Tuesday's Analysts' Upgrades and Downgrades

Who made what calls.
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CHANGE IN RATINGS

Affymetrix

downgraded at Weisel:AFFX was downgraded from Outperform to Peer Perform, Thomas Weisel said. Company has little visibility, despite accelerating growth in end markets.

Capital One

upgraded at Morgan Stanley:Morgan Stanley said it is increasing its rating on COF to Overweight from Equalweight. Target is raised to $92 a share from $89 a share.

CenturyTel

outlook cut at Morgan Stanley:Morgan Stanley said it is lowering its rating on CTL to Equalweight from Overweight. Target is $41 a share. Expects buybacks to slow.

DirecTV

downgraded at Deutsche:DTV was downgraded from Buy to Hold, Deutsche Bank said. $17.50 price target. Merger speculation has been built into the stock already.

Electronic Arts

coverage initiated at Prudential:Prudential said it is initiating coverage on ERTS with an Underweight rating as stock is trading at a 75% premium to historical average.

Manor Care

downgraded at Jefferies:Jefferies said it is downgrading HCR to Hold from Buy based on valuation. Company reported outstanding second quarter, driven by continuing improvement in Quality Mix and high occupancy. Price target at $50.

Hydril

upgraded at Citigroup:HYDL was upgraded to Buy from Hold, Citigroup said. $93 price target. Stock has over-reacted to recent earnings warning.

International Game

upgraded at UBS:UBS upgraded IGT to Buy from Neutral and raised their price target to $46 from $39. The company is on the verge of new jurisdiction shipments that can drive higher earnings growth.

Manpower

downgraded at UBS:UBS downgraded MAN to Neutral from Buy and their price target to $65 from $76. Concerns remain over a slowdown in the U.S. and European economic growth.

ArcelorMittal

coverage initiated at Credit Suisse:Credit Suisse said it is initiating coverage on MT with an Outperform rating. See synergies, internal and external growth potential, and cost reduction programs translating into EBITDA growth. Price target at $52.

Rightnow

coverage initiated at Prudential:Prudential said it is initiating coverage on RNOW with an Underweight rating and a target price of $14.

STOCK COMMENTS / EPS CHANGES

Aflac

added to Merrill Focus 1 List:Merrill said it is adding AFL to its Focus 1 List. Sees 15% annual EPS growth for the foreseeable future.

Aftermarket

outlook raised at Morgan Stanley:Morgan Stanley said it is increasing its estimates on ATAC for the full year to $1.56 a share from $1.55 a share. Maintained Equalweight rating.

Atwood Oceanics

estimates lowered at Jefferies:Jefferies said it is lowering its 2007 estimates on ATW to $4.40 from $5.14 to reflect updates on contract timing and shipyard stays. Price target lowered $3 to $53 and reiterated Hold rating.

Avon

estimates lowered at Morgan Stanley:Morgan Stanley said it is lowering its estimates on AVP for 2006 to $1.57 a share from $1.63 a share. Target is cut to $34 a share.

Cendant

outlook cut at Morgan Stanley:Morgan Stanley said it is lowering its estimates on CD for the full year to $19 a share from $20 a share. Maintained Overweight rating.

Chesapeake Energy

outlook raised at Goldman:Goldman said it is raising its target price on CHK to $41 a share from $35 a share. Focus on core assets should increase multiple.

Dominion

estimates cut at Credit Suisse:Credit Suisse said it is lowering its 2006 estimates on D by 8 cents to $5.00 to adjust for timing of business interruption insurance proceeds and adjustments in merchant generation business. Maintain Neutral rating and $77 target.

Exelon

estimates increased at Jefferies:Jefferies said it is upping its 2006 estimates on EXC by 5 cents to $3.20 after the company reported a better-than-anticipated quarter. Price target cut to $70 from $74 and reiterated Buy rating.

FPL Group

price target raised at Jefferies:Jefferies said it is increasing its target on FPL to $49 from $45.50 after company reported below consensus second quarter earnings. Reiterated Buy rating.

Gen-Probe

outlook revised at UBS:UBS raised its 2006 estimates on GPRO four cents to $1.08 but lowered 2007 estimates to $1.38 from $1.46. Maintained Neutral rating.

Hercules Offshore

estimates increased at Jefferies:Jefferies said it is upping its 2006 estimates on HERO by 9 cents to $2.99 due to higher than expected utilization and dayrates. Reiterated Buy rating and $48 target.

HealthSpring

target raised at Goldman:Goldman said it is increasing its target price on HS to $21 a share from $19 a share. Medicare profit margins cited to go higher.

MetLife

estimates raised at Credit Suisse:Credit Suisse said it believes MET will deliver better than $5.00 in EPS for 2006. maintain Outperform rating and $60 price target.

MetLife

outlook raised at Morgan Stanley:Morgan Stanley said it is increasing its estimates on MET for the full year to $4.90 a share from $4.75 a share.

Powerwave

price target lowered at Credit Suisse:Credit Suisse said it is lowering its target on PWAV to $12 from $18 after company reported poor Q2 and weak Q3 guidance. Conservative outlook on demand from Cingular. Reiterated Outperform rating.

Regal Entertainment

estimates cut at Jefferies:2006 estimates on RGC cut to $0.51 from $0.64 after disappointing second quarter results. Reiterated Hold rating and $19.75 target.

Semiconductor Mfg.

estimates cut at Jefferies: 2006 estimates on SMI lowered to $(0.26) from $(0.07), Jefferies said. See slower GPM expansion, higher operating and interest expenses, and delayed EPS profitability. Reiterated Hold rating and $7.50 target.

TECO Energy

estimates lowered at Credit Suisse: Credit Suisse said it is lowering its 2006 estimates to $0.97 due to uncertain status of tax benefits relating to sunfuels. Maintain Outperform rating.

Waste Management

estimates increased at Credit Suisse: Credit Suisse said it is increasing its 2006 estimates on WMI to $1.78 from $1.70 after company raised guidance. Reiterated outperform rating and $44 target.

XL Capital

price target lowered at Credit Suisse: Credit Suisse said it is lowering its price target on XL by $2 to $72 due to limited growth in book value. Reiterated outperform rating.

Yankee Candle

outlook raised at Goldman: Goldman said it is increasing its target on YCC to $28 a share from $25 a share. Cites LBO prospects.