Analysts' Actions: A Daily Roundup of Street Research

Who made what calls.
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CHANGE IN RATINGS

Affiliated Managers

upgraded at Goldman: Goldman said it is raising its rating on AMG to Outperform from Inline. Maintained Outperform rating.

BlackRock

downgraded at Goldman: Goldman said it is lowering its rating on BLK to Inline from Outperform. Correction underway. Unsupportive seasonal trends.

Citadel Broadcasting

upgraded at CSFB: CSFB said it is upgrading CDL to Neutral from Underperform based on 15% pullback over the past two months. Maintained $10 target price.

Cree

coverage initiated at Piper: Piper said it is initiating coverage on CREE with a Market Perform rating. Company provides leading backlight solutions for mobile handsets, but near-term growth may remain volatile.

Centex

downgraded at JP Morgan: CTX was downgraded from Neutral to Underweight, JP Morgan said. Stock trades at a premium to its peers, but should deliver below-average earnings growth through 2008. Estimates also cut.

Disney

rated new Buy at CSFB: CSFB said it is initiating coverage on DIS with a Buy rating. Believes stock is top pick in media sector. Sets $41 target price.

Darden Restaurants

downgraded at Wachovia: Wachovia said it is downgrading DRI to Market Perform based on concerns over consumer cost pressures. Maintained valuation range of $37 -$41 a share.

Northern Trust

upgraded at Prudential: Prudential said it is upgrading NTRS to an Overweight rating. Company is big beneficiary among processing banks of higher asset values.

Qwest Communications

rated new Underperform at CSFB: CSFB said it is initiating coverage on Q with an Underperform rating. Believes company is still highly levered and network has lower potential for future services than peers. Sets $6 target price.

Transocean

downgraded at AG Edwards: RIG was downgraded to Hold, AG Edwards said. Company's earnings leverage lies in offshore fleet, and the stock is already valued at a premium to its peers.

Ryland Group

downgraded at JP Morgan: JP Morgan said it was downgrading RYL from Overweight to Neutral on valuation.

SLM

upgraded at Morgan Stanley: Morgan Stanley said it is increasing its rating on SLM to Equalweight with a raised target price of $54 a share from $48 a share. But these concerns appear adequately discounted in the stock price.

Wachovia

downgraded at Friedman, Billings, Ramsey & Co.: Friedman, Billings, Ramsey & Co. said it was downgrading WB from Outperform to Market Perform and reducing the target by $4 to $60 on Golden West Financial acquisition announcement.

Wachovia

downgraded at Prudential: Prudential said it is downgrading WB to an Underweight rating due to announcement of purchase of Golden West.

Warner Music

upgraded at Citigroup: WMG was upgraded from Sell to Hold, Citigroup said. $25 price target. Company had a strong quarter, but there are no clear signs that the global music business is turning around.

Wheeling-Pittsburgh

upgraded at KeyBanc: KeyBanc said it is upgrading WPSC to Buy from Hold. Sees operational improvement in upcoming quarters. Raised target price to $35.

ExpressJet

downgraded at Raymond James: XJT was downgraded to Underperform, Raymond James said. Company keeping planes from CAL, but will be difficult for it to profitably re-deploy elsewhere.

ExpressJet

upgraded at Merrill: XJT was upgraded from Neutral to Sell, Merrill Lynch said. Company hanging on to entire fleet, even though it will no longer have a code-sharing agreement with CAL.

Crosstex Energy

upgraded at Wachovia: XTXI was upgraded to Outperform, Wachovia said. XTEX purchase should increase the company's dividend growth rate.

STOCK COMMENTS / EPS CHANGES

Advanced Micro Devices

estimates cut at UBS: UBS said it is lowering its 2007 EPS estimates on AMD by 5 cents to $1.84 based on more modest expectations for growth and higher risk from competition. Lowered target price to $39 from $42.

Alliant Techsystems

target price raised at CSFB: CSFB said it is raising its target price on ATK to $84 from $81 following solid FQ4 results. Maintained Neutral rating.

Brink's

target, estimates raised at Jefferies: Jefferies said it was raising FY 2006 EPS estimates by 5-cents to $2.10 and the target by $6 to $55 on Q1 results. Maintained Hold rating.

Anheuser-Busch

outlook raised at UBS:UBS said it is raising its 2006 EPS estimates on BUD by 2 cents to $2.70 based on higher equity income. Raised target price to $42 from $41.

Caremark RX

estimates raised at Goldman: Goldman said it is increasing its estimates on CMX for the full year to $2.33 a share from $2.27 a share. Maintained Outperform rating.

Consol Energy

target raised at Morgan Stanley: Morgan Stanley said it is increasing its target price on CNX to $96 a share from $88 a share. Maintained Overweight rating.

EOG Resources

target, estimates raised at Jefferies: Jefferies said it was raising FY 2006 EPS estimates on EOG from $4.49 to $4.69 and the target by $12 to $84 on Q1 results. Maintained Buy rating.

Henry-Schein

outlook raised at Goldman:Goldman said it is raising its estimates on HSIC for the full year to $2.12 a share from $2.11 a share to reflect recent earnings. Maintained Inline rating.

Kerr-McGee

target price raised at UBS: UBS said it is raising its target price on KMG to $145 from $130. Believes street under-appreciates the new improved profile. Maintained Buy rating.

Neustar

outlook raised at Morgan Stanley: Morgan Stanley said it is increasing its estimates on NSR for the full year to 91 cents a share from 86 cents a share. Maintained Equalweight rating.

Northeast Utilities

target, estimates raised at Jefferies: Jefferies said it was raising FY 2007 EPS estimates on NU by a penny to $1.35 and the target by $2 to $22 on Q1 results and transmission growth. Maintained Hold rating.

Oceaneering Int'l

target, estimates raised at Jefferies: Jefferies said it was raising FY 2006 and 2007 EPS estimates on OII from $3.10 and $3.35 to $3.96 and $4.50 and the target by $15 to $85 on Q1 results. Maintained Buy rating.

Rowan Company

outlook raised at Morgan Stanley: Morgan Stanley said it is increasing its estimates on RDC for the full year to $3.57 a share from $3.46 a share. Maintained Equalweight rating.

Redwood Trust

estimates raised at Jefferies: Jefferies said it was raising FY 2006 and 2007 EPS estimates on RWT from $4.09 and $4.33 to $4.50 and $4.61 on Q1 results. Maintained $42 target and Hold rating.

United Rentals

target price raised at UBS: UBS said it is raising its target price on URI to $45 from $41 based on improved April report and valuation. Maintained Buy rating.

USEC

estimates raised at Jefferies: Jefferies said it was raising FY 2006 EPS estimates on USU from $0.74 to $0.80 on Q1 results. Maintained $12 target and Hold rating.