CHANGE IN RATINGS

America Movil

upgraded at Merrill:AMX was upgraded to Buy, Merrill Lynch said. $40 price target. Stock is down 20% since May 10, and the company is trading at a discount to its peers. That said, Telefonica is not likely to make a big push in the Mexican wireless market

Bausche & Lomb

upgraded at Goldman:Goldman said it is increasing its rating on BOL to Inline as survey suggests risk/reward is now more evenly balanced.

Ciena

outlook raised at Goldman: Goldman said it is increasing its rating on CIEN to Outperform from Inline. Optics is back.

Ciena

estimates raised at Jefferies: Jefferies said it is raising its 2006 estimates on CIEN to $0.00 from $(0.04) after the company reported Q2 results. Maintaining Underperform rating based on doubt regarding future operating margins. Price target of $3.50.

CoStar Group

upgraded at CSFB: CSFB said it is upgrading CSGP to Outperform from Neutral following positive feedback at investor meeting. Raised target price to $68 from $51.

Fiserv

upgraded at Goldman: Goldman said it is increasing its rating on FISV to Outperform from Inline. Company cites positive ROC-WACC spreads in its note.

Johnson Controls

downgraded at Deutsche: JCI was downgraded from Buy to Hold, Deutsche Bank said. Valuation call, as the stock is approaching the $91 price target. Company is carrying a lot of momentum into the second half of the year, though the biggest driver of earnings upside is foreign exchange.

Lincoln National

upgraded at CSFB: CSFB said it is upgrading LNC to Outperform from Neutral. Believes shares are relatively cheap compared to peer group. Raised target price to $65 from $58.

NYSE Group

rated new Overweight at JP Morgan: Coverage of NYX was started with an Overweight rating, JP Morgan said. Company should leverage its strong brand into significant earnings growth. Euronext purchase could add 25% to profits by 2008.

State Street

upgraded at Piper: Piper said it is upgrading STT to an Outperform rating due to improving fundamentals with mix shift to higher margin AUM, and solid securities lending, FX, and net interest margins. Target price raised to $71.

UTI Worldwide

upgraded at Bear: UTIW was upgraded to Outperform, Bear Stearns said. $34 price target. Company should report in-line April results, and earnings growth could re-accelerate over the next couple of quarters.

STOCK COMMENTS / EPS CHANGES

Ann Taylor Stores

estimates raised at CSFB: CSFB said it is raising its 2006 EPS estimates on ANN by 2 cents to $2.04 due mostly to higher than expected quarterly sales. Maintained Outperform rating.

Dow Chemical

added to Focus List at JP Morgan: DOW was added to the Focus List, JP Morgan said. $48 price target. Company has strong dividend, and the company has also improved its balance sheet. Free cash flow yield could exceed 11% in 2006. Overweight rating.

Jackson Hewitt

estimates raised at Morgan Stanley: Morgan Stanley said it is increasing its estimates on JTX for the full year to $2.15 a share from $2.04 a share. Maintained Equalweight rating.

Pacific Sunwear

of California estimates cut at CSFB: CSFB said it is lowering its 1Q 2006 EPS estimates on PSUN by 5 cents to 22 cents following weaker than expected May sales. Maintained Underperform rating.

Tiffany & Co

estimates raised at CSFB: CSFB said it is raising its F2006 EPS estimates on TIF by 2 cents to $1.80 based on 1Q upside. Maintained Neutral rating.