CHANGE IN RATINGS

American Medical Sys.

upgraded at JP Morgan: AMMD was upgraded from Neutral to Overweight, JP Morgan said. Company appears to have overpaid for LSCP, but the new product cycle should materially boost GreenLight sales.

ConAgra Foods

upgraded at CSFB: CSFB said it is upgrading CAG to Neutral from Underperform after 2006 4Q EPS were slightly better than expected. Raised target price to $21 from $19.

International Game Tech.

upgraded at JP Morgan: IGT was upgraded from Neutral to Overweight, JP Morgan said. Estimates also raised, because of higher gaming margins.

Level 3

coverage initiated at Morgan Stanley: Morgan Stanley said it is initiating coverage on LVLT with an Equalweight rating.

McDonald's

upgraded at Merrill: MCD was upgraded to Buy, Merrill Lynch said. $37 price target. Company has four potential positive catalysts that could materialize over the coming year.

Sprint-Nextel

downgraded at Wachovia: Rating on S was lowered from Outperform to Market Perform, Wachovia said. Stock is trading at a compelling valuation, but growth is slowing. 2007 estimates also cut.

Superior Inds.

downgraded at Baird: SUP was downgraded from Neutral to Underperform, Robert Baird said. $15 price target. Estimates also cut, based on new macroeconomic expectations.

Valero Energy

upgraded at Merrill: VLO was upgraded from Neutral to Buy, Merrill Lynch said. $82 price target. Stock should trade back up toward the full replacement value of its assets, even though the price target represents a 10% discount to the company's historical valuation.

Dentsply

coverage initiated at Morgan Stanley: Morgan Stanley said it is initiating coverage on XRAY with an Equalweight rating. Compelling growth story with a premium valuation.

STOCK COMMENTS / EPS CHANGES

Altera

target lowered at UBS: UBS lowered its price target on ALTR to $20 from $23 and 2006 estimates to $0.23 from $0.24. Maintained Neutral rating.

Bally Total Fitness

estimates raised at Jefferies: Jefferies said it is increasing its 2006 estimates on BFT to $0.15 from ($0.01) after the company released financial results for 2005 and also for Q1 2006. Reiterated Hold rating.

Biomet

outlook lowered at Morgan Stanley: Morgan Stanley said it is increasing its estimates on BMET for fiscal to $1.87 a share from $1.91 a share. Maintained Overweight rating.

Boston Scientific

estimates cut at Prudential: Prudential said it is cutting its 2006 estimates on BSX by 2 cents to $1.15 a share to reflect integration of Guidant into financial model. Maintained Neutral Weight rating.

IHS

estimates raised at Piper:Piper said it is raising its 2006 estimates on IHS by 6 cents to $1.18 a share based on higher organic growth assumptions. Maintained Outperform rating.

International Paper

outlook lowered at Morgan Stanley: Morgan Stanley said it is lowering its estimates on IP to $1.43 a share for 2006 from $1.60 a share. Maintained Overweight rating.

Merrill Lynch

estimates raised at Prudential: Prudential said it is raising its 2006 estimates on MER by 5 cents to $5.20 a share to reflect higher expectations for Q2 results. Maintained Overweight rating.

Herman Miller

estimates raised at UBS: UBS raised its 2007 estimates on MLHR by one penny to $1.71. Maintained Buy rating and $40 price target.

Premium Standard

outlook raised at Morgan Stanley: Morgan Stanley said it is increasing its estimates on PORK for fiscal 2007 to 79 cents a share from 70 cents a share. Maintained Overweight rating.

Plains Exploration & Production

target price raised at CSFB: CSFB said it is raising its target price on PXP to $44 from $36 due to failed Stone Energy merger and asset sales. Maintained Neutral rating.

Red Hat

estimates raised at Jefferies: Jefferies said it is raising its 2007 estimates on RHAT by 6 cents to $0.57 based on the company's strong May quarter. Noted 30%+ organic growth. Reiterated Buy rating.

Red Hat

outlook revised at UBS: UBS lowered its price target on RHAT to $36 from $38 and raised its 2007 estimates to $0.44 from $0.29. Maintained Buy rating.

Savvis

target raised at Jefferies: Jefferies said it is raising its price target on SVVSD to $38.50 from $35.30 after the company's colocation re-pricing. See upside to revenue and EBITDA estimates beginning in 2007. Maintained Buy rating.

Tellabs

target lowered at UBS: UBS said it is cutting its price target on TLAB to $15 from $17 and its 2007 estimates to $0.68 from $0.70. Maintained Neutral rating.

Textron

added to Focus List at JP Morgan: TXT was added to the Focus List, JP Morgan said. Recent pullback has created an attractive opportunity. Company is also stronger than it was during the last aerospace cycle, in the 1990's. Overweight rating.