StreetNotes: A Daily Roundup of Street Research

Who made what calls.
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CHANGE IN RATINGS

Anteon

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

AON Corp.

upgraded at Sandler O'Neill & Partners: Sandler O'Neill & Partners said it was upgrading AOC to Hold from Sell on increased confidence in the company's earnings prospects. Target raised from $33 to $38.

Apollo Group

target price lowered at UBS: UBS said it is lowering its target price on APOL to $50 from $60 after surprise announcement of CEO resignation. Maintained Reduce rating.

Apollo Group

downgraded at Prudential: Prudential said it is downgrading APOL to a Neutral Weight rating in light of CEO resignation.

AutoZone

upgraded at CSFB: CSFB said it is upgrading AZO to Outperform from Neutral after solid top line Q1 performance. Raised target price to $120 to $95.

Bed Bath & Beyond

upgraded at CSFB: CSFB said it is upgrading BBBY from Outperform to Neutral. Sees end of adjusting period after two years of stock declines. Maintained $42 target price.

CBS

downgraded at Goldman: Goldman said it is lowering its rating on CBS to Underperform from Inline with a $21 implied value.

Checkfree

downgraded at AG Edwards: CKFR was downgraded to Sell, AG Edwards said. Stock is trading at a premium to its peers, already valued at 29 times expected full-year earnings.

Amdocs

upgraded at Merrill: Merrill said it was upgrading DOX from Neutral to Buy citing margin pressure priced in and long-term growth potential. Maintained $35 target.

DreamWorks Animation

initiated at Jefferies: Jefferies said it was initiating coverage on DWA with a Hold rating on cautious optimism. Set $27.50 price target.

Gilead Sciences

upgraded at Bernstein: GILD was upgraded to Outperform, Sanford C. Bernstein said. $70 price target. New triple combination HIV product will add to sales and earnings.

J.P. Morgan

downgraded at Piper: Piper said it is downgrading JPM to a Market Perform rating due to NIM deterioration, a moderating trading environment, and slowing consumer loans.

Kraft

upgraded at Merrill: Merrill said it is raising its rating on KFT to Buy citing improved risk/return. Potential spinoff from Altria a modest long-term positive.

Level 3 Communications

upgraded at Merrill: Merrill said it was upgrading LVLT from Sell to Neutral on limited downside due to recent delay of debt maturities and accretion of WilTel acquisition.

Montpelier Re Holdings

downgraded at CSFB: CSFB said it is downgrading MRH to Underperform. Believes positive news is more than adequately discounted in the stock and does not see any near-term catalysts. Increased target price to $21 from $19.50.

Petco Animal Supplies

downgraded at CSFB: CSFB said it is downgrading PETC to Underperform from Neutral. Remains troubled by pricing position and sees better opportunities in peers. Lowered target price to $22.

PerkinElmer

rated new Neutral at UBS: UBS said it is initiating coverage on PKI. Sees significantly improved operating margins and resolved balance sheet concerns. Sets $28 target price.

Raymond James Financial

downgraded at Wachovia: Wachovia said it was downgrading RJF from Outperform to Market Perform citing valuation. Maintains $38 - $40 valuation range.

AT&T

upgraded at Prudential: Prudential said it is upgrading T to an Overweight rating ahead of analyst day. Stock is attractively valued and dividend yield adds to attraction.

Visteon

downgraded at CSFB: CSFB said it is downgrading VC to Neutral from Outperform and lowering its target price to $5 from $9 after company comments. Sees high volume risk from exposure to Ford.

Viacom

coverage initiated at Goldman: Goldman said it is initiating coverage on VIA with an Outperform rating.

STOCK COMMENTS / EPS CHANGES

American Express

estimates cut at Piper: Piper said it is cutting its 2005 estimates on AXP to $2.53 a share. Maintained Outperform rating.

Borders Group

outlook raised at Goldman: Goldman said it is increasing its estimates on BGP for 2005 to $1.34 a share from $1.29 a share. Maintained Inline rating.

Biovail

numbers raised at Morgan Stanley: Morgan Stanley said it is raising its estimates on BVF to $1.87 a share from $1.86 a share. Maintained Overweight rating.

Costco

outlook raised at Morgan Stanley: Morgan Stanley said it is increasing its estimates on COST for the full year to $2.31 a share from $2.27 a share. Maintained Equalweight rating.

Citrix Systems

estimates lowered at CSFB: CSFB said it is lowering 2006 EPS estimates on CTXS to $1.12 from $1.24 but does see solid outlook in core business. Raised target price to $32.50 from $29.50.

DuPont

estimates lowered at UBS: UBS said it is lowering 2005 EPS estimates on DD to $2.30 from $2.44 after weak 4Q guidance. Maintained 2006 EPS estimates of $3 a share and Buy rating.

Energy East

target, estimates raised at Jefferies: Jefferies said it was raising EAS FY 2005 & 2007 EPS estimates by $0.05 to $1.80 and $1.65 respectively citing limited risk exposure. Target raised from $23 to $25.

Forest Laboratories

outlook cut at Goldman: Goldman said it is lowering its estimates on FRX for the full year to $2.26 a share from $2.33 a share. Maintained Inline rating.

Jabil

target raised at Morgan Stanley: Morgan Stanley said it is increasing its target on JBL to $44 a share from $36 a share. Its 50% exposure to non-traditional and consumer end markets leaves it well positioned to benefit from new outsourcing.

UPS

outlook lowered at Morgan Stanley: Morgan Stanley said it is lowering its estimates on UPS for the full year to $3.50 a share from $3.55 a share. Raising estimates slightly due to cheaper fuel and strong volumes.