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JP Morgan changes ratings in Packaging sector: JP Morgan downgraded BMS and SEE from Neutral to Underweight. PTV was also cut to Neutral, as the new industry analyst believes that the best companies in the group have good margin momentum. With that in mind, CCK was upgraded to Overweight.

CNET Networks

(CNET) - Get ChinaNet Online Holdings, Inc. Report

downgraded at Goldman: Goldman is downgrading CNET to Sell from Neutral. Do not believe all bad news priced into shares and 2007 estimates remain too high. Target price at $8.



coverage initiated at Goldman Sachs: CTX coverage initiated at Goldman with a Neutral rating. Believe stock will be rangebound and highly correlated to book value. Cautious view on homebuilders. Price target at $45.


( HET) downgraded at Morgan Stanley: Morgan Stanley downgrades Harrah's Entertainment to equalweight as the company is no longer trading on fundamentals.


(MFC) - Get Manulife Financial Corporation Report

upgraded at Morgan Stanley: Morgan Stanley upgrades Manulife Financial from underweight to equalweight, and raises price target up a dollar to $39.


( MFE) upgraded at UBS: UBS is upgrading MFE to Buy from Neutral based on possible takeover after CEO departure. Raised target price to $32 from $25.50.



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downgraded at CIBC: SNDK was downgraded from Outperform to Sector Perform at CIBC. NAND supply is building, and could be a problem by early 2007. Integration of the FLSH acquisition could also be choppy.



upgraded at Bear: TSO was upgraded from Underperform to Peer Perform at Bear Stearns. West coast refining margins have dropped to a more sustainable levels, and downside is limited after the stock is already down 24%.

Universal Health

(UHS) - Get Universal Health Services, Inc. Class B Report

upgraded at Goldman Sachs: Goldman is upgrading UHS to Neutral from Sell after modifying valuation methodology to use sum-of-parts. Price target at $61.


BMC Software


target raised at Goldman: Target price on BMC upped to $28 from $25 at Goldman. Analyst day supported picture of healthier company with positive near-term tailwinds for service management franchise. Maintained Neutral rating.


( COGN) price target increased at Jefferies: COGN target raised to $43 from $39 at Jefferies. See margin and revenue upside for 2008, positive risk/reward and benefits of seasonality. Reiterated Buy rating.


(INFY) - Get Infosys Limited Sponsored ADR Report

estimates raised at Jefferies: Jefferies is upping its 2007 estimates on INFY by 4 cents to $1.43 after company reported excellent Q2 results. See accelerating organic revenue growth and strong seasonal margin rebound. Reiterated Buy rating and $57 target.

Lam Research

(LRCX) - Get Lam Research Corporation (LRCX) Report

outlook raised at UBS: UBS is raising its 2007 EPS estimates on LRCX to $4.20 from $3.89 following strong F1Q results. Raised target price to $63 from $60.

Phillips-Van Heusen

(PVH) - Get PVH Corp. Report

target price raised at Credit Suisse: Credit Suisse is raising its target price on PVH to $52 from $47 following acquisition announcement of Superba. Maintained Outperform rating.



price target lowered at Jefferies: Jefferies is cutting its target on YHOO to $39 from $43 due to anticipated softness in Q3 results. See attractive valuation. Reiterated Buy rating.

Yum! Brands

(YUM) - Get Yum! Brands, Inc. (YUM) Report

estimates increased at Goldman: Goldman is raising its 2006 estimates on YUM by 6 cents to $2.90 after company reported strong Q3. Upside driven by lower cost of sales and labor expenses. Maintain Buy rating and $62 target.