CHANGE IN RATINGS

Cabot Oil & Gas

(COG) - Get Report

initiated at UBS with a Buy rating and $73 price target. 2008 EPS estimates are $5.79.

Campbell Soup

(CPB) - Get Report

upgraded at Merrill from Neutral to Buy. $39 price target. Earnings growth should be driven by recent price increases. Estimates also raised, on expectation the company will buy back stock into the summer.

Cepheid

(CPHD)

upgraded by UBS. Rating raised to Buy from Neutral. Price target lowered to $29 from $31. 2008 EPS estimates lowered to -$0.21 from -$0.17.

Denbury Resources

(DNR) - Get Report

initiated at UBS. Initiated with a Buy rating, $42 price target and 2008 EPS estimates of $3.23.

Esterline Technologies

(ESL)

downgraded at CSFB. Rating lowered to Neutral from Outperform. Maintains 2008 EPS estimates of $3.16 and $58 price target.

Forest Oil

(FST)

upgraded at UBS. Rating raised to Buy from Neutral. Price target raised to $72 from $44. 2008 EPS estimates raised to $11.34 from $7.46.

Gaylord Entertainment

( GET) upgraded at Bear from Peer Perform to Outperform. Dropping the La Cantera purchase should remove a big overhang from the stock. $36 price target.

Human Genome Sciences

( HGSI) downgraded at Citigroup from Buy to Hold, Citi. $8 price target. Swap of Syncria royalties for full rights to train adds further risk to the model. Also dashes M&A hopes.

Petrohawk Energy

(HK)

initiated at UBS. Initiated with a Buy rating, $35 price target and 2008 EPS estimates of $3.25.

International Flavors & Fragrances

(IFF) - Get Report

downgraded at JP Morgan. Rating lowered to Underweight from Neutral. Maintains 2008 EPS estimates of $2.95.

International Paper

(IP) - Get Report

downgraded at Credit Suisse to Neutral. Company just made an expensive acquisition that reflects a dramatic shift in its business model.

Illinois Tool Works

(ITW) - Get Report

downgraded at Credit Suisse from Outperform to Neutral. $57 price target. 2009 earnings estimate also cut, based on lower economic expectations.

Omniture

( OMTR) upgraded at Citigroup from Hold to Buy. $30 price target. The stock has fallen 45% from its highs, and the risk/reward once again appears attractive.

Procter & Gamble

(PG) - Get Report

downgraded at Deutsche from Buy to Hold. $74 price target. Short-term growth is slowing, especially in beauty products.

PetroQuest

(PQ)

initiated at UBS. Initiated with a Neutral rating, $20 price target and 2008 EPS estimates of $5.09.

Plains Exploration

(PXP)

initiated at UBS. Initiated with a Neutral rating, $68 price target and 2008 EPS estimates of $10.13.

Reynolds American

(RAI)

upgraded at Goldman Sachs to Neutral due to recent weakness and lower consensus earnings expectations. See potential for share buybacks and dividend increase this year. Target at $67.

Regions Financial

(RF) - Get Report

upgraded at Citigroup from Sell to Hold. $21 price target. Estimates cut because of credit and net interest margin concerns, but this is already priced into the stock.

Swift Energy

(SFY) - Get Report

upgraded at UBS. Rating raised to Buy from Neutral. Price target raised to $58 from $49. 2008 EPS estimates lowered to $16.25 from $17.80.

UST

(UST) - Get Report

downgraded at UBS. Rating lowered to Neutral from Buy. Price target lowered to $57 from $63. 2008 EPS estimates lowered to $3.64 from $3.71.

Venoco

( VQ) upgraded at Jefferies to Buy from Hold due to valuation and increased confidence in production growth target of 5%-10%. Price target raised to $18 from $14.

US Steel

(X) - Get Report

downgraded at Citigroup from Buy to Hold. $160 price target. Estimates raised, but the stock is already pricing in higher margins based on the run in steel prices.

Cimarex

(XEC) - Get Report

upgraded at UBS. Rating raised to Buy from Neutral. Price target raised to $68 from $45. 2008 EPS estimates raised to $15.07 from $12.25.

STOCK COMMENTS / EPS CHANGES

AMR

(AMR)

numbers lowered at UBS. 2008 EPS estimates lowered to -$9.20 from -$6.14. Price target lowered to $4.50 from $5.00. Maintains Sell rating.

eBay

(EBAY) - Get Report

estimates raised at UBS. 2008 EPS estimates raised to $1.73 from $1.65. Maintains $29 price target and Neutral rating.

eBay numbers raised at Morgan Stanley. Now seen reaching $38 a share, Morgan Stanley said. Estimates also raised, to reflect strong operating momentum. Overweight rating.

Gilead Sciences

(GILD) - Get Report

numbers raised at UBS. 2008 EPS estimates raised to $2.02 from $1.93. Price target raised to $61 from $59. Maintains Buy rating.

IBM

(IBM) - Get Report

target raised at Goldman to $135 from $130 based on rising expectations for earnings in 2008 and 2009. See $8.46 in earnings this year, up from $8.16. Maintained Buy rating.

Intersil

(ISIL)

price target increased at Jefferies to $27 from $25 following solid quarterly results. See indications of increasing competition in analog power management space, with potential negative effects on margins and market share going into the second half of 2008. Maintained Neutral rating.

Illinois Toolworks

(ITW) - Get Report

numbers raised at UBS. 2008 EPS estimates raised to $3.65 from $3.55. Price target raised from $56 to $59. Maintains Buy rating.

Pozen

(POZN)

target raised at Jefferies to $14 from $10 based on Treximet approval, and projected royalty revenues. See ongoing concerns over potential opportunity due to sumatriptan generic entry expected in November. Reiterated Hold rating.

This article was written by a staff member of TheStreet.com Ratings.