Friday's Analysts' Upgrades and Downgrades

Who made what calls.
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CHANGE IN RATINGS

ArvinMeritor

downgraded at JP Morgan: ARM was downgraded from Overweight to Neutral, JP Morgan said. Estimates also cut, as the company may face increased raw materials pressure.

Bisys Group

downgraded at Merrill: BSG was downgraded from Buy to Neutral, Merrill Lynch said. Estimates also cut, as the company's CEO has left and the 10-K may be delayed longer than expected.

ECI Telecom

coverage initiated at Jefferies: Jefferies said it is initiating coverage on ECIL with a Buy rating. See attractive valuation and solid business fundamentals that include exposure to wireless backhaul, broadband access in emerging markets, and DSL growth in Europe.

Eaton Vance

upgraded at Merrill: EV was upgraded from Neutral to Buy, Merrill Lynch said. $28 price target. Valuation call, based on the analyst's cash earnings analysis.

Tenet

upgraded at Jefferies: Jefferies said it is upgrading THC to Hold from Underperform due to positive earnings results stemming from strong pricing growth and cost control. 2006 estimates increased 7 cents to $0.05. Price target at $7.00.

XL Capital

upgraded at Bear: XL was upgraded from Underperform to Peer Perform, Bear Stearns said. Valuation call, as fair value is likely around $57 to $60 a share. Stock has already dropped 15% since the hurricanes.

STOCK COMMENTS / EPS CHANGES

Analog Devices

outlook lowered at Morgan Stanley: Morgan Stanley said it is lowering its estimates on ADI for the full year to $1.48 a share from $1.57 a share. Target is cut to $50 a share from $52 a share. Maintained Overweight rating.

Analog Devices

estimates cut at Piper: Piper said it is cutting its 2006 estimates on ADI by 12 cents to $1.67 a share following weak July quarter. Maintained Underperform rating.

Biovail

outlook revised at UBS: UBS raised its 2006 estimates on BVF a penny to $2.33 but lowered 2007 estimates to $2.02 from $2.49. Price target was reduced to $18 from $27. Maintained Neutral rating.

Charles River

estimates raised at Jefferies: Jefferies increased its 2006 estimates on CRL by 2 cents to $2.13 due to better than expected Q2 EPS of $0.57. Noted limited visibility and reiterated Hold rating.

Cablevision

price target raised at UBS: UBS raised its price target on CVC a dollar to $27 and upped 2006 estimates to -$0.48 from -$0.56. The company reported a solid second quarter and implied it may pursue strategic options for its Rainbow assets. Reiterated Buy rating.

Echostar

outlook raised at Morgan Stanley: Morgan Stanley said it is raising its target to DISH to $35 a share from $33 a share. Maintained Equalweight rating.

Expedia

outlook raised at Morgan Stanley: Morgan Stanley said it is increasing its target price on EXPE to $17 a share from $16 a share. Maintained Equalweight rating.

First Marblehead

price target raised at UBS: UBS raised its price target on FMD to $42 from $40 and 2007 estimates to $3.95 from $3.75. The company should see a lower tax rate but margin compression remains a concern. Reiterated Reduce rating.

J.C. Penney

estimates raised at Morgan Stanley: Morgan Stanley said it is increasing its estimates on JCP for the full year to $4.35 a share from $4.27 a share. Maintained Overweight rating.

Kellogg

price target raised at UBS: UBS raised its price target on K to $58 from $56. The company should see higher margins in 2007. Maintained Buy rating.

Kohl's

target increased at Jefferies: Price target on KSS raised to $75 from $65, Jefferies said. See earnings momentum driven by operating initiatives, with share repurchases contributing as well. 2006 estimates increased to $3.15 from $2.99 after management raised guidance. Reiterate Buy rating.

Nike

estimates raised at UBS: UBS raised its 2007 estimates on NKE to $5.67 from $5.61 and 2008 estimates to $6.37 from $6.34 after meeting with management. The company does not foresee a significant slowdown in athletic footwear. Maintained Buy rating and $103 price target.

Penn Gaming

estimates lowered at Jefferies: Jefferies said it is cutting its 2006 estimates on PENN by 7 cents to $1.95 after the company announced it secured $400 million in property insurance. Believe shares are oversold. Reiterated Buy rating and $40 target.

URS

outlook raised at Morgan Stanley: Morgan Stanley said it is increasing its estimates on URS for the full year to $2.19 a share from $2.15 a share. Target is raised to $45 a share from $44 a share. Maintained Equalweight rating.