CHANGE IN RATINGS

Associated Banc-Corp

(ASBC)

was downgraded from Neutral to Sell at Merrill Lynch. Estimates also cut, to reflect higher loss assumptions and a less aggressive buyback program.

Broadridge

(BR) - Get Report

was downgraded from Overweight to Neutral at JP Morgan. Company posted a strong quarter, but may lose ETFC as a customer and event-driven fees may decline in the coming quarters.

Cathay General

(CATY) - Get Report

was downgraded to Sell at Merrill Lynch. Estimates also cut, as the company will likely see higher non-performing loans and negative loan repricing.

Countrywide Financial

( CFC) was upgraded to Market Perform at Wachovia. Company still has some near-term earnings risk, but the capital infusion should prevent a liquidity catastrophe.

Countrywide Financial was upgraded to Market Perform at Friedman, Billings Ramsey. $22 price target. Equity infusion from BAC helps solve a lot of near-term problems.

Cullen/Frost Bankers

(CFR) - Get Report

was downgraded from Neutral to Sell at Merrill Lynch. Estimates also cut, as the company's balance sheet is not prepared for the Fed to lower interest rates.

Cooper

(COO) - Get Report

initiated with Hold rating at Jefferies. Price target starts at $48 with 2008 eps estimates at $2.85.

City National

(CYN)

was downgraded from Neutral to Sell at Merrill Lynch. Estimates also cut through 2009, because of potential Fed easing.

Entergy

(ETR) - Get Report

upgraded at Morgan Stanley from equalweight to overweight and moves price target from $99 to $110.

Eaton Vance

(EV) - Get Report

was downgraded from Overweight to Underweight at JP Morgan. Valuation call, plus the company is facing several potential negative catalysts in the near term.

First Midwest Banc

(FMBI) - Get Report

was downgraded from Neutral to Sell at Merrill Lynch. Company's earnings power will be materially reduced in the current environment.

FirstMerit

(FMER)

was downgraded to Sell at Merrill Lynch. Valuation call. Estimates also look too high, based on lower lending revenue expectations.

Joy Global

( JOYG) upgraded to Buy rating from Neutral at UBS. Price target and 2008 eps estimates hold at $60 and $3.35, respectively.

TST Recommends

Massey Energy

( MEE) upgraded to Buy rating from Neutral at UBS. Price target holds at $28, while 2008 eps estimates bump up to $1.68 from $1.67.

OSI Pharma

( OSIP) upgraded at Wachovia from Underperform to Market Perform. Company should be able to build upon solid second quarter results, led by Tarceva growth in Europe.

ShoreTel

(SHOR)

coverage initiated at Piper with an Outperform rating and $17 target price. Company is a pure play on VoIP.

SVB Financial

(SIVB) - Get Report

was downgraded from Buy to Sell at Merrill Lynch. Valuation call, especially ahead of a Fed easing cycle.

Tech Data

(TECD) - Get Report

was upgraded from Hold to Buy at Citigroup. $50 price target. Company is delivering faster sales growth in the US, and margins should recover in Europe.

Tech Data 2008 estimates raised at Credit Suisse to $2.27 from $1.91 after company reported solid Q2 results and raised guidance. Maintained $40 target price.

Zions Banc

(ZION) - Get Report

was downgraded from Neutral to Sell at Merrill Lynch. Estimates also cut, as loss rates will likely increase. The company's margins will also compress if the Fed lowers interest rates.

Zumiez

(ZUMZ) - Get Report

downgraded at Piper to a Market Perform rating on valuation. Fundamentals are strong but shares hit price target.

STOCK COMMENTS / EPS CHANGES

Abercrombie

(ANF) - Get Report

2008 estimates trimmed at Goldman to $5.20 from $5.27. Q2 results were solid, but guidance came in below Goldman's forecast, reflecting a muted same-store sales outlook. Maintained Buy rating and $86 target.

DryShips

(DRYS) - Get Report

numbers raised at Jefferies. Price target lifts to $80 from $78 and 2008 eps estimates upped to $10.65 from $10.33. Reiterates Buy rating.

Merck

(MRK) - Get Report

price target raised at Goldman to $56 from $55 based on updates to earnings model. 2010 and 2012 earnings estimates raised by a penny. Goldman prefers Lilly and Pfizer. Maintained Neutral rating.

Phillips-Van Heusen

(PVH) - Get Report

2008 estimates raised at CSFB to $3.20 from $3.05 after company reported strong Q2 results and raised guidance. Maintained $75 target price.

Ross Stores

(ROST) - Get Report

numbers lowered at Jefferies. Price target drops to $30 from $33.50 and 2008 eps estimates lowered to $2.15 from $2.25. Reiterates Hold rating.

Ross Stores price target cut at Goldman to $30 from $33 after management reduced 2008 guidance due to cautious macro outlook and softer sales trends. Maintained Neutral rating.