Analysts' Actions: A Daily Roundup of Street Research

Who made what calls.
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CHANGE IN RATINGS

Adobe Systems

upgraded at Baird: Rating on ADBE was boosted from Neutral to Outperform, Robert Baird said. $41 price target. Valuation call. The company's Spring 2007 launch of Creative Suite 3, should also enjoy a robust product cycle.

Cognos

upgraded at Baird:COGN was upgraded from Neutral to Outperform, Robert Baird said. Stock will likely open lower on the delay of the 10-K filing, and should be bought. The company is strong, and should have a great year in 2007. $41 price target.

Cognos

downgraded at Piper: Piper said it is downgrading COGN to a Market Perform rating due to risks around 10K filing delay. Better visibility on time frame and magnitude of review needed.

Echostar

downgraded at Morgan Stanley: DISH was downgraded from Overweight to Equal-weight, Morgan Stanley said. $33 price target. Estimates raised, though industry churn figures should gradually rise.

Dow Chemical

upgraded at JP Morgan:DOW was upgraded from Neutral to Overweight, JP Morgan said. Company continues to generate excess free cash flow, and will pay down debt. Stock also looks cheap, based on overall industry valuation.

Factset

upgraded at Piper: Piper said it is upgrading FDS to an Outperform rating due to solid demand environment in investment banking, and increased conviction that company can maintain double-digit internal growth for next two years.

Heidrick & Struggles

upgraded at Merrill: HSII was upgraded from Neutral to Buy, Merrill Lynch said. $47 price target. Company could double cash position over the next three years, through free cash flow generation.

Legg Mason

upgraded at Merrill: LM was upgraded from Neutral to Buy, Merrill Lynch said. Stock is down 29% since February, presenting an attractive buying opportunity for a premier franchise.

Noble Corp.

downgraded at Goldman: Goldman said it is upgrading NE to In-Line from Outperform following 9 rig year of below market priced options on Middle East jackups. Lowered target price to $96 from $100.

National Oilwell Varco

upgraded at Goldman: Goldman said it is upgrading NOV to Outperform from In-Line. Cites confidence in execution following strong 1Q results and believes underperformance is overdone.

New York & Co.

downgraded at Suntrust: NWY was downgraded from Buy to Neutral, Suntrust Robinson Humphrey said. Stock is within 10% of the $18 price target, and is already trading at 20 times expected full-year earnings.

Research in Motion

upgraded at Bear: RIMM was upgraded from Underperform to Peer Perform, Bear Stearns said. Valuation call. That said, the analyst meeting provided little visibility into any potential near-term catalysts.

Sandisk

upgraded at Merrill: SNDK was upgraded from Neutral to Buy, Merrill Lynch said. $74 price target. Prices have stabilized in the NAND contract market, and earnings upside potential is increasing.

Union Pacific

upgraded at BB&T: Rating on UNP was raised from Hold to Buy, BB&T said. $115 price target. First quarter showed breakout numbers, and the company may soon finally achieve its potential. Estimates raised, and may still prove conservative.

XM Satellite

upgraded at Morgan Stanley: XMSR was upgraded to Overweight, Morgan Stanley said. Stock is down 40% on the year, and the two leaders of this industry can continue to prosper. Estimates also raised. $31 price target.

Zumiez

downgraded at Piper: Piper said it is downgrading ZUMZ to a Market Perform rating based on valuation. Fundamentals remain positive, but stock trading at 57X 2007 numbers. Target price raised to $33.

STOCK COMMENTS / EPS CHANGES

Agilent Technologies

estimates raised at Goldman: Goldman said it is raising its 2007 EPS estimates on A by 5 cents to $1.75 after positive 2Q results. Believes restructuring initiative adds potential upside to estimates.

KB Home

target price lowered at UBS: UBS said it is lowering its target price on KBH to $90 from $95 based on slower demand. Remains top pick in large-cap building sector.

Manpower

target, estimates increased at Merrill: Shares of MAN now seen reaching $77, according to Merrill Lynch. Estimates also raised, as positive macroeconomic data suggest further growth is likely. Buy rating.

Target

estimates lowered at Goldman: Goldman said it is lowering its EPS estimates on TGT by 3 cents to $3.12 following surprise margin decline in 1Q. Believes shortfall is temporary, maintained Outperform rating.

Target

estimates cut at Piper: Piper said it is cutting its 2007 estimates on TGT by 2 cents to $3.09 a share to reflect Q1 shortfall. Maintained Outperform rating.

Valspar

estimates raised at Goldman: Goldman said it is raising its 2006 EPS estimates on VAL to $1.67 from $1.55 following upbeat F2Q results and positive guidance. Maintained In-Line rating.

Western Refining

estimates lowered at CSFB: CSFB said it is lowering its 2006 EPS estimates on WNR to $1.89 from $2.03 to account for higher average share count. Maintained Neutral rating.