Analysts' Actions: A Daily Roundup of Street Research

Who made what calls.
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CHANGE IN RATINGS

Cincinnati Bell

upgraded at Wachovia: Wachovia said it is upgrading Cincinnati Bell to Outperform from Market Perform based on the company's significant free cash flow and long-term ability to announce a dividend or share repurchase. See 2007/2008 benefits being realized from current debt reduction measures.

Evergreen Solar

upgraded at Thomas Weisel: Thomas Weisel said it is upgrading ESLR to Outperform due to greater visibility resulting from the company's recent silicon supply agreement. See attractive risk/reward scenario in combination with the stock's recent pullback.

Giant Industries

upgraded at Friedman, Billings, Ramsey: Friedman said it is upgrading shares of GI to Outperform from Market Perform based on valuation. Notes current low investor sentiment in spite of recent return to normal operating rates and significant 2006 insurance proceeds. Price target raised to $88 from $80.

Shaw Group

rated new Neutral at UBS: UBS said it is initiating coverage on SGR with a Neutral rating. Sees opportunities in power and chemical markets but near term cash flow challenges. Sets $30 target price.

Time Warner Telecom

upgraded at Raymond James: Raymond James said it is upgrading TWTC to Outperform from Market Perform. Sees potential for further improvements going forward. Adds $18 target price.

Zale

outlook upgraded at Goldman: Goldman said it is increasing its rating on ZLC to Inline from Underperform. Stock washed out with the next data point likely positive.

STOCK COMMENTS / EPS CHANGES

Advanced Micro Devices

target price lowered at UBS: UBS said it is lowering its target price on AMD to $33 from $39 based on cash flow and competitive challenges. Maintained Neutral rating.

BMC

estimates raised at Prudential: Prudential said it is raising its 2006 estimates on BMC by 2 cents to 88 cents a share as cost cuts and buybacks are driving EPS growth. Maintained Neutral Weight rating.

BMC

outlook raised at Goldman: Goldman said it is increasing its estimates on BMC for the full year to $1.09 a share from $1 a share. Maintained Inline rating.

Finisar

estimates raised at Jefferies: Jefferies said it is raising its 2006 estimates on FNSR by a penny to $0.03 after the company reported in-line Q4 results. Expect benefit from strong end-market demand for Datacom. Reiterated Buy rating with price target of $6.

H&R Block

estimates raised at Morgan Stanley: Morgan Stanley said it is increasing its estimates on HRB for the full year to ending April 2007 to $1.76 a share from $1.71 a share. Maintained Underweight rating.

LTR

estimates raised at Morgan Stanley: Morgan Stanley said it is increasing its estimates on LTR for 2006 to $4 a share from $3.88 a share. Maintained Equalweight rating.

Novellus Systems

estimates raised at UBS: UBS said it is raising its 2006 EPS estimates on NVLS to $1.40 from 1.02 after company increased 2Q order guidance. Maintained Neutral rating.

Novellus

estimates raised at Goldman: Goldman said it is increasing its estimates on NVLS for the full year to $1.45 a share from $1.15 a share. Strong mid-quarter update with increased order, revenue and EPS guidance. Maintained Inline rating.

United Rentals

target price cut at UBS: UBS said it is lowering its target price on URI to $43 from $45 to reflect a lower market multiple. Still sees solid business conditions in rental. Maintained Buy rating.

Veritas

estimates raised at Jefferies: Jefferies said it is upping its 2006 estimates on VTS to $2.33 from $2.12 to reflect upcoming surge in demand for Gulf of Mexico data and strong marine contract market. Reiterated Buy rating and $58 price target.

YRC Worldwide

estimates raised at CSFB: CSFB said that it is raising its 2006 EPS estimates on YRCW by 5 cents to $5.65 after better 2Q guidance announcement. Maintained Neutral rating.

YRC Worldwide

outlook raised at Morgan Stanley: Morgan Stanley said it is increasing its estimates on YRCW for the full year to $5.29 a share from $4.75 a share. Maintained Underweight rating.

STRATEGY CALLS / MARKET CALLS

Merrill Lynch

downgrades Fannie Mae and Freddie Mac:Merrill Lynch said it is downgrading FNM and FRE to Neutral from Buy. Believes increased regulatory scrutiny could hurt long-term franchise values.

Prudential

raises estimates on Integrated Oils:Prudential said it is raising its estimates on BP, CVX, COP, XOM, and MRO. 2006 oil price forecast is now $67.75, up from $61.50 previously. Maintained Favorable rating on group.