Analysts' Actions: A Daily Roundup of Street Research

Who made what calls.
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CHANGE IN RATINGS

Allegheny Technologies

upgraded at Bear Stearns: Bear Stearns said it is upgrading ATI to Outperform from Peer Perform. Believes sell-off is overdone after 30% correction. Maintained $80 target price.

Ballard Power

upgraded at Citigroup: BLDP was upgraded from Sell to Hold, Citigroup said. Stock has been cut in half over recent weeks, and fair value is closer to $8. Auto fuel cell market could be a full decade away from being available commercially.

Goodyear

upgraded at Deutsche: Rating on GT was upped from Sell to Hold, Deutsche Bank said. $13.50 price target. Stock is down 32% since the end of January, and the tire market is likely not headed toward a price war.

KLA-Tencor

downgraded at AG Edwards: AG Edwards said it is lowering its rating on KLAC to Hold from Buy after announcement of investigation into stock option grants.

Molex

upgraded at CSFB: CSFB said it is upgrading MOLX to Outperform from Neutral following recent pullback in shares. Maintained $40 target price.

Omnicare

upgraded at Bear Stearns: Bear Stearns said it is upgrading OCR to Peer Perform based on valuation. Shares are trading at 14.5x forward 12 month estimates, which is appropriate given potential reimbursement-related risks.

Palm

downgraded at Bear Stearns: Bear Stearns said it is downgrading PALM to Underperform from Peer Perform due to increasingly competitive environment and pricing pressure. Concern growing that Palm's early lead in smartphone market is unsustainable. Fair value lowered to $14-$15 from $20-$22.

Rackable Systems

rated new Outperform at Piper: Piper Jaffray said it is assuming coverage on RACK with an Outperform rating. Believes company has a profitable niche in the data center market with highly scalable server and solutions. Sets $44 target price.

STOCK COMMENTS / EPS CHANGES

Assurant

outlook raised at Goldman: Goldman said it is increasing its estimates on AIZ for the full year to $4.40 a share from $3.80 a share. Maintained Inline rating.

AVX

target price lowered at CSFB: CSFB said it is lowering its target price on AVX to $15 from $19. Believes cycle is nearing a peak. Maintained Neutral rating.

American Express

estimates raised at Prudential: Prudential said it is upping its 2006 estimates on AXP by a penny to $2.97 based on share repurchases. Reiterated Overweight rating with price target of $64.

BISYS

estimates raised at Prudential: Prudential said it is raising its 2006 estimates on BSG to $0.55 from $0.48 due to higher than expected margins in the insurance segment. Rating remains Underweight with a price target of $13.

BISYS

estimates lowered at Jefferies: Jefferies said it is cutting its 2006 estimates on BSG by 3 cents to $0.40 per share based on company update of YTD results. Reiterated Buy rating.

Cubist Pharm

estimates raised at Jefferies: Jefferies said it is raising its 2007 estimates on CBST by a penny to $0.73 based on expected final approval of the Cubicin sNDA. Reiterated Buy rating.

Con-Way

outlook raised at Morgan Stanley: Morgan Stanley said it is increasing its estimates on CNW to $4.50 a share in 2006 from $4.36 a share. Maintained Underweight rating.

Campbell Soup

cut from Focus List at JP Morgan: CPB was removed from the Focus List, JP Morgan said. Stock is already at the high end of its historical range, and earnings growth will likely decelerate over the next couple of quarters. Overweight rating.

Campbell Soup

estimates raised at Goldman: Goldman said it is increasing its estimates on CPB for the full year to $1.81 a share from $1.78 a share. Maintained Inline rating.

CVS

outlook raised at UBS: UBS said it is raising its 2007 EPS estimates on CVS by 11 cents to $2.00 based on purchase of 700 Sav-On/Osco stores. Raised target price to $41 from $39.

Dominion Resources

outlook cut at Morgan Stanley: Morgan Stanley said it is lowering its estimates on D for the full year to $5.15 a share from $5.25 a share. Maintained Equalweight rating.

Ecolab

estimates raised at Jefferies: Jefferies said it is raising its 2007 estimates on ECL by two cents to $1.64 due to improved outlook on productivity, R&D, and a favorable competitive environment. Reiterated Buy rating.

Corning

estimates lowered at UBS: UBS said it is lowering its 2007 EPS estimates on GLW by 4 cents to $1.34 citing moderate growth and competitive LCD market. Lowered target price to $28 from $35.

Lowe's

estimates raised at Jefferies: Jefferies said it is raising its 2006 estimates on LOW to $4.20 from $4.12 after company reported better than expected Q1 results. Reiterated Buy rating.

Lowe's

estimates raised at Goldman: Goldman said it is increasing its estimates on LOW for the full year to $4.15 a share from $4.04 a share. Maintained Inline rating.

Lawson Software

estimates lowered at Piper: Piper Jaffray said it is lowering its 2007 EPS estimates on LWSN by 5 cents to 32 cents to account for Intentia's inconsistent licensing revenues. But believes upgrade cycle is coming and stock is cheap. Raised target price to $10 from $9.

Netflix

estimates cut at Jefferies: Jefferies said it is cutting its 2006 estimates on NFLX to $0.66 from $0.81 after meeting with CEO Reed Hastings. Expectations remain high for 2007. Reiterated Buy rating and price target of $40.

Pepsi

outlook raised at Morgan Stanley: Morgan Stanley said it is increasing its estimates on PEP for the full year to $2.98 a share from $2.97 a share. Target raised to $68 a share from $67 a share. Maintained Overweight rating.

Vishay

target price lowered at CSFB: CSFB said it is lowering its target price on VSH to $17 from $18. Believes cycle is nearing a peak. Maintained Neutral rating.