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CHANGE IN RATINGS

Biogen Idec

(BIIB) - Get Biogen Inc. Report

upgraded at Bear: BIIB was upgraded from Underperform to Peer Perform at Bear Stearns. Expecting better Tysabri roll out, although it could take business away from Avonex.

Carpenter Tech

(CRS) - Get Carpenter Technology Corporation Report

upgraded at Bear: CRS was upgraded from Peer Perform to Outperform at Bear Stearns. Stock overreacted to a slow quarter, and the company remains positioned well to benefit from end-market growth. $135 price target.

Diamond Offshore

(DO) - Get Diamond Offshore Drilling, Inc. Report

upgraded at Deutsche: DO was upgraded from Hold to Buy at Deutsche Bank. $89 price target. Midwater floater markets continue to improve, and the company continues to generate considerable cash flow.

Diamond Offshore

(DO) - Get Diamond Offshore Drilling, Inc. Report

target cut at Jefferies: Jefferies is cutting its target on DO to $105 from $116 following disappointing Q3 results. Higher than expected operating costs were primary cause. Maintaining Buy rating due to leverage in global market and strong internal growth prospects.

Energizer

(ENR) - Get Energizer Holdings Inc Report

initiated at Morgan Stanley: Morgan Stanley initiates coverage of Energizer Holdings with an Underweight rating and $72 price target, as the current stock price reflects an overly optimistic view of 2007.

Exelon

TheStreet Recommends

(EXC) - Get Exelon Corporation Report

downgraded at Citigroup: EXC was downgraded to Hold at Citigroup. Valuation call, though estimates were also cut because of the recent negative rate decision at ComEd. $65 price target.

Ingersoll-Rand

(IR) - Get Ingersoll-Rand Plc (IR) Report

downgraded at Deutsche: IR was downgraded from Buy to Hold at Deutsche Bank. $38 price target. Company had a soft quarter, highlighted by Bobcat. Estimates also cut, to match the company's new guidance.

Janus Capital

( OS) downgraded at Goldman Sachs: Goldman is downgrading JNS to Sell from Neutral due to persisting decline in assets under management and negative organic growth. Target price lowered to $17.50 from $18.96.

Komag

( KOMG) upgraded at Deutsche: KOMG was upgraded from Hold to Buy at Deutsche Bank. $48 price target. Desktop business is more stable, given 95mm opportunities with Samsung. Gross margin should also improve in 2007.

Lockheed Martin

( OS) upgraded at Goldman Sachs: Goldman is upgrading LMT to Buy from Neutral following recent weakness in shares. See market share gains, continuing margin expansion, strong cash position, and consistent execution. Price target at $102.

Oregon Steel

( PDE) target price raised at UBS: UBS is raising its target price on OS to $69 from $60 based on possible margin expansion and rosy outlook heading into 2007. Maintained Buy rating.

Oregon Steel

( PDE) downgraded at Jefferies: OS downgraded to Hold from Buy at Jefferies. See reduced price potential for shares from current levels; reducing rating based on valuation. Price target raised to $62 from $55.

Pride Int'l.

( PDE) downgraded at Wachovia: PDE was downgraded to Market Perform at Wachovia. Valuation call, though 2007 estimates are also being cut because of a slower Gulf of Mexico recovery.

Pacific Sunwear

(SYMBOL)

upgraded at JP Morgan: PSUN was upgraded from Underweight to Neutral at JP Morgan. Margins have been cut in half in less than a year, but the business appears to have bottomed out. New CEO should also breathe fresh life into the company.

Patni Computer

(PTI) - Get Proteostasis Therapeutics, Inc. Report

downgraded at Jefferies: Jefferies is downgrading PTI to Hold from Buy due to reduced outlook. Strong Q3 results driven in part by reduced hiring/headcount, which may indicate slower growth next year. Price target at $23.

Timberland

( TBL) downgraded at Prudential: Prudential is downgrading TBL to an Underweight rating as management reduced guidance and multiple expected to contract.

Willis Group

(WSH)

upgraded at Morgan Stanley: Morgan Stanley upgraded Willis Group Holdings from equalweight to overweight, raises 2006 and 2007 EPS estimates, and establishes a $43 price target.

STOCK COMMENTS / EPS CHANGES

Air Products

(APD) - Get Air Products and Chemicals, Inc. Report

price target increased at Jefferies: Jefferies is upping its target on APD to $80 from $77 after solid Q4 results. See attractive risk/reward based on potential for favorable earnings revisions. Reiterated Buy rating.

Baker Hughes

(BHI)

target price lowered at Goldman: Goldman is lowering its target on BHI to $102 from $105 following weak Q3 results. See shares lagging due to missed expectations. Weak results driven by tools segment. Maintained Neutral rating.

Baker Hughes

(BHI)

estimates increased at Jefferies: Jefferies is upping its 2007 estimates by 10 cents to $5.05 after good Q3 results. Reiterating Buy rating and $100 target.

Constellation Energy

( CEG) target raised at Jefferies: Price target on CEG increased to $66 from $62 at Jefferies. Company raised 2006 guidance following excellent Q3 results. Reiterated Hold rating.

Chevron

(CVX) - Get Chevron Corporation Report

estimates raised at Goldman: 2006 estimates on CVX increased to $8.29 from $7.74 following strong Q3 results. Goldman continues to prefer ConocoPhillips (COP) shares over Chevron. Maintained Neutral rating and $72 target.

Eastman Chemical

(EMN) - Get Eastman Chemical Company Report

outlook raised at UBS: UBS is raising its 2006 EPS estimates on EMN to $4.90 from $4.80 following strong 3Q results. Raised target price to $60 from $56. Maintained Buy rating.

Kinetic Concepts

( KC) estimates raised at Jefferies: 2007 estimates on KCI increased 8 cents to $3.00 at Jefferies. Company reported solid quarter and raised EPS guidance. Reiterated Buy rating and increased price target to $45 from $41.

Nokia

(NOK) - Get Nokia Oyj Sponsored ADR Report

estimates raised at Piper: Piper is raising its 2007 estimates on NOK by a penny to $1.52 a share to reflect higher global handset estimate. Maintained Outperform rating.

Pride Int'l

( PDE) estimates slashed at Jefferies: Jefferies is lowering its 2007 estimates on PDE to $2.79 from $3.32 following positive Q3 results but reduced outlook. Price target cut to $36 from $42, but reiterated Buy rating.

Wendy's

(WEN) - Get Wendy's Company Report

estimates lowered at Goldman: Goldman is cutting its 2006 estimates on WEN by 5 cents to $0.49 following Q3 results that clarified earnings expectations. Management reiterated 2007 guidance. Maintain Neutral rating and $35 target.