CHANGE IN RATINGS

Columbia Sportswear

(COLM) - Get Report

was downgraded from Buy to Hold, Citigroup said, with a $56 price target. Loss of the Footwear VP after just one year could hurt the company's growth strategy. The stock is also up 28% since July.

Credit Suisse said it is downgrading

D.R. Horton

(DHI) - Get Report

to Neutral from Outperform based on valuation that no longer justifies previous rating, and lowered target price to $21 from $23.

M.D.C. Holdings

(MDC) - Get Report

was being upgraded by Credit Suisse to Outperform from Neutral. It says MDC is the only company in sector that stuck to its disiplines, and raised target price to $52 from $46.

Piper said it is downgrading

Moneygram

(MGI) - Get Report

to a Market Perform rating due to deceleration in August remittance activity to Mexico.

Pepsi Bottling

( PBG) was downgraded to Hold, Deutsche Bank said. Estimates were also cut, as the company is facing higher input costs, and it set a $37 price target.

Credit Suisse said it is upgrading

RF Micro Devices

(RFMD)

to Outperform from Neutral based on valuation, and raised the target price to $9 from $6.40.

Sepracor

( SEPR) was downgraded to Neutral from Buy, Goldman said, seeing potential for increased spending and concerns over revenue growth, specifically issues regarding Lunesta trends and Xopenex Medicare reimbursement. It set a $55 target price.

T. Rowe Price

(TROW) - Get Report

was upgraded from Market Perform to Outperform, Wachovia said. The company is trading at a 10% premium to its peers, though the business outlook remains solid.

Goldman said it is upgrading

WebMD

(WBMD)

to Neutral from Sell due to valuation, seeing reduced risk of multiple contraction and possible upside to shares. Target price is at $40.

STOCK COMMENTS / EPS CHANGES

Jefferies said it is increasing its target on

Akamai

(AKAM) - Get Report

to $59 from $47, due to continuing demand for online video content and upcoming catalysts. Release of Windows Vista, Office and new Internet Explorer could boost shares. Reiterated Buy rating.

American Tower

(AMT) - Get Report

was added to the Focus List, JP Morgan said. The company should soon see closure to options investigation. Valuation also looks attractive, relative to its peers. Overweight rating and $50 price target.

Morgan Stanley is cutting its price target on

Conseco

(CNOPRB)

by $1 to $24 after the news that A.M. Best did not upgrade the company's ratings.

2006 estimates on

Endo Pharma

(ENDP) - Get Report

were lowered by 2 cents to $1.49, Jefferies said, seeing slight adjustment to earnings due to management commentary on wholesaler destocking. Reiterated Hold and $33 target.

Prudential said it is initiating coverage on

Embraer

(ERJ) - Get Report

with an Overweight rating and a $45 target price. The company has the right products for evolving markets.

Jefferies said it is reducing its 2007 estimates on

Gilead

(GILD) - Get Report

to $2.31 from $2.49 due to dilution from Myogen acquisition. Note that 49% premium seems pricey. Reiterated Buy rating.

Jefferies said it is cutting its 2007 estimates on

Marvell

(MRVL) - Get Report

to $0.69 from $0.82 after the company lowered third-quarter guidance due to weak seasonality in PCs and excess inventory at storage customers. Price target lowered to $21 from $25 and reiterated Buy rating.

UBS said it is lowering its 2007 EPS estimates on Marvell to 53 cents from 63 cents after company lowered F3Q guidance. Maintained Buy rating.

Goldman said it is cutting its target on Marvell to $24 from $28 to reflect weak business conditions. Company lowered third-quarter sales guidance on hard disk drive (HDD) customers' reductions, primarily due to inventory in desktop and laptop HDDs. Company also announced need to restate financials due to options timing discrepancies. Maintained Buy rating.

Morgan Stanley is reiterating its overweight rating on Marvell after the company cut third-quarter guidance last night. Morgan Stanley is cutting 2007-2009 EPS estimates and cuts price target to $33.

The target on

New Century

(NEW) - Get Report

were lowered to $48 from $50, Jefferies said, believing credit concerns are overblown in light of risk-adjusted earnings power. 2006 estimates were raised to $6.90 from $6.66 and it reiterated Buy rating.

Goldman said it is trimming its 2006 estimates on

Pfizer

(PFE) - Get Report

by a penny to $1.99 due to lower Lipitor revenue expectations. Company not rated.

STRATEGY CALLS / MARKET CALLS

JP Morgan said it downgraded

Diamond Offshore Drilling

(DO) - Get Report

,

GlobalSantaFe

(GSF)

and

Transocean

(RIG) - Get Report

to Underweight. Ratings on

Ensco

(ESV)

and

National Oilwell Varco

(NOV) - Get Report

were also cut to neutral, as there are 100 offshore rigs expected to hit the market by 2010. On the other hand,

Baker Hughes

(BHI)

,

Cameron

(CAM)

and

FMC Technologies

(FTI) - Get Report

were upgraded to Overweight, because of their above-average volume growth.

Goldman said it is downgrading its coverage view on the Lodging sector to Neutral from Attractive, seeing revenue per available room growth decelerating in 2007, as well as indications that supply will begin to increase. Shares have seasonally underperformed following third-quarter earnings announcements.

Merrill Lynch said it downgraded the Energy sector to Underweight. Earnings growth has turned negative and margins have peaked. Estimates were also cut for the service names, based on lower valuation multiple expectations.

Merrill Lynch said it upgraded

St Jude

(STJ)

to Buy. On the other hand, the rating on

Boston Scientific

(BSX) - Get Report

was cut to Sell and

Abbott

(ABT) - Get Report

was downgraded to Neutral. A recent survey suggests that drug-eluting stent penetration will fall more than expected.

MEETINGS

Citigroup Ethanol on the Cob Conference -- Oct. 3, 2006, New York, N.Y.

Union Pacific Corporation

(UNP) - Get Report

2006 Analyst Conference -- 2:00 PM, Dallas, Texas