CHANGE IN RATINGS
upgraded at SunTrust Robinson Humphrey: SunTrust Robinson Humphrey said it was upgrading ARO to Buy and raised their 4Q EPS estimate to $0.72 and FY 2005 EPS to $1.46 on December sales, comps growth. Price target raised to $35.
upgraded at Baird: Baird said it was upgrading AYI from Neutral to Outperform on margin expansion, emerging construction cycle, and hiring of permanent CFO. Price target raised to $40.
downgraded at Banc of America: BA was downgraded from Buy to Neutral, Banc of America said. $73 price target. Valuation call, as the stock could be rangebound in 2006, after two years of solid performance.
downgraded at CSFB: CSFB said it is downgrading BIIB to Underperform from Neutral on belief that "Tysabri return" trade had run its course and Rituxan faces tricky approval.
downgraded at Piper: Piper said it is downgrading BSTE to an Underperform rating due to market deceleration and share shift to NTproBNP vendors.
upgraded at UBS: UBS said it is upgrading CPHD to Buy from Neutral based on valuation. Sees positive near-term outlook from launch of GeneXpert, greater visibility on clinical milestones and growing consumer revenue stream. Maintained $12.50 price target.
upgraded at Deutsche: CVC was upgraded from Hold to Buy, Deutsche Bank said. $33 price target. Recent uncertainty with the Dolan family has created an attractive buying opportunity.
rated new Buy at UBS: UBS said it is initiating coverage on CVD with a Buy rating. Cites key strengths in diversified portfolio of services, leading and expanding position in toxicology and dominant central lab franchise. Sets target price at $63.
downgraded at CSFB: CSFB said that it was downgrading DNA to Neutral on valuation. Maintained $100 target price.
Duquesne Light Holdings
upgraded at J.P. Morgan: J.P. Morgan said it was upgrading DQE from Underweight to Neutral on yield support. Cites concerns about long-term fundamentals.
upgraded at Morgan Stanley: Morgan Stanley said it is increasing its rating on DVA to Overweight from Equalweight. Numbers are too low.
downgraded at RBC: RBC said it was downgrading GLG from Top Pick to Outperform on valuation. However, price target raised to $34.
upgraded at Piper: Piper said it is upgrading HLTH to an Outperform rating based on sum-of-parts analysis.
downgraded at CSFB: CSFB said it was downgrading IMCL from Neutral to Underperform on valuation. Price target reduced to $31.
upgraded at Lehman: JDSU was upgraded from Underweight to Equal-weight, Lehman Bros. said. $3 price target. Worst is behind the company, which has improved its business model in recent quarters.
upgraded at Jefferies: Jefferies said it was upgrading LSCP from Hold to Buy on revised CMS guidelines. The price target was raised $30.00.
downgraded at Goldman: Goldman said it is lowering its rating on MRK to Underperform from Inline on recent strong share performance and an earnings view below management and consensus.
downgraded at UBS: UBS said it is downgrading PCU from Buy to Neutral based on valuation. Shares are trading near initial price target. Maintained $75 target price.
downgraded at CSFB: CSFB said it was downgrading PIXR from Outperform to Neutral on valuation. Maintained target price of $55.
downgraded at Sanford Bernstein: Sanford Bernstein said it was downgrading Q from Outperform to Marketperform citing valuation. Price target raised to $5.50.
downgraded at CSFB: CSFB said it was downgrading THRX from Neutral to Underperform citing risks with their two lead programs - LABA and Telavancin. Price target reduced to $18.
STOCK COMMENTS / EPS CHANGES
target price raised at UBS: UBS said it is raising its target price on ARO to $28 from $24 after robust comp figures driven by heavy sales promotion. Also raised 2006 EPS to $1.46 from $1.32. Maintained Neutral rating.
outlook raised at Goldman: Goldman said it is increasing its estimates on ARO for 2005 to $1.45 a share from $1.29 a share. Maintained Outperform rating.
estimates raised at Piper: Piper said it is raising its 2007 estimates on ARO by 3 cents to $1.73 a share due to stronger sales momentum and clear inventory. Maintained Outperform rating.
outlook raised at Goldman: Goldman said it is increasing its estimates on CCL for the full year to $3.05 a share from $2.97 a share. Maintained Outperform rating.
estimates lowered at UBS: UBS said it is lowering 2006 EPS estimates on IBM to $5.65 from $5.72 and lowering its price target to $90 from $100 citing slower booking growth. Maintained Neutral rating.
target raised at Jefferies: Jefferies said it was raising the price target on ISRG from $120.00 to $140.00 on the expectation of strong 4Q results. Maintained Buy rating.
target lowered at Jefferies: Jefferies said it was lowering the price target on KRON from $48.00 to $43.00 on inconsistent revenue execution. Maintained Hold rating.
target cut at Piper: Piper said it is cutting its target price on KRON to $46 after the company guided down. Maintained Outperform rating.
estimates raised at Piper: Piper said it is raising its 2006 estimates on NTRS by a nickel to $3.00 a share. Maintained Market Perform rating.
target raised at Jefferies: Jefferies said it was raising the price target on NU from $20.00 to $21.00 on reduced risk following sale of non-regulated businesses. Maintained Buy rating.
target raised at Jefferies: Jefferies said it was raising the price target on RS from $48.00 to $63.00 citing the purchase of the remaining interest in American Steel. Maintained Hold rating.
outlook raised at Goldman: Goldman said it is increasing its estimates on SLB for 2005 to $3.26 a share from $3.20 a share. Maintained Outperform rating.
outlook cut at Goldman: Goldman said it is lowering its estimates on STTX for 2005 to $1.50 a share from $2.29 a share on reduced guidance. Impact seems to be from lower than expected selling prices.
estimates raised at Jefferies: Jefferies said it was raising the revenue estimates on XLNX from 4-8% to 11-12% Q-Q for FY3Q 2006. Believes guidance for strong growth is positive proxy for semiconductors and indicates possible market share gains. Maintained Hold rating.
target price raised at UBS: UBS said it is raising its target price on XLNX to $30 from $27 after positive pre-announcement. Maintained Neutral rating.
estimates raised at Morgan Stanley: Morgan Stanley said it is increasing its estimates on XLNX for 2005 to 99-cents a share from 95-cents a share. Target raised to $33 a share from $30 a share. Maintained Equalweight rating.