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Change in Ratings

TD Ameritrade

(AMTD) - Get TD Ameritrade Holding Corporation Report

was upgraded to Outperform at Friedman Billings Ramsey. Company continues to generate significant free cash flow, despite the choppy market and sluggish account growth. $19 price target.

Cognizant Technology

(CTSH) - Get Cognizant Technology Solutions Corporation Class A Report

downgraded to Market Perform rating from Outperform at Piper Jaffray. Price target drops to $90 from $105, and 2008 EPS estimates lowered to $2.75 from $2.81.

First American

(FAF) - Get First American Financial Corporation Report

was downgraded to Market Perform at Piper Jaffray. Stock is up 30% on the year and is nearing the $56 price target. Lack of home price inflation and new mortgage originations could limit further upside.

FBR is upgrading

Giant Industries


to Market Perform from Underperform following the announcement that

Western Refining


intends to challenge the FTC's decision to prevent the company's acquisition of Giant. See shares being pushed down by arbitrage traders exiting the stock on belief that the deal will collapse, despite indicators that stock could trade as high as $81 on a standalone basis. Price target raised to $79 from $77.

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Western Refining was downgraded from Peer Perform to Underperform at Bear Stearns. Regional refining margins are near peak levels and should moderate in the near term. FTC has also said it will sue the company over the Giant purchase.


(GPS) - Get Gap, Inc. Report

was upgraded from Market Perform to Outperform at Wachovia. Company finally beginning to see some success in its turnaround. Estimates also moving above consensus.

Health Net


was downgraded from Buy to Neutral at Merrill Lynch said. Valuation call. Stock is up about 20% since the beginning of the year, but still has some momentum heading into the second half of 2007.

Goldman is upgrading


(MOS) - Get Mosaic Company Report

to Buy from Neutral based on valuation relative to strong fertilizer industry fundamentals and margin expansion over next several quarters. Third-quarter results were disappointing due to higher costs and a two-to-three month lag in realized price implementation. 2008 estimates increased 20 cents to $1.85. Price target raised to $33 from $24.

United Rentals

(URI) - Get United Rentals, Inc. Report

was downgraded to Underweight at JP Morgan. Stock was up yesterday as the CEO stepped down. Even if the company is sold, the shares already appear fully valued.


( VSE) downgraded to Reduce rating from Neutral at UBS. Price target and 2007 EPS estimates hold at $18 and $0.20, respectively.

Stock Comments/EPS Changes

Goldman is reducing its 2007 estimates on


(AA) - Get Alcoa Corporation Report

to $2.99 from $3.09 after company reported first-quarter results that were above Street expectations but below Goldman's estimates. See stabilizing costs but remain concerned long-term about rapid aluminum supply additions, which would cap upside or lead to declining aluminum prices. Maintained Sell rating.

Shares of

Dollar Tree

(DLTR) - Get Dollar Tree, Inc. Report

now seen reaching $42 at Merrill Lynch. Comp sales are accelerating, and the company is seeing higher margins because of strong seasonal merchandising. Buy rating.

2007 estimates on

Forest Labs


upped to $2.87 from $2.82 at Goldman. See moderate SG&A spending in the fourth quarter and expect positive earnings report. Target price raised to $55 from $50. Maintained Sell rating.

Goldman is cutting its target on

Jackson Hewitt

( JTX) to $29 from $36 after company announced that it will stop offering pre-season loan products to its tax customers. Goldman sees loss of marketing differentiator for JTX hurting customer retention and finanacial product volumes and prices. Maintained Neutral rating.

Target on


(UNH) - Get UnitedHealth Group Incorporated Report

lowered to $51 from $54 at Goldman. See likely downside on first-quarter results with numerous company-specific and industry pressures on multiple areas of commercial and Medicare business, including medical cost ratio and enrollment. Maintained Sell rating.