StreetNotes: A Daily Roundup of Street Research

Who made what calls.
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CHANGE IN RATINGS

Salesforce.com

estimates cut at Jefferies:Jefferies said it is cutting its 2006 estimates on CRM by 2 cents to 16 cents a share.

Salesforce.com

downgraded First Albany: CRM was downgraded from Buy to Neutral, First Albany said. Valuation call, as subscriber growth trends have been slowing down.

Salesforce.com

estimates raised at CSFB: CSFB said it is raising its 2006 estimates on CRM by 3 cents to 18 cents a share due to higher revenue estimates. Maintained Neutral rating.

Salesforce.com

estimates raised at UBS: UBS said it is increasing its estimates on CRM for the full-year 2007 to 32 cents a share from 31 cents a share. Company fell short of the bar. Maintained Neutral rating.

Salesforce.com

estimates cut at Morgan Stanley:Morgan Stanley said it is lowering its estimates on CRM for 2007 to 32 cents a share from 30 cents a share. Maintained Overweight rating and $24 target price.

dj Orthopedics

upgraded at First Albany: DJO was upgraded from Neutral to Buy, First Albany said. $31.50 price target. Estimates also raised, as the purchase of ENMC should add to earnings.

ITT Educational

upgraded at BofA: BofA said it is increasing its rating on ESI to Buy with a $63 target price. 12-month horizon has improved because it sees far more operating margin expansion.

Harman

upgraded at Smith Barney: HAR rating raised to Buy at Smith Barney. Target upped to $100 a share. Operating improvements in all business segments cited in the note.

Harman

upgraded at CSFB: CSFB said it is upgrading HAR to an Outperform rating due to strong clarity, and better clarity on margin and product mix.

Kohl's

upgraded at Baird: KSS was upgraded from Neutral to Outperform, Robert Baird said. $66 price target. Investor meeting highlighted solid long-term fundamental outlook.

Nektar

coverage initiated at Morgan Stanley: Morgan Stanley said it is initiating coverage on NKTR with an Equalweight rating. Negative bias on the commercial prospects of Exubera.

Northwest Airlines

upgraded at Bear: Bear said it is upgrading NWAC to an Outperform rating with an $8 target price. Labor costs could decline, cutting cash burn rate, and perception of bankruptcy risk could decline.

Six Flags

upgraded at Bear: Bear said it is upgrading PKS to a Peer Perform rating based on announcement of a tender offer at $6.50.

School Specialty

downgraded at Piper: Piper said it is downgrading SCHS to a Market Perform rating as risk/reward not favorable here.

Sealed Air

downgraded at CSFB: CSFB said it is downgrading SEE to a Neutral rating due to high raw materials costs.

TOO, Inc.

upgraded at Smith Barney: Smith Barney said it is increasing its rating on TOO to Hold from Sell. Target raised to $29 a share. Management indicated its comfort with current consensus third quarter estimates.

STOCK COMMENTS / EPS CHANGES

Athrocare

estimates raised at UBS: UBS said it is increasing its estimates on ARTC for the full year to $1.20 a share from $1.18 a share. Company acquired Applied Therapeutics. Maintained Neutral rating.

BEA Systems

estimates raised at Piper: Piper said it is raising its 2006 estimates on BEAS by a penny to 40 cents a share to reflect better Q3 expectations. Maintained Market Perform rating.

BEA Systems

estimates raised at UBS: UBS said it is increasing its estimates on BEAS for 2006 by a penny to 41 cents a share. Make it two good quarters in a row. Target raised to $11 a share.

Borders Group

estimates cut at Jefferies: Jefferies said it is cutting its 2005 estimates on BGP by 16 cents to $1.58 a share after the company cut guidance. Maintained Hold rating.

General Dynamics

estimates raised at UBS: UBS said it is increasing its estimates on GD for 2005 to $7.17 a share from $7.15 a share. Estimates raised to reflect accretion from recent acquisitions.

Informatica

estimates upped at UBS: UBS said it is increasing its estimates on INFA for the full year to 39 cents a share from 37 cents a share. Reaffirming its positive thesis.

J.C. Penney

estimates raised at BofA: BofA said it is increasing its estimates on JCP for the full year to $3.37 a share from $3.24 a share. Maintained Neutral rating.

Kohl's

estimates raised at Morgan Stanley: Morgan Stanley said it is increasing its estimates on KSS for the full year to $2.44 a share from $2.42 a share. Company continues to impress.

Medtronic

target price raised at Bear: Bear said it is raising its target price on MDT to $64 after a solid quarter.

Medtronic

estimates raised at Piper: Piper said it is raising its 2005 estimates on MDT by 3 cents to $2.14 a share to account for lower tax rate and higher revenues.

Medtronic

estimates raised at Morgan Stanley: Morgan Stanley said it is increasing its estimates on MDT for 2006 to $2.16 a share from $2.15 a share. Most encouraging was the strong growth in its ICD, Spine and Diabetes franchises.

MetLife

estimates raised at Goldman: Goldman said it is increasing its estimates on MET for the full year to $4.25 a share from $3.95 a share. This is for higher than expected variable investment income in Travelers.

Network Appliances

estimates raised at Morgan Stanley: Morgan Stanley said it is increasing its estimates on NTAP for 2006 to 78 cents a share from 75 cents a share. Management sees intent on reinvesting in business to drive top-line growth.

Photronics

estimates upped at Smith Barney: Smith Barney said it is increasing its estimates on PLAB for the full year to $1.06 a share from $1.02 a share.

Sprint Nextel

numbers revised at BofA: BofA said it is increasing its target on S to $32 a share. 2005 estimates cut to $1.51 a share from $1.54 a share. Maintained Buy rating.

Sandisk

estimates raised at Smith Barney: Smith Barney said it is increasing its estimates on SNDK for the full year to $1.64 a share from $1.52 a share. Target raised to $50 a share.

Sempra Energy

upgraded at Smith Barney: Smith Barney said it is increasing its rating on SRE to Buy from Hold. Main impetus for increasing the investment recommendation and price target is based on SRE's announcement that will build a bullet pipeline with Kind Morgan.

WESCO

estimates lowered at Goldman: Goldman said it is lowering its estimates on WCC for the full year by 3-cents a share to $1.97 a share. Carlton-Bates acquisition highly accretive.