CHANGE IN RATINGS

Danaher

(DHR) - Get Report

was downgraded from Overweight to Neutral, JP Morgan said. Stock has outperformed its peers, up 23% for the year, and is already pricing in near-term earnings upside potential.

Jefferies said it is updating coverage on

First Data Corp.

(FDC) - Get Report

with a buy rating following the company's spinoff of Western Union. It sees inexpensive valuation relative to organic revenue growth, mid-20% operating margins, good free cash flow, and low leverage. Price target at $27.

FDC was downgraded from Overweight to Neutral, JP Morgan said. Estimates also cut, because of likelihood for more non-operating items in the near term.

Flowserve

(FLS) - Get Report

was upgraded to Peer Perform, Bear Stearns said. Company reported higher margins in its recent 10-Q filing, and is also buying back stock.

Health Net

(HNT)

was upgraded from Neutral to Overweight, JP Morgan said. Estimates were also raised, as the company is experiencing positive pricing and expense trends.

Goldman said it is initiating coverage on

Macerich

(MAC) - Get Report

with a Neutral rating. It cites a compelling outlook for the premier mall operator tempered by cautious stance on consumer-related stocks. Price target at $80.

NYSE Group

(NYX)

was downgraded from Market Perform to Underperform, Raymond James said. Stock is up about 20 points since mid-August on little news. On-exchange volumes are also looking weaker.

Credit Suisse said it is downgrading

Valspar

(VAL) - Get Report

to Underperform from Neutral based on the slowing U.S. housing market and expectations for weak remodeling. Reduced target price to $26 from $28.50.

Coverage of

Western Union

(WU) - Get Report

was initiated with a Neutral rating, JP Morgan said. Company has low earnings visibility and there likely is little upside potential to numbers in the near term.

STOCK COMMENTS/EPS CHANGES

UBS said it is raising its target price on

Aetna

(AET)

to $49 from $45 based on improved earnings outlook due to stronger margins and recent share repurchases. Maintained Buy rating.

Morgan Stanley is cutting 2006-2007 EPS estimates at

Monster Worldwide

(MNST) - Get Report

to reflect the sale of AdComms North America.

UBS said it is lowering its target price on

Sierra Health Services

( SIE) to $35 from $37 based on conservative pricing in a competitive market. Maintained Reduce rating.

STRATEGY CALLS/MARKET CALLS

Morgan Stanley is cutting its rating on the P&C group to in-line from attractive. It believes the group's solid investment performance has come against a backdrop of diminishing operating prospects.

Credit Suisse said it is reducing its EPS estimates on transportation stocks JBHT, KNX, ODFL, SWFT, WERN and YRCW. Cites pervasive softness in the TL freight market may be indicative of a marked slowdown in the economy.

ECONOMICS

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