CHANGE IN RATINGS

Endo Pharma

upgraded at JP Morgan: ENDP was upgraded from Neutral to Overweight, JP Morgan said. Opama approval should advance the company's pain medicine franchise.

Endo Pharma

price target raised at Jefferies: Jefferies said it is raising its target of ENDP to $36 from $35 based on increased earnings estimates. The company is prepared to roll out its Opana franchise in the next few weeks. Increased 2007 estimates by 5 cents to $1.97. Reiterated Buy rating.

Piedmont Natural Gas

upgraded at Baird: PNY was upgraded from Neutral to Outperform, Robert Baird said. $27 price target. Valuation call. The company also has lower earnings risk than its peers.

Phillips-Van Heusen

upgraded at JP Morgan: PVH was upgraded from Neutral to Overweight, JP Morgan said. Company likely had a strong second quarter, following channel checks and discussions with management. Stock has pulled back 13% since May.

Sepracor

downgraded at JP Morgan: SEPR was downgraded from Overweight to Neutral, JP Morgan said. Stock has run 28% since mid-June on takeover speculation, and further upside potential may be limited.

STOCK COMMENTS / EPS CHANGES

Anadarko Petroleum

estimates updated at Prudential: Prudential said it is raising its 2006 estimates on APC by 30 cents to $5.85 a share, and cutting its 2007 estimates on APC by 15 cents to $5.85 a share. Changes reflect KMG and WGR acquisitions. Maintained Underweight rating.

Anadarko Petroleum

estimates raised at UBS: UBS said it is raising its 2007 EPS estimates on APC from $13.40 to $18.10 to account for recent acquisitions. Lowered target price to $58 from $62.50.

Build-A-Bear Workshop

estimates cut at CSFB: CSFB said it is lowering its 2006 EPS estimates on BBW to $1.22 from $1.43 after negative pre-announcement. Maintained Neutral rating.

Focus Media

estimates raised at Piper: Piper said it is raising its 2006 estimates on FMCN by 16 cents to $1.33 a share due to positive ASP trends and expected ramp-up of In-Store Network. Maintained Outperform rating.

Health Management Assoc.

estimates cut at Jefferies: HMA 2006 estimates lowered to $1.33 from $1.42, Jefferies said. Company pre-announced disappointing Q2 earnings and lowered 2006 guidance, citing weak volumes and bad debt expenses. Reiterated Hold with price target of $21.

Altria

estimates cut at Morgan Stanley: Morgan Stanley said it is lowering its estimates on MO for the full year to $5.30 a share from $5.35 a share. Maintained Overweight rating.

Pharmion

outlook raised at Morgan Stanley: Morgan Stanley said it is lowering its estimates on PHRM for the full year to a loss of $1.50 a share from $1.31 a share. Maintained Underweight rating.

Net1 UEPS

target cut at Morgan Stanley: Morgan Stanley said it is lowering its estimates on UEPS for the full year to $1.05 a share from $1.07 a share. Target cut to $34 a share from $37 a share. Maintained Overweight rating.