at Morgan Stanley: Morgan Stanley said it is lowering its estimates for the full year to $1.32 a share from $1.37 a share. Buyers on weakness as growth resumes.

Amgen

outlook lowered at Morgan Stanley: Morgan Stanley said it is lowering its estimates target on AMGN to $3.45 a share from $3.50 a share. Top line weak. Non-operating line drives EPS.

Alliant Techsystems

target price raised at UBS: UBS said it is raising its target price on ATK to $96 from $90 citing near-term catalysts. Maintained Buy rating.

Avery Dennison

added to Focus List at JP Morgan: JP Morgan said it is adding AVY to the Focus List and setting a target price of $71 a share. Considers company one of best mid-cap ideas in the Specialty Chemical space.

CSX

outlook raised at UBS:UBS said it is raising its 2006 EPS estimates on CSX to $4.52 from $4.14 after stronger than expected 1Q results. Raised target price to $86 from $76.

Cymer

estimates raised at Prudential: Prudential said it is raising its 2007 estimates on CYMI by 10 cents to $3.50 a share due to expected gross margin improvements. Maintained Overweight rating.

Cymer

target raised at Morgan Stanley: Morgan Stanley said it is increasing its target on CYMI to $51.50 a share from $47 a share. Maintained Equalweight rating.

Freeport-McMoRan

outlook raised at UBS: UBS said it is raising its 2006 EPS estimates on FCX to $4.15 from $3.41 after stronger than expected 1Q results. Raised target price to $75 from $57.

Gilead

target, estimates raised at Jefferies: Jefferies said it was raising FY 2006 and 2007 EPS estimates on GILD from $1.99 and $2.21 to $2.12 and $2.38 respectively and the target from $63 to $70 on Q1 results. Maintained Buy rating.

Gilead

estimates raised at Piper: Piper said it is raising its 2006 estimates on GILD by 12 cents to $2.42 a share. Maintained Outperform rating.

Johnson & Johnson

estimates raised at Prudential: Prudential said it is raising its 2006 estimates on JNJ by 2 cents to $3.68 a share due to slower growth in spending.

Manpower

target raised at Morgan Stanley: Morgan Stanley said it is increasing its target on MAN to $60 a share from $55 a share. First quarter review yields European outlook.

Merrill Lynch

outlook raised at Morgan Stanley: Morgan Stanley said it is increasing its target on MER to $88 a share from $85 a share. Turning from a value stock to a growth stock.

Motorola

estimates cut at Prudential: Prudential said it is cutting its 20066 estimates on MOT by a penny to $1.21 a share due to margin pressure. Maintained Neutral Weight rating.

Motorola

estimates cut at Piper: Piper said it is cutting its 2006 estimates on MOT by 2 cents to $1.30 a share due to lower handset operating margin forecasts. Maintained Market Perform rating.

Parker Hannifin

target, estimates raised at Jefferies: Jefferies said it was raising FY 2006 and 2007 EPS estimates on PH from $5.15 and $5.60 to $5.23 and $5.75 and the target by $7 to $75 on fiscal Q3 results. Maintained Hold rating.

Packaging Corp.

estimates cut at Goldman: Goldman said it is lowering its estimates on PKG for the full year to $1 a share from $1.20 a share. Maintained Outperform rating.

Pharm. Product Dev.

target, estimates raised at Jefferies:Jefferies said it was raising FY 2007 EPS estimates on PPDI and the target from $36.50 and $42 on Q1 results. Maintained Buy rating.

Seagate

outlook cut at Goldman: Goldman said it is lowering its estimates on STX for the full year to $2.09 a share from $2.11 a share. Stock likely to take a short break in front of seasonality and the merger.

Tempur-Pedic

outlook raised at Goldman: Goldman said it is increasing its estimates on TPX for the full year to $1.25 a share from $1.18 a share. Maintained Inline rating.

Texas Instruments

target, estimates raised at Jefferies: Jefferies said it was raising FY 2006 EPS estimates on TXN from $1.50 to $1.63 and the target by $2 to $40 on Q1 results. Maintained Buy rating.

Texas Instruments

outlook raised at UBS: UBS said it is raising its 2006 EPS estimates on TXN to $1.62 from $1.51 following strong 1Q results. Raised target price to $42 from $39.

Texas Instruments

outlook raised at Morgan Stanley: Morgan Stanley said it is increasing its target on TXN to $40 a share from $36 a share. Inline quarter and robust outlook.

UnitedAuto Group

estimates raised at Morgan Stanley: Morgan Stanley said it is increasing its estimates on UAG for 2006 to $2.70 a share from $2.65 a share. Maintained Equalweight rating.

UnitedHealth

outlook raised at Morgan Stanley: Morgan Stanley said it is increasing its estimates on UNH for 2006 to $2.92 a share from $2.90 a share. Land of the lost fundamentals. Company beat estimates. Maintained Overweight rating.

UnitedHealth

target price lowered at UBS: UBS said it is lowering its target price on UNH to $68 from $75 following 1Q results. Sees no near-term catalysts. Maintained Buy rating.

Werner Enterprises

estimates raised at Morgan Stanley: Morgan Stanley said it is raising its estimates on WERN for the full year to $1.31 a share from $1.29 a share. Tweaking estimates after further analysis of first quarter results.

Washington Mutual

estimates raised at UBS: UBS said it is raising its 2006 EPS estimates on WM to $4.10 from $3.89 after 1Q results beat estimates. Maintained Buy rating.

XTO Energy

estimates raised at Jefferies: Jefferies said it was raising FY 2006 EPS estimates on XTO by 6-cents to $3.77 on Q1 preview. Maintained Buy rating.

Yahoo!

estimates lowered at Jefferies: Jefferies said it was lowering FY 2006 and 2007 EPS estimates from $0.81 and $1.04 to $0.67 and $0.83 respectively on Q1 results. Maintained Buy rating.

Yahoo!

estimates cut at Prudential: Prudential said it is cutting its 2006 estimates on YHOO by 2 cents to 56 cents a share. Maintained Overweight rating.

Yahoo!

estimates cut at Goldman: Goldman said it is lowering its estimates on YHOO for the full year to 76 cents a share from 80 cents a share. Maintained Outperform.

Yahoo!

target price raised at UBS: UBS said it is raising its target price on YHOO to $42 from $39 following solid quarterly results. Maintained Buy rating.