Analysts' Actions: A Daily Roundup of Street Research

Who made what calls.
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CHANGE IN RATINGS

Automatic Data Processing

upgraded at Bear: ADP was upgraded from Peer Perform to Outperform, Bear Stearns said. First time with an Outperform rating in 15 years of coverage, as the stock presents an attractive buying opportunity for long-term investors. $55 price target.

AutoDesk

upgraded at Piper: Piper said it is upgrading ADSK to an Outperform rating due to strong interest in new products, expectations for solid Q1, and Q2 miss is unlikely.

Forward Air

upgraded at Baird: Baird said it is upgrading FWRD to Outperform based on valuation and increased confidence in growth strategy. Raised target price to $44 from $42.

Hewitt Assoc.

downgraded at Wachovia: HEW was downgraded from Market Perform to Underperform, Wachovia said. Company has cancelled June investor meetings, and recent channel checks suggest that growth in the outsourcing market is challenging.

Hewlett-Packard

upgraded at Baird: Baird said it is upgrading HPQ to Outperform from Neutral following strong F2Q results. Raised target price to $40 from $35.

Hewlett-Packard

estimates raised at Goldman: Goldman said it is raising its 2006 EPS estimates on HPQ to $2.08 from $1.98 following strong quarterly results. Believes company could be one of the best defensive tech stocks with strong offensive potential.

Hewlett-Packard

outlook raised at UBS: CSFB said it is raising its 2006 EPS estimates on HPQ to $2.07 from $1.94 after positive 2Q results. Raised target price to $41 from $40.

Johnson & Johnson

reinstated with Outperform at Goldman: Goldman said it is reinstating its rating on JNJ with an Outperform. Cites easing comps following tough 1Q and a more neutral foreign exchange environment.

Medimmune

upgraded at Bear Stearns: Bear Stearns said it is upgrading MEDI to Outperform from Peer Perform on valuation and near-term catalysts. Establishes $35 target price.

Murphy Oil

upgraded at AG Edwards: AG Edwards said it is upgrading MUR to Buy from Hold citing high impact exploration potential. Raised target price to $60.

Neurocrine Bio.

numbers cut at Morgan Stanley: Shares of NBIX now seen reaching $16, Morgan Stanley said. Estimates also slashed, after the FDA's negative decision on Indiplon. Underweight rating.

Neurocrine Bio.

downgraded at Jefferies: Jefferies said it is downgrading NBIX to an Underperform rating due to "non-approvable" ruling from FDA for Indiplon.

Onyx Pharma.

upgraded at Prudential: Prudential said it is upgrading ONXX to an Overweight rating as stock has fallen to attractive levels and news flow after ASCO should benefit shareholders.

Rare Hospitality

upgraded at JP Morgan: RARE was upgraded from Neutral to Overweight, JP Morgan said. Core LongHorn business continues to have strong growth potential. Stock also trades at a discount to its average historical valuation.

Reliance Steel

rated new Buy at UBS: UBS said it is initiating coverage on RS with a Buy rating. Cites good exposure to metals without cost pressure. Sets $115 target price.

Warner Music

upgraded at Morgan Stanley: WMG was upgraded from Underweight to Equal-weight, Morgan Stanley said. $25 price target. EMI bid should help support the stock, whether or not the deal goes through. Either way, recent cost cuts need to be sustained.

Sealy

rated new In-Line at Goldman: Goldman said it is initiating coverage on ZZ with an In-Line rating. Cites ability to leverage its #1 market position in steady growth industry.

STOCK COMMENTS / EPS CHANGES

American Eagle Outfitters

estimates raised at UBS: UBS said it is raising its 2006 EPS estimates on AEOS by 5 cents to $2.15 following strong 1Q results. Expects momentum to continue in short-term. Raised target price to $34 from $31.

Applied Materials

estimates raised at UBS: UBS said it is raising its 2006 EPS estimates on AMAT to $1.01 from $0.92 after strong quarterly results. Maintained Neutral rating.

Applied Materials

estimates raised at Prudential: Prudential said it is raising its 2006 estimates on AMAT by 10 cents to $1.05 a share following strong Q2 performance and order growth. Maintained Neutral Weight rating.

Abercrombie & Fitch

estimates raised at Goldman: Goldman said it is raising its 2006 EPS estimates on ANF to $4.22 from $4.10 following strong 1Q results. Cites profitability is very strong and likely to continue. Target price for near term is $75, medium term is $84.

Abercrombie & Fitch

estimates raised at UBS: UBS said it is raising its 2007 EPS estimates on ANF to $4.37 from $4.32 after solid 1Q results. Maintained Neutral rating.

Abercrombie & Fitch

estimates raised at Prudential: Prudential said it is raising its 2007 estimates on ANF by 13 cents to $4.50 a share due to excellent gross margin performance and inventory improvement. Maintained Overweight rating.

Broadcom

target price raise at UBS: UBS said it is raising its target price on BRCM to $60 from $55 citing patent infringement by QCOMM that could be favorable for the company. Maintained Buy rating.

Carnival

estimates lowered at CSFB: CSFB said it is lowering its 2006 estimates on CCL to $2.74 from $2.94 after company warned that full-year profits could fall short of estimates. Reduced target price to $46 from $56.

Cincinnati Financial

estimates raised at CSFB: CSFB said it is raising its 2006 EPS estimates on CINF to $2.85 from $2.75. Cites positive 1Q results and strong balance sheet. Maintained Outperform rating.

Cleveland-Cliffs

numbers lowered at Morgan Stanley: CLF estimates lowered through 2008, according to Morgan Stanley. Company likely to see negative price settlements in near-term negotiations, similarly to what CVRD recently reported. Overweight rating and $96 price target.

Deere

target price raised at UBS: UBS said it is raising its target price on DE to $88 from $86 after F2Q results were ahead of consensus. Maintained Neutral rating.

Fossil

estimates raised at Piper: Piper said it is raising its 2006 estimates on FOSL by 9 cents to $1.07 a share to reflect boost from share repurchases. Maintained Market Perform rating.

Home Depot

estimates raised at Goldman: Goldman said it is raising its 2007 EPS estimates on HD by 3 cents to $3.05. Believes company represents one of the best values in retailing. Maintained Outperform rating.

Home Depot

estimates raised at Jefferies: Jefferies said it is raising its 2006 estimates on HD by 8 cents to $3.20 a share due to improved retail margin and supply. Maintained Buy rating.

Nortel

estimates reduced at Morgan Stanley: NT estimates cut through 2007, Morgan Stanley said. Company's latest guidance was disappointing on the margin front. Equal-weight rating.

Netease

estimates raised at Piper: Piper said it is raising its 2006 estimates on NTES by 15 cents to $1.29 a share due to higher margin assumptions. Maintained Outperform rating.

Occidental Petroleum

estimates lowered at CSFB: CSFB said it is lowering its 2006 EPS estimates on OXY to $10.55 from $10.98 after Ecuador gov't revoked contracts. Reduced target price to $118 from $114.

Royal Caribbean

outlook cut at CSFB: CSFB said it is lowering its EPS estimates on RCL to $2.79 from $2.85 following second warning to 2006 revenue guidance. Reduced target price to $43 from $50.

Sepracor

estimates raised at Piper: Piper said it is raising its 2006 estimates on SEPR by 3 cents to $1.46 a share due to better Lunesta sales expectations. Maintained Market Perform rating.

TJX Cos.

estimates raised at Morgan Stanley: TJX estimates increased through 2008, according to Morgan Stanley. Company has improved execution, and has kept a tight lid on costs. Equal-weight rating.

TJX Cos.

estimates raised at Jefferies: Jefferies said it is raising its 2006 estimates on TJX by 3 cents to $1.48 a share following Q1 results.

Sabre

estimates, target lowered at Morgan Stanley: Shares of TSG now expected to reach $22, Morgan Stanley said. Estimates also cut, as many of the company's competitors are talking about lower revenue per transaction. Underweight rating.