Analysts' Actions: A Daily Roundup of Street Research

Who made what calls.
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CHANGE IN RATINGS

Adobe Systems

downgraded at CIBC: ADBE was downgraded from Outperform to Sector Perform, CIBC said. Company warned of slower software demand on its mid-quarter update. Estimates also cut.

Adobe Systems

outlook lowered at UBS: UBS said it is lowering its 2006 EPS estimates on ADBE by 4 cents to $1.07 as management expects quarter's numbers to be on the low end of range. Lowered target price to $46 from $47.

FedEx

downgraded at Morgan Stanley: Morgan Stanley said it is lowering its rating on FDX to Equalweight from Overweight.

Genesis Microchip

downgraded at CIBC: GNSS was downgraded from Outperform to Sector Perform, CIBC said. Estimates also cut, to match the company's new guidance. Sales have been slower in both Europe and China.

Genesis Microchip

estimates cut at Prudential: Prudential said it is cutting its 2007 estimates on GNSS by 41 cents to 17 cents a share due to share losses at key customers and higher opex. Maintained Neutral Weight rating.

Group1 Automotive

upgraded at Morgan Stanley: Morgan Stanley said it is increasing its rating on GPI to Equalweight from Underweight.

InterActiveCorp

downgraded at Bear: IACI was downgraded from Outperform to Peer Perform, Bear Stearns said. Valuation call, as the stock is within 7% of its price target. Business fundamentals remain decent.

InterActiveCorp

outlook raised at CSFB: CSFB said it is raising its 2006 EPS estimates on IACI by 5 cents to $1.43 to reflect the outperformance in 1Q. Raised target price to $29 from $25.

Mosaic

upgraded at JP Morgan: MOS was upgraded from Neutral to Overweight, JP Morgan said. Phosphate restructuring is a bold, potentially lucrative move. Estimates also boosted.

Motorola

upgraded at BofA: MOT was upgraded from Neutral to Buy, Banc of America said. $25 price target. Shares have sold off on multiple concerns, but recent weakness has been overdone. Company to gain share of industry profits on new products.

Murphy Oil

upgraded at Friedman, Billings: MUR was upgraded from Market Perform to Outperform, Friedman, Billings Ramsey said. Company likely to give a boost to the stock, which has underperformed since last year's hurricanes.

Macrovision

upgraded at Oppenheimer: MVSN was upgraded from Neutral to Buy, Oppenheimer said. $28 price target. Company posted strong quarter and raised forward guidance. Estimates raised.

Macrovision

numbers raised at Piper: Piper said it is raising its target price on MVSN to $25 following strong Q1 and higher target multiple. Maintained Market Perform rating.

Phelps Dodge

upgraded at Bear: PD was upgraded from Peer Perform to Outperform, Bear Stearns said. $120 price target. Tight supply fundamentals are likely to persist. Estimates also raised.

Plantronics

downgraded at Weisel: PLT was downgraded from Outperform to Peer Perform, Thomas Weisel said. Estimates also cut, as margins are shrinking faster than expected.

SCP Pool

coverage initiated at Piper: Piper said it is initiating coverage on POOL with an Outperform rating and $55 target price. Consistent pool industry growth supports steady top-line trends and company is expanding into landscaping supply.

Powerwave

upgraded at Deutsche: PWAV was upgraded from Hold to Buy, Deutsche Bank said. $14.50 price target. Company reported a disappointing quarter, though raised forward guidance. Cingular delayed some orders, but PWAV should see business pick up in the second quarter.

Solectron

downgraded at Bear: SLR was downgraded from Peer Perform to Underperform, Bear Stearns said. Company trades at a premium to its peers, and margins are not expanding enough. Potential reverse split would also be a negative.

Sonic

downgraded at Piper: Piper said it is downgrading SONC to a Market Perform rating due to high gasoline prices diminishing company's chances of delivering earnings upside.

Tim Hortons

rated new Peer Perform at Bear: THI was initiated with a Peer Perform rating, Bear Stearns said. Stock is expensive, trading at 24 times 2007 estimated earnings.

Tim Hortons

coverage initiated at Goldman: Goldman said it is initiating coverage on THI with an Outperform rating.

TXU

downgraded at Jefferies: Jefferies said it is lowering its rating on TXU to Hold from Buy. Believes company is fairly valued. Raised target price to $60 from $55.

STOCK COMMENTS / EPS CHANGES

Alcan

outlook raised at Goldman: Goldman said it is increasing its estimates on AL for the full year to $4.82 a share from $4.58 a share. Record EPS reaffirms that high aluminum prices start to flow through to the bottom line.

Allegheny Technology

target price raised at Jefferies: Jefferies said it is raising its target price on ATI to $70 from $49. Based on valuation, maintained Hold rating.

Brooks Automation

estimates raised at Piper: Piper said it is raising its 2006 estimates on BRKS by 35 cents to 98 cents a share due to strong Q1 results and guidance. Maintained Market Perform rating.

Cincinnati Bell

estimates raised at Morgan Stanley: Morgan Stanley said it is increasing its estimates on CBB for 2006 to 30 cents a share from 26 cents a share. Maintained Overweight rating.

Century Aluminum

estimates raised at Merrill Lynch: Merrill Lynch said it is raising its 2006 EPS estimates on CENX to $5.55 from $4.75 following strong 1Q results. Maintained $55 target price.

Century Aluminum

target price raised at CSFB: CSFB said it is raising its target price on CENX to $60 from $55 following strong 1Q results. Maintained Outperform rating.

Cephalon

target price raised at Jefferies: Jefferies said it is raising its target price on CEPH to $68 from $62.50 following outperformance in quarterly results. Maintained Hold rating.

Cytec

target price raised at Jefferies: Jefferies said it is raising its target price on CYT to $70 from $62 following positive 1Q results. Believes quality of growth is improving. Maintained Buy rating.

Denbury Resources

target price raised at DNR: CSFB said it is raising its target price on DNR to $39 from $30 after 1Q results were ahead of estimates. Maintained Outperform rating.

Dreamworks

estimates cut at Prudential: Prudential said it is cutting its 2006 estimates on DWA by 3 cents to 38 cents a share. Maintained Neutral Weight rating.

Electronic Data Systems

estimates raised at UBS: UBS said it is raising its 2006 EPS estimates on EDS by 4 cents to 77 cents but believes 1Q results do not justify upside from current levels. Maintained Neutral rating.

Electronic Data Systems

estimates cut at Prudential: Prudential said it is cutting its 2006 estimates on EDS by a penny to 89 cents a share. Maintained Overweight rating.

Emerson

outlook raised at Morgan Stanley: Morgan Stanley said it is increasing its estimates on EMR for the full year to $4.33 a share from $4.25 a share. Maintained Equalweight rating.

Hanover Compressor

outlook cut at Goldman: Goldman said it is lowering its estimates on HC for the full year to 30 cents a share from 33 cents a share. Maintained Underperform rating.

Hilton Hotels

outlook raised at Merrill Lynch: Merrill Lynch said it is raising its 2006 EPS estimates on HLT to $1.11 from $1.02 based on valuation gap with HOT. Raised target price to $32 from $28.

Intercontinental Exchange

outlook raised at Morgan Stanley: Morgan Stanley said it is increasing its estimates on ICE for the full year to $1.76 a share from $1.55 a share. Maintained Equalweight rating.

Iron Mountain

outlook lowered at Morgan Stanley: Morgan Stanley said it is lowering its estimates IRM for the full year to 91 cents a share from 98 cents a share. Maintained Underweight rating.

Annaly Mortgage

estimates cut at Piper: Piper said it is cutting its 2006 estimates on NLY by 21 cents to 62 cents a share following disappointing Q1 results. Maintained Market Perform rating.

Phillips-Van Heusen

outlook raised at Goldman: Goldman said it is increasing its estimate on PVH for the full year to $2.35 a share from $2.22 a share. Maintained Inline rating.

Powerwave

target price cut at Jefferies: Jefferies said it is lowering its target price on PWAV to $12.50 from $14 after 1Q results missed estimates. Maintained Hold rating.

Sirius Satellite

outlook lowered at Morgan Stanley: Morgan Stanley said it is cutting its estimates on SIRI for the full year to a loss of 25 cents a share from 24 cents a share. Maintained Overweight rating.

Molson Coors

estimates lowered at UBS: UBS said it is lowering its 2006 EPS estimates on TAP to $4.29 from $4.76 following 1Q earnings miss. Maintained Buy rating.

Molson Coors

outlook cut at Morgan Stanley: Morgan Stanley said it is lowering its estimates on TAP for the full year to $3.79 a share from $4.20 a share. Target cut to $78 a share. Maintained Equalweight rating.

TXU

outlook raised at Goldman: Goldman said it is increasing its estimates on TXU for the full year to $5.50 a share. Maintained Outperform rating.

United Surgical Partners

target price lowered at Jefferies: Jefferies said it is lowering its target price on USPI to $42 from $46. Believes long-term story remains intact. Maintained Buy rating.