Analysts' Actions: A Daily Roundup of Street Research

Who made what calls.
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CHANGE IN RATINGS

AmerisourceBergen

downgraded at JP Morgan: ABC was downgraded from Overweight to Neutral, JP Morgan said. Company posted strong earnings, but mostly because of one-time items and a lower effective tax rate.

Alcon

downgraded at Bear: ACL was downgraded from to Peer Perform, Bear Stearns said. Company posted strong quarterly results, though the stock lacks any significant catalysts to cause any further multiple expansion.

BearingPoint

upgraded at Citigroup: BE was upgraded from Hold to Buy, Citigroup said. Latest business update confirms that the company's restructuring plan is working. Estimates also raised. New $12 price target.

Expedia

coverage initiated at Morgan Stanley: Morgan Stanley said it is initiating coverage on EXPE with an Equalweight rating and a $20 target price.

Ingram Micro

downgraded at Raymond James: IM was downgraded from Strong Buy to Outperform, Raymond James said. Operating margins could be impacted by internal investments and European price competition over the next couple of quarters.

Level 3 Comm.

upgraded at CIBC: LVLT was upgraded from Underperform to Sector Perform, CIBC said. Estimates also raised, as the company should continue to benefit from positive long-haul trends.

Lexmark

upgraded at Citigroup: LXK was upgraded from Hold to Buy, Citigroup said. $60 price target. Decision to exit certain inkjet bundling deals has immediately boosted profits.

Lexmark

outlook raised at Morgan Stanley: Morgan Stanley said it is increasing its estimates on LXK for the full year to $3.50 a share from $2.80 a share. Maintained Underweight rating.

Micrel

downgraded at Deutsche Bank: Deutsche Bank said it is downgrading MCRL to Sell from Hold. Believes company's guidance is insufficient to support current valuation.

Meredith

downgraded at Bear: MDP was downgraded to Peer Perform, Bear Stearns said. Ad visibility is low, and circulation is softening up.

Northrop Grumman

downgraded at Friedman, Billings, Ramsey: FBR said it is downgrading NOC to Underperform based on valuation. Adjusted target price to $64 from $62.

Pactiv

upgraded to Neutral at CSFB: CSFB said it is upgrading PTV to Neutral from Underperform to reflect the better than expected development of pricing power. Raised target price to $23.

Reynolds American

upgraded at Deutsche Bank: Deutsche Bank said it was upgrading RAI from Hold to Buy and raising the target by $20 to $130 on Conwood acquisition.

Revlon

coverage initiated at Goldman: Goldman said it is initiating coverage on REV with an Inline rating. Company has been a turnaround for 15 years, and the company has yet to execute and deliver positive momentum for more than 2 to 3 year stretch at a time.

StanCorp.

upgraded at Morgan Stanley: Morgan Stanley said it is increasing its rating on SFG to Equalweight from Underweight. Target to $51 a share from $50 a share.

Sina

downgraded at Deutsche Bank: Deutsche Bank said it is downgrading SINA to Hold from Buy based on valuation. Maintained $26 target price.

TECO Energy

upgraded at CSFB: CSFB said it is upgrading TE to Neutral from Underperform following solid 1Q results. Raised target price to $17 from $16.

US Steel

upgraded at UBS: UBS said it is upgrading X to Buy from Neutral based on favorable market conditions. Raised target price to $82 from $63.

STOCK COMMENTS / EPS CHANGES

Aetna

outlook raised at Morgan Stanley: Morgan Stanley said it is increasing its estimates on AET for the full year to $2.77 a share from $2.75 a share. Maintained Overweight rating.

Aflac

estimates raised at UBS: UBS said it is raising its 2006 EPS estimates on AFL by 4 cents to $2.94. Cites generally positive trends. Maintained Buy rating.

Aflac

outlook raised at Morgan Stanley: Morgan Stanley said it is increasing its estimates on AFL for the full year to $2.90 a share from $2.86 a share. Target raised to $54 a share from $53 a share. Maintained Overweight rating.

Agere

outlook cut at Morgan Stanley: Morgan Stanley said it is lowering its estimates on AGR for the full year to 39 cents a share from 42 cents a share. Restructuring efforts continue to drive profitability.

AK Steel

outlook lowered at Goldman: Goldman said it is lowering its estimates on AKS for the full year to 80 cents a share from $1 a share. Labor situation at Middletown likely to be key to investment view.

Ameriprise

outlook lowered at Morgan Stanley: Morgan Stanley said it is lowering its estimates on AMP for the full year to $3.20 a share from $3.30 a share. Maintained Equalweight rating.

Amazon.com

outlook raised at Goldman: Goldman said it is increasing its estimates on AMZN for the full year to 73 cents a share from 71 cents a share. Full year guidance requires significant margin ramp.

Amazon.com

estimates raised at Prudential: Prudential said it is raising its 2007 estimates on AMZN by 7 cents to 78 cents a share following improved results. Maintained Underweight rating.

Atmel

outlook raised at Morgan Stanley: Morgan Stanley said it is increasing its estimates on ATML for the full year to 15 cents a share from 6 cents a share. Maintained Underweight rating. Company beat estimates in the quarter on microcontrollers.

Avery Dennison

outlook raised at UBS: UBS said it is raising its 2006 EPS estimates on AVY by 5 cents to $2.94. Cites better growth. Raised target price to $62 from $58.

BJ Services

target, estimates raised at Jefferies: Jefferies said it was raising FY 2006 and 2007 EPS estimates on BJS from $2.03 and $2.43 to $2.40 and $3 respectively and raising the target from $48 to $54 on strong fiscal Q2 results. Maintained Buy rating.

BJ Services

outlook raised at UBS: UBS said it is raising its 2006 EPS estimates on BJS by 20 cents to $2.35. Believes demand still outstrips supply in pumping services. Raised target price to $55 from $50.

Burlington Northern Santa Fe

outlook raised at CSFB: CSFB said it is raising its 2006 EPS estimates on BNI by 5 cents to $4.85 following strong 1Q results. Raised target price to $88 from $80.

Boyd

estimates cut at Goldman: Goldman said it is lowering its estimates on BYD for the full year to $2.62 a share from $2.64 a share. First quarter beats by 7 cents, but unimpressive locals Las Vegas results will concern investors.

CheckFree

target, estimates raised at Jefferies: Jefferies said it was raising FY 2006 and 2007 EPS estimates on CKFR from $1.68 and $1.90 to $1.74 and $1.95 respectively and raising the target by $2 to $62 on quarterly results. Maintained Buy rating.

CheckFree

target raised at Piper: Piper said it is raising its target price on CKFR to $60 following higher estimates due to strong Q3. Maintained Outperform rating.

CheckFree

estimates raised at Prudential: Prudential said it is raising its 2006 estimates on CKFR by 9 cents to $1.74 a share after company raised guidance following solid quarter. Maintained Overweight rating.

Con-Way

outlook raised at CSFB: CSFB said it is raising its 2006 EPS estimates on CNW to $4.75 from $4.30 after reporting better than expected earnings in 1Q. Raised target price to $64 from $58.

Diebold

estimates lowered at Jefferies: Jefferies said it was lowering FY 2006 EPS estimates on DBD by 20-cents to $1.90 on Q1 results. Maintained $48 target and Buy rating.

DuPont

outlook raised at UBS: UBS said it is raising its 2006 EPS estimates on DD by 20 cents to $2.90 following strong 1Q results. Raised target price to $54 from $50.

Ensco

outlook lowered at Goldman: Goldman said it is lowering its estimates on ESV for the full year to $5.16 a share from $5.24 a share. Maintained Inline rating.

Ensco

target, estimates raised at Jefferies: Jefferies said it was raising FY 2006 and 2007 EPS estimates on ESV from $4.60 and $6.22 to $5.02 and $6.81 respectively and raising the target from $64 to $69 on Q1 results. Maintained Buy rating.

Fiserv

estimates raised at Jefferies: Jefferies said it was raising FY 2006 EPS estimates on FISV by 4-cents to $2.52 on strong Q1 results. Maintained $42 target and Hold rating.

Forest Labs

estimates cut at Prudential: Prudential said it is cutting its 2007 estimates on FRX by a penny to $2.37 a share. Maintained Neutral Weight rating.

HCA

estimates cut at Prudential: Prudential said it is cutting its 2006 estimates on HCA by 7 cents to $3.16 a share due to weak industry environment. Maintained Neutral Weight rating.

Health Mgt. Assoc.

estimates lowered at Jefferies: Jefferies said it was lowering FY 2006 EPS estimates on HMA by a penny to $1.42 on Q1 results. Maintained $21 target and Hold rating.

Hologic

target, estimates raised at Jefferies: Jefferies said it was raising FY 2006 and 2007 EPS estimates on HOLX from $0.74 and $0.95 to $0.94 and $1.18 respectively and raising the target from $57 to $62 on Q1 results. Maintained Buy rating.

Kinetic Concepts

estimates raised at Jefferies: Jeffferies said it was raising FY 2006 EPS estimates on KCI by 4-cents to $2.81 on Q1 results. Maintained Buy rating and $53 target.

Knoll

target price raised at UBS: UBS said it is raising its target price on KNL to $27 from $25. Cited strong backlog and balance sheet improvements. Maintained Buy rating.

L-3 Comm Holdings

estimates raised at Jefferies: Jefferies said it was raising FY 2006 and 2007 EPS estimates on LLL from $4.97 and $5.64 to $5.05 and $5.75 on Q1 results. Maintained $77 target and Hold rating.

Lockheed Martin

target, estimates raised at Jefferies: Jefferies said it was raising FY 2006 EPS estimates on LMT from $4.75 to $4.90 respectively and raising the target from $65 to $72 on Q1 results. Maintained Hold rating.

Lucent

outlook raised at Goldman: Goldman said it is increasing its estimates on LU for the full year to 13 cent a share from 12 cents a share. Merger synergies likely outweigh weak outlook.

Microchip

estimates raised at Prudential: Prudential said it is raising its 2007 estimates on MCHP by 3 cents to $1.48 a share following solid quarter. Maintained Overweight rating.

Murphy Oil

estimates lowered at UBS: UBS said it is lowering its 2006 EPS estimates on MUR to $7.10 from $7.75 due to lower R&M income and higher tax rate. Maintained Neutral rating.

OMI

outlook raised at Morgan Stanley: Morgan Stanley said it is increasing its estimates on OMM for the full year to $2.38 a share from $2.28 a share. Maintained Equalweight rating.

Penn National Gaming

target raised, estimates lowered at Jefferies: Jefferies said it was lowering FY 2006 and 2007 EPS estimates on PENN from $2.23 and $2.59 to $2.08 and $2.41 respectively and raising the target from $40.50 to $43.75 on Q1 results. Maintained Buy rating.

Panera

estimates raised at Piper: Piper said it is raising its estimates on PNRA by 5 cents to $2.00 a share due to raised EPS guidance. Maintained Market Perform rating.

Pogo Producing

outlook lowered at Morgan Stanley: Morgan Stanley said it is lowering its estimates on PPP for the full year to $4.57 a share from $7.11 a share. Maintained Underweight rating.

RF Micro

estimates raised at Piper: Piper said it is raising its 2007 estimates on RFMD by a nickel to 43 cents a share due to strong March quarter results and guidance. Maintained Outperform rating.

Sepracor

cut from Focus List at JP Morgan: SEPR was removed from the Focus List, JP Morgan said. Lunesta prescription trends are flat, and is facing potential new competition. Overweight rating.

Smith Int'l

target, estimates raised at Jefferies: Jefferies said it was raising FY 2006 and 2007 EPS estimates on SII from $2.10 and $2.60 to $2.30 and $2.90 respectively and raising the target from $51 to $57 on Q1 results. Maintained Buy rating.

Smith Int'l.

outlook raised at Morgan Stanley: SII target raised to $56 a share from $52 a share. Maintained Equalweight rating. 2006 estimates raised to $2.25 a share from $2.10 a share.

Sirf

target, estimates lowered at Jefferies: Jefferies said it was lowering FY 2006 and 2007 EPS estimates from $0.93 and $1.32 to $0.86 and $1.24 respectively and lowering the target by $3 to $42 following Q1 results. Maintained Buy rating.

Sirf

estimates cut at Morgan Stanley: Morgan Stanley said it is lowering its estimates on SIRF for the full year to 16 cents a share from 41 cents a share. Maintained Underweight rating.

Sirius

outlook lowered at Morgan Stanley: Morgan Stanley said it is lowering its estimates on SIRI for the full year to a loss of 44 cents a share from a loss of 42 cents a share. Target is $8 a share. Year-end sub target raised to 6.3 million.

Steel Technologies

outlook cut at Goldman: Goldman said it is lowering its estimates on STTX for the full year to 84 cents from $1.05 a share. Shares continue to appear overvalued. Maintained Underperform rating.

AT&T

estimates raised at Goldman: Goldman said it is increasing its estimates on T for the full year to $2.18 a share from $2.17 a share. Wireless and enterprise continue to drive upside.

Trimeris

outlook cut at Goldman: Goldman said it is lowering its estimates on TRMS for the full year to a loss of 19 cents a share from a loss of 16 cents a share. Maintained Inline rating.

Varian Medical Systems

estimates lowered at Jefferies: Jefferies said it was lowering FY 2006 EPS estimates on VAR by 3-cents to $1.75 on fiscal Q2 results. Maintained $60 target and Buy rating.

Valero

outlook raised at Morgan Stanley: Morgan Stanley said it is increasing its estimates on VLO for the full year to $8.35 a share from $8.25 a share. Maintained Overweight rating.

Yum! Brands

outlook raised at Goldman: Goldman said it is increasing its estimates on YUM for the full year to $2.84 a share from $2.81 a share. Maintained Inline rating.