StreetNotes: A Daily Roundup of Street Research

Who made what calls.
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CHANGE IN RATINGS

Alberto-Culver

downgraded at Prudential: Prudential said it is downgrading ACV to a Neutral Weight rating following spinoff of specialty distribution business.

Broadcom

upgraded at UBS: UBS said it is upgrading BRCM to Buy from Neutral based on Apple, Bluetooth and MPEG4 strength. Raised 2006 EPS estimates from $1.82 to $2.05 and upped price target to $70 from $54.

Celgene

rated new Neutral at UBS: UBS said it is initiating coverage on CELG with a Neutral rating citing Revlimid as a potential blockbuster. Expects long-term jump in revenues. Sets $75 target price.

CheckFree

downgraded at CIBC: CIBC said it was downgrading CKFR from Outperformer to Sector Performer citing valuation as they expect the next few quarters to be choppy.

Dress Barn

downgraded at JP Morgan: DBRN was downgraded from Overweight to Neutral, JP Morgan said. Valuation call, as the consensus earnings estimates may prove too aggressive in the coming quarters.

Digital Insight

downgraded at Friedman, Billings, Ramsey & Co.: FBRC said it was downgrading DGIN to Market Perform on their belief that most potential upside is already priced in. Price target raised from $33 to $35.

Duquesne Light

downgraded at Jefferies: Jefferies said it was downgrading DQE from Buy to Hold citing valuation. Maintained $18 price target.

DiamondCluster

upgraded at Baird: DTPI was upgraded from Neutral to Outperform, Robert Baird said. $11 price target. Company seems poised to exceed expectations in the March quarter, after several recent disappointments.

Hewlett-Packard

upgraded at Prudential: Prudential said it is upgrading HPQ to an Overweight rating due to improved execution, cost reductions, and earnings momentum.

LaserCard

downgraded at Raymond James: Raymond James said it was downgrading LCRD from Market Perform to Underperform on valuation noting recent price appreciation.

Mercury Interactive

upgraded at Goldman: Goldman said it is increasing its rating on MERQ to Inline from Underperform. The company is rounding the corner on current internal issues.

Nelnet

coverage initiated at Jefferies: Jefferies said it was initiating coverage at NNI with a Buy rating citing the company's student loan portfolio, diversified origination platform and strong operating leverage. Price target set at $48.

Occidental Petroleum

downgraded at AG Edwards: OXY was downgraded from Buy to Hold, AG Edwards said. Company still executing well, but the stock is already up 14% on the year.

Quest Software

upgraded at Goldman: Goldman said it is increasing its rating on QSFT to Outperform from Inline. Exposure to favorable software trends including MSFT upgrade cycles as positive for 2006.

Sandisk

downgraded at JP Morgan: JP Morgan said it was downgrading SNDK from Overweight to Neutral on valuation noting recent price appreciation.

Seagate

downgraded at Piper: Piper said it is downgrading STX to a Market Perform rating as stock has hit target price.

The Sports Authority

downgraded at Wachovia: Wachovia said it was downgrading TSA from Market Perform to Underperform on decline in gross margins. FY 2006 and 2007 EPS estimates lowered from $2.03 and $2.10 to $2.00 and $2.05 respectively.

Watson Pharmaceuticals

downgraded at Morgan Stanley: Morgan Stanley said it is lowering its rating on WPI to Underweight from Equalweight.

Yahoo!

downgraded at Merrill: Merrill said it is lowering its rating on YHOO to Neutral from Buy.

STOCK COMMENTS / EPS CHANGES

Apple

estimates raised at CSFB: CSFB said it is raising 2006 EPS estimates on AAPL to $2.13 from $1.81. Cites better than expected iPod sales and future growth in Mac sales. Target price raised to $90.

Apple

outlook raised at UBS: UBS said it is raising 2006 EPS estimates on AAPL by 23 cents to $2.33 citing higher iPod sales. Raised target price to $100 from $86.

Apple

outlook raised at Morgan Stanley: Morgan Stanley said it is increasing its estimates on AAPL for the full year to $2.03 a share from $1.89 a share. Company raised guidance.

AIG

outlook raised at Morgan Stanley: Morgan Stanley said it is increasing its target on AIG to $79 a share from $69 a share. Upside bias to 2006 numbers exists.

Alkermes

outlook upped at Morgan Stanley: Morgan Stanley said it is increasing its target on ALKS to $28 a share from $25 a share. Still positive, but mindful of recent move higher.

Cascade Microtech

outlook lowered at UBS: UBS said it is lowering 2006 estimates on CSCD to 88 cents from 99 cents after 4Q results fall short of expectations. Target price lowered $2 to $15. Maintained Buy rating.

Genentech

outlook raised at Morgan Stanley: Morgan Stanley said it is increasing its estimates on DNA for the full year 2006 to $1.85 a share from $1.75 a share. Maintained Equalweight rating.

Delta Petroleum

target raised at Jefferies: Jefferies said it was raising the target on DPTR from $18 to $19 on mixed operational update. Maintained Hold rating.

H&R Block

outlook cut at Morgan Stanley: Morgan Stanley said it is lowering its estimates on HRB for 2005 to $1.82 a share from $1.86 a share on a higher tax rate and tweaks to its estimates in mortgage and business services.

LifePoint Hospitals

estimates lowered at Jefferies: Jefferies said it was lowering LPNT EPS estimates for FY 2006 from $2.86 to $2.33 citing 2006 guidance. Maintained $40 target and Hold rating.

McDonald's

estimates raised at UBS: UBS said it is raising 2006 EPS estimates on MCD by 3 cents to $2.20. Cites outlook for a smaller FX drag after USD weakness vs key currencies. Maintained Buy rating.

MGI Pharma.

estimates cut at Piper: Piper said it is cutting its 2006 estimates on MOGN by 27 cents to 14 cents a share due to lower Aloxi estimates and updated expense guidance. Maintained Market Perform rating.

Annaly Mortgage

estimates lowered at UBS: UBS said it is lowering 4Q 2005 estimates from 1.05 to ($0.15) following $148 million in pretax charges from restructuring. Views changes as a net positive. Maintained Neutral rating.

Phelps Dodge

estimates lowered at CSFB: CSFB said it is lowering 2005 and 2006 EPS estimates for PD to $15.91 and $15.00 from $17.81 and $17.75, respectively following disappointing 4Q pre-announcement. Maintained Outperfrom rating.

Phelps Dodge

estimates cut at Prudential: Prudential said it is cutting its 2005 estimates on PD by $2.45 to $15.34 a share due to lower copper and molybdenum sales, hedging activities, and one-time items. Maintained Overweight rating.

Phelps Dodge

outlook cut at Morgan Stanley: Morgan Stanley said it is increasing its estimates on PD for the full year to $16.93 a share from $17.18 a share. Guidance not as weak as headline number.

RF Micro Devices

estimates lowered at Jefferies: Jefferies said it was lowering EPS estimates on RFMD FY 2006 and 2007 from $0.17 and $0.26 to $0.16 and $0.23 respectively citing excessively high expectations for the December 2005 and March 2006 quarters. Maintained $7 target and Buy rating.

Regis Corp.

estimates raised at Piper: Piper said it is raising its 2006 estimates on RGS by a penny to $2.43 a share. Maintained Market Perform rating.

Red Hat

target raised at Jefferies: Jefferies said it was raising the target on RHAT from $22 to $34 on increased EPS estimates derived from updated model. Maintained Buy rating.

SiRF

outlook raised at Morgan Stanley: Morgan Stanley said it is raising its 2005 estimates on SIRF by a penny to 55-cents a share. The strength of the GPS market and SIRF's leadership position were clearly evident at CES.

Supervalu

estimates lowered at UBS: UBS said it is lowering 2006 EPS estimates on SVU by a penny to $2.26 based on narrowed guidance. Maintained Neutral rating.

Swift Transportation

estimates raised at UBS: UBS said it is raising 2005 EPS estimates on SWFT by 3 cents to $1.38. Expects truck load sector to report a healthy 4Q. Maintained Buy rating.