CHANGE IN RATINGS

BE Aerospace

upgraded at Jefferies: Jefferies said it is upgrading BEAV to Buy from Hold due to valuation. See improving balance sheet, rising earnings, and critical mass in its core markets. Price target raised to $27 from $24.

Carolina Group

upgraded at Merrill: CG was upgraded from Neutral to Buy, Merrill Lynch said. $59 price target. Company is generating solid cash flow, and should continue to repay debt.

Cognizant Tech

rated new Neutral at Merrill: Coverage of CTSH was started with a Neutral rating, Merrill Lynch said. Company likely having a strong second quarter, though it already appears to be reflected in the stock.

Hess

upgraded at Merrill: HES was upgraded to Buy, Merrill Lynch said. $56 price target. Company is 75% leveraged to oil, and prices are expected to remain above $60 a barrel through 2007.

Hewitt Associates

upgraded at Wachovia: Wachovia said it is upgrading HEW to Market Perform from Underperform. Cites stock trades at low end of its $21 to $23 a share valuation range.

MasterCard

rated new Underperform at CSFB: CSFB said it is initiated coverage on MA with an Underperform rating. Cites network economics will deteriorate faster as a result of consolidation in the industry and legal pressures. Sets $43 target price.

Marvell Technology

downgraded at Friedman, Billings: MRVL was downgraded to Market Perform, Friedman, Billings Ramsey said. Mobile purchase from INTC will weigh on earnings.

Marvell Technology

estimates cut at UBS: UBS said it is lowering 2008 estimates on MRVL to $1.90 from $1.95 due to market risk and competitive uncertainty. Reiterated Buy rating.

Netgear

downgraded at Citigroup: NTGR was downgraded from Buy to Hold, Citigroup said. Stock is already pricing in a good quarter. Skype phone should have little effect on the numbers, and the Draft N product has not tested well.

VeriFone

upgraded at CSFB: CSFB said it is upgrading PAY to Outperform from Neutral. Believes recent market weakness provides favorable risk/reward opportunity. Maintained $32 target price.

Terex

upgraded at JPMorgan: JPMorgan said it upgrading TEX to Overweight from Neutral due to strong EPS growth and free cash flow generation. See likely margin improvement, stable top-line growth, and compelling valuation.

Univision

upgraded by JP Morgan: JP Morgan upgraded UVN to Neutral from Underweight. Their disorderly performance seems to have ended with their acceptance of a $12.3 billion ($36.25 per share) buyout bid from Haim Saban and a group of private equity funds.

STOCK COMMENTS / EPS CHANGES

Broadcom

price target lowered at UBS: UBS lowered its price target for BRCM to $55 from $60 due to Marvell's acquisition of XScale. Maintained Buy rating.

Cheesecake Factory

estimates cut at Piper: Piper said it is cutting its 2006 estimates on CAKE by 2 cents to $1.10 a share to reflect softening sales trends. Maintained Outperform rating.

CKE Restaurants

estimates cut at Merrill: CKR 2007 estimate lowered to 71 cents a share, Merrill Lynch said. Company should use excess cash to buy back stock, not debt. Buy rating and $19 price target.

Cleveland Cliffs

outlook raised at Morgan Stanley: Morgan Stanley said it is increasing its estimates on CLF for the full year to $10.11 a share from $9.06 a share. Maintained Overweight rating.

Duke Energy

estimates lowered at Jefferies: Duke said it is lowering its 2007 estimates on DUK by 5 cents to $2.05 due to the company's announced sale of its commercial trading and marketing business. Reiterated Buy rating and price target of $31.

Home Depot

estimates cut at CSFB: CSFB said it is lowering its 2007 EPS estimates on HD by 5 cents to $3.00 to account for slower consumer spending and housing. Lowered target price to $48 from $50 but remains optimistic in longer-term.

Hexcel

estimates cut at CSFB: CSFB said it is lowering its 2006 EPS estimates on HXL by 4 cents to $0.65 after management reduced its commercial aerospace revenue growth expectations. Lowered target price to $20 from $24.

Hexcel

target lowered at Jefferies: Jefferies said it is cutting its price target on HXL to $22 from $26 due to the A380 delay and pressure on the ballistic fabrics business. Reiterated Buy rating.

Nike

estimates raised at Prudential: Prudential said it is raising its 2007 estimates on NKY by 12 cents to $5.61 a share due to SG&A expense cuts. Maintained Neutral Weight rating.

Research in Motion

estimates cut at UBS: UBS said it cut its 2007 estimates for RIMM to $3.12 from $3.28 to reflect a more conservative outlook on BES sales as well as higher open. Maintained a Buy rating.

Range Resources

estimates lowered at Jefferies: Jefferies said it is cutting its 2006 estimates on RRC based on the completed acquisition of Stroud Energy. Noted vulnerability to weakness in natural gas prices. Reiterated Hold rating.

Wendy's

estimates cut at UBS: UBS said it is cutting 2006 estimates on WEN by 5 cents to $2.37 due to higher than expected share count. Reiterated Buy rating.