CHANGE IN RATINGS
downgraded at Prudential: Prudential said it is downgrading ACV to a Neutral Weight rating following spinoff of specialty distribution business.
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.
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.
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.
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.
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.
downgraded at Jefferies: Jefferies said it was downgrading DQE from Buy to Hold citing valuation. Maintained $18 price target.
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.
upgraded at Prudential: Prudential said it is upgrading HPQ to an Overweight rating due to improved execution, cost reductions, and earnings momentum.
downgraded at Raymond James: Raymond James said it was downgrading LCRD from Market Perform to Underperform on valuation noting recent price appreciation.
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.
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.
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.
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.
downgraded at JP Morgan: JP Morgan said it was downgrading SNDK from Overweight to Neutral on valuation noting recent price appreciation.
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.
downgraded at Morgan Stanley: Morgan Stanley said it is lowering its rating on WPI to Underweight from Equalweight.
downgraded at Merrill: Merrill said it is lowering its rating on YHOO to Neutral from Buy.
STOCK COMMENTS / EPS CHANGES
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.
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.
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.
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.
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.
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.
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.
target raised at Jefferies: Jefferies said it was raising the target on DPTR from $18 to $19 on mixed operational update. Maintained Hold rating.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.