TheStreet Notes: A Daily Briefing of Wall Street Research and Analyst Actions - TheStreet

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Change In Ratings | Stock Comments / EPS Changes | Strategy Calls / Market Calls | Economics | Meetings | View Archived StreetNotes

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Apria Healthcare Group (AHG / NYSE)
Credit Suisse First Boston
Downgraded to Buy from Strong Buy. We believe that chances for economic recovery occuring within the next six to twelve months are significantly greater than they were a year ago, where health care provider stocks show weakness during such an economy.

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AnnTaylor Stores Corp. (ANN / NYSE)
Bank of America Montgomery
Raised to Buy from Market Perform, with a $42 price target. Although ANN has significantly moved from the bottom, we feel that improving product assortment, depressed margins, and potential for over $3.00 in earnings make ANN a Buy.

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Anadarko Petroleum Corp. (APC / NYSE)
Warburg Dillon Read
Downgrading from Buy to Hold.

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BJ Services Company (BJS / NYSE)
Bank of America Montgomery
Reducing 2002 EPS estimates to $1.39 due to a more dramatic drop in the domestic rig count than had been expected. Maintain Buy rating, as we expect a significant rebound in rig activity beginning in the 2nd quarter, 2002.

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BJ Services Company (BJS / NYSE)
Warburg Dillon Read
Downgrading from Buy to Hold, with a $31 price target.

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BJ Services Company (BJS / NYSE)
JP Morgan Chase & Co.
Downgrading from long-term Buy to Market Perform.

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Dollar General Corp. (DG / NYSE)
Prudential Securities
Upgrading from Sell to Hold, with a $14 price target.

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Dianon Systems (DIAN / Nasdaq)
Credit Suisse First Boston
Rating change from Strong Buy to Buy. Although we believe that this sector will be aided by the growing aged population, and that global deflation should give rise to a lack of steady growth vehicles, DIAN is poised to show relative weakness as the economic recovery is stronger than expected.

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Genentech (DNA / NYSE)
Piper Jaffray
Upgrading from Market Perform to Outperform, with a $65 price target.

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eBay (EBAY / Nasdaq)
Robertson Stephens
Downgrading from Strong Buy to Buy, based on valuation.

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EOG Resources (EOG / NYSE)
Warburg Dillon Read
Downgrading from Buy to Hold.

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Entercom Communications (ETM / NYSE)
Bear Stearns
Initiating coverage with a Neutral rating and $48 price target. The company has the best balance sheet in the radio industry, but we believe this is already reflected in the stock price.

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Genzyme General Division (GENZ / Nasdaq)
Piper Jaffray
Downgrading from Outperform to Market Perform.

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Hughes Electronics Corp. (GMH / NYSE)
Weisel Partners
Upgrading from Buy to Strong Buy; Believe upside potential faroutweighs downside; Valuation very attractive, in our view.

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Intimate Brands (IBI / NYSE)
Bank of America Montgomery
Raised from Market Perform to Buy. Price target is $20 per share. Given the very low expectations, continued strength from both BBW and VSS make IBI a Buy

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Inrange Technologies Corp (INRG / Nasdaq)
Salomon Smith Barney
Downgrading from Buy to Outperform, because of uncertainty around new management team. Raising price target to $15 per share though, as we believe upside is likely from current levels.

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Kmart Corp. (KM / NYSE)
Prudential Securities
Downgrading from Hold to Sell, with a $4 price target. The company will likely post a net loss in fiscal 2002.

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Limited (LTD / NYSE)
Credit Suisse First Boston
Upgraded from Market Perform to Buy with a price target of $22 per share. IBI accounts for 97% of LTD's valuation, as IBI shows upward growth.

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Priority Healthcare Corp. (PHCC / Nasdaq)
Goldman Sachs
Downgrading from Market Outperformer to Trading Buy, based on valuation. We reiterate our confidence with current EPS estimates.

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Adolph Coors Company (RKY / NYSE)
Credit Suisse First Boston
Lowering investment grade from Buy to Hold. Believe that shares are near fair value and discounts almost 8% operating income for ten years, which will not be meaningfully accelerated by the acquisition of the Carling business.

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Republic Services (RSG / NYSE)
Credit Suisse First Boston
Investment grade lowered to Hold from Buy.

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IMS Health (RX / NYSE)
Bear Stearns
Downgrading from Buy to Attractive, with a $22 price target. We now expect the company to earn $1.04 per share in 2002, after the company lowered its guidance.

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AT&T Corporation (T / NYSE)
Merrill Lynch
Upgraded to near-term Buy from near-term Neutral, due to the favorable impact that Comcast's enhanced bid has on future value creation and the improved stand alone T balance sheet. Long-term rating maintained as Buy.

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Waste Connections (WCNX / Nasdaq)
Credit Suisse First Boston
Downgrading from Strong Buy to Buy.

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AdvancePCS (ADVP / Nasdaq)
Weisel Partners
Our best investment idea for 2002; Leading PBM positioned to benefit from strong long-term pharma fundamentals; Reiterate Strong Buy.

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Barra (BARZ / Nasdaq)
Piper Jaffray
Raising December quarter estimates, based on higher POSIT volumes. Reiterate Strong Buy rating.

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Baxter International (BAX / NYSE)
SG Cowen
Raising fourth quarter revenue estimate, fueled by robust sales across all lines. Reiterate Strong Buy rating.

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CV Therapeutics (CVTX / Nasdaq)
Piper Jaffray
Raising price target to $70 per share. Reiterate Buy rating.

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Johnson & Johnson (JNJ / NYSE)
SG Cowen
We expect strong fourth quarter results, and believe the company can beat our EPS estimate by a penny. Reiterate Buy rating.

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Monsanto Company (MON / NYSE)
Goldman Sachs
Reducing estimates to reflect the company's business in Latin America. We now expect the company to earn $1.78 per share in 2001 and $2.08 for next year. Economic and political unrest in Argentina and Brazil will likely keep the stock in the $30-$35 range.

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Monsanto Company (MON / NYSE)
NEWS
The Washington Post is reporting that Monsanto MON (agricultural operations) hid decades of toxic pollution involving industrial chemicals known as PCBs from a small Alabama town.

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Nabors Industries (NBR / AMEX)
Bank of America Montgomery
Cutting 2002 EPS estimates to $1.30, reflecting the more rapid than expected drop in domestic drilling activity and to provide a baseline from which cycle earnings can be based. Maintain Buy rating.

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Pixar Animation Studios (PIXR / Nasdaq)
Morgan Stanley Co.
Increased 2002 EPS estimates to $1.11, due to the continued success of Monsters, Inc. in the domestic market, where the international box office shall show similar strength.

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Weatherford International (WFT / NYSE)
Bank of America Montgomery
Lowering 2002 EPS estimates to $1.79, as the domestic rig count dipped 19%. Maintain Buy rating, based on valuation.

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WellPoint Health Networks (WLP / NYSE)
Lehman Bros
Raising price target to $140. WLP is our top large cap pick for 2002; WLP has one of the strongest management teams in the industry, as it should see double-digit top line growth for 2002.

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Credit Suisse First Boston (Solid Waste Industry)
Although overall conditions favor a good year for Solid Waste stocks this year, the spectacular performance of 2001 will not be repeated in 2002, as the economy is geared to be supportive of offensive stocks. Our top picks for 2002 are Waste Management, Allied Waste, and Waste Connections.

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Sanford Bernstein (Retail)
Holiday sales were generally better than expected. WMT, TGT and COST were likely the big winners this season, while KM and GPS appear to be struggling.

Weisel Partners (Strategy)
Small- and Mid-Cap stocks are the place to be this year, as these sized companies have historically rebounded quickest after a recession. We also believe valuations in healthcare are compelling, as compared to other growth sectors.

Bear Stearns (Integrated Oil)
The firms in this sector appear moderately undervalued, but uncertainty remains about commodity oil prices. OPEC's latest production cut should dry up inventory, but we believe oil will remain below $20 per barrel. CVX and RD remain our top picks.

Sanford Bernstein (Technology)
The recovery in this sector will be gradual in 2002. We continue to expect only 1-3% year/year growth. Cost-cutting will drive margin improvement.

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Oscillator: 4.4

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10:00am- NAPM (Dec) +46.0

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Nothing For Today
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