StreetNotes: A Daily Roundup of Street Research

Who made what calls.
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CHANGE IN RATINGS

Aeropostale

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.

Acuity

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.

Boeing

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.

Biogen Idec

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.

Biosite

downgraded at Piper: Piper said it is downgrading BSTE to an Underperform rating due to market deceleration and share shift to NTproBNP vendors.

Cepheid

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.

Cablevision

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.

Covance

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.

Genentech

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.

DaVita

upgraded at Morgan Stanley: Morgan Stanley said it is increasing its rating on DVA to Overweight from Equalweight. Numbers are too low.

Glamis Gold

downgraded at RBC: RBC said it was downgrading GLG from Top Pick to Outperform on valuation. However, price target raised to $34.

Emdeon

upgraded at Piper: Piper said it is upgrading HLTH to an Outperform rating based on sum-of-parts analysis.

Imclone

downgraded at CSFB: CSFB said it was downgrading IMCL from Neutral to Underperform on valuation. Price target reduced to $31.

JDS Uniphase

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.

Laserscope

upgraded at Jefferies: Jefferies said it was upgrading LSCP from Hold to Buy on revised CMS guidelines. The price target was raised $30.00.

Merck

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.

Southern Copper

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.

Pixar

downgraded at CSFB: CSFB said it was downgrading PIXR from Outperform to Neutral on valuation. Maintained target price of $55.

Qwest

downgraded at Sanford Bernstein: Sanford Bernstein said it was downgrading Q from Outperform to Marketperform citing valuation. Price target raised to $5.50.

Theravance

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

Aeropostale

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.

Aeropostale

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.

Aeropostale

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.

Carnival Corp.

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.

IBM

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.

Intuitive Surgical

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.

Kronos

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.

Kronos

target cut at Piper: Piper said it is cutting its target price on KRON to $46 after the company guided down. Maintained Outperform rating.

Northern Trust

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.

Northeast Utilities

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.

Reliance Steel

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.

Schlumberger

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.

Steel Technologies

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.

Xilinx

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.

Xilinx

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.

Xilinx

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.