CHANGE IN RATINGS

Compucredit

upgraded at Bear: CCRT was upgraded from Peer Perform to Outperform, Bear Stearns said. Stock appears attractive, following its post-earnings selloff. Company has excess equity, which should build into 2007. $38 price target.

FairPoint Comms.

upgraded at Morgan Stanley: Morgan Stanley said it is increasing its estimates on FRP to Overweight from Equalweight. Target is $17 a share.

Kinetic Concepts

downgraded at JP Morgan: KCI was downgraded from Overweight to Underweight, JP Morgan said. Company received a negative court ruling, and will now face increased competition, barring an appeal.

Marsh & McLennan

downgraded at Bear: MMC was downgraded from Outperform to Peer Perform, Bear Stearns said. Company reported disappointing second quarter results, and mid-teens margin guidance is likely not achievable by 2007. $28 price target.

Nortel

downgraded at Prudential: Prudential said it is downgrading NT to a Neutral Weight rating due to lack of foreseeable restructuring progress. Profitability goals look unattainable.

Paychex

upgraded at AG Edwards: PAYX was upgraded to Buy, AG Edwards said. Recent pullback has presented a good buying opportunity. Annual earnings growth should approach 15% by the end of the decade. $41 price target.

Powerwave

coverage initiated at Goldman: Goldman said it is initiating coverage on PWAV with a Neutral rating and a $7.50 target price.

Sprint Nextel

downgraded at BofA: Rating on S was lowered from Buy to Neutral, Bank of America said. $20 target price. Company seeing increased challenges, as shown in the second half guidance and average user revenue declines.

Sprint Nextel

estimates cut at Prudential: Prudential said it is cutting its 2006 estimates on S by a nickel to $1.20 a share following weak Q2 results. Maintained Neutral Weight rating.

Verasun Energy

rated new Neutral at Credit Suisse: Credit Suisse said it is initiating coverage on VSE with a Neutral rating. Believes company is well positioned to capture free cash flow during the high margin phase of the ethanol cycle. Sets $23 target price.

STOCK COMMENTS / EPS CHANGES

Ann Taylor

estimates raised at UBS: UBS raised its 2007 estimates on ANN to $1.95 from $1.87 and 2008 estimates to $2.45 from $2.30 due to lighter promotions and heavier margins. Maintained Buy rating and $50 price target.

Conseco

target cut at Morgan Stanley: Morgan Stanley said it is lowering its target price on CNO to $25 a share from $26 a share. Ratings upgrade delayed but not derailed.

Cooper Tire & Rubber

outlook lowered at Morgan Stanley: Morgan Stanley said it is lowering its 2006 estimates on CTB to a loss of 60 cents from a 15 cent profit.

CVS

outlook raised at Morgan Stanley: Morgan Stanley said it would raise its estimates on CVS to $1.21 a share from $1.13 a share. Target is $40 a share, which is higher than previous target of $36 a share.

El Paso Electric

outlook raised at Goldman: Goldman said it is increasing its target on EE to $23 a share from $22 a share. Maintained Neutral rating.

Gap

outlook lowered at Morgan Stanley: Morgan Stanley said it is lowering its estimates on GPS for Jan 2007 year to $1.10 a share from $1.20 a share. Underweight rating is maintained here.

Home Depot

target price cut at Credit Suisse: Credit Suisse said it is lowering its target price on HD to $45 from $48 based on tough macro environment. Cites company is well-positioned for the longer-term. Maintained Outperform rating.

J.C. Penney

outlook raised at Morgan Stanley: Morgan Stanley said it is increasing its estimates on JCP for the year ending Jan. 2007 to $4.54 a share from $4.49 a share. July sales review.

Nordstrom

price target reduced at UBS: UBS lowered its price target on JWN to $45 from $51, 2007 estimates five cents to $2.42 and 2008 estimates ten cents to $2.75. The company reported the softest Anniversary comp in over five years. Maintained Buy rating.

Noble Energy

target price increased at Credit Suisse: Credit Suisse said it is raising its target price on NBL to $50 from $46. Second quarter numbers were below estimates but fundamentals improved. Maintained Neutral rating.

Nationwide Financial

estimates cut at Morgan Stanley: Morgan Stanley said it is lowering its estimates on NFS for the full year to $4.72 a share from $4.76 a share. Still mixed results.

Nortel Networks

estimates reduced at UBS: UBS lowered its 2006 estimates on NT to $0 from $0.05 and 2007 estimates to $0.07 from $0.15. Lowered price target to $2.35 from $2.55 and maintained Neutral rating.

Plains Exploration & Production

target price raised at Credit Suisse: Credit Suisse said it is raising its target price on PXP to $48 from $44 following solid 2Q results and future catalysts. Maintained Neutral rating.

Scientific Games

outlook cut at Morgan Stanley: Morgan Stanley said it is lowering its estimates on SGMS for the full year to $1.06 a share from $1.25 a share. target is $39 a share from $42 a share. Maintained the Overweight rating.

Tenaris

outlook raised at Morgan Stanley: Morgan Stanley said it is increasing its estimates on TS for the full year to $3.16 a share from $2.99 a share. Solid outlook leads to number boost.

Sabre Holdings

outlook raised at Morgan Stanley: Morgan Stanley said it is increasing its estimates on TSG for the full year to $1.12 a share from $1.07 a share. Maintained Underweight rating and $22 target price.

Tesoro

target cut at Goldman: TSO target cut to $74 a share from $88 a share. Maintained the Neutral rating.

Tyco

estimates raised at UBS: UBS raised its 2006 estimates on TYC a penny to $1.81. Maintained Buy rating and $35 price target.

Univision

numbers raised at Goldman: Goldman said it is increasing its estimates on UVN to $1.10 a share from $1.09 a share. Strong second quarter results support valuation.

WebMD

estimates cut at Morgan Stanley: Morgan Stanley said it is lowering its estimates on WBMD for the full year to a loss of 3 cents a share from a break even forecast. Maintained Equalweight.

Williams Companies

estimates raised at Credit Suisse: Credit Suisse said it is raising its 2006 EPS estimates on WMB by 20 cents to $1.08 based on midstream momentum, Maintained $30 target price and Outperform rating.