StreetNotes: A Daily Roundup of Street Research

Who made what calls.
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CHANGE IN RATINGS

Amphenol

coverage initiated at Morgan Stanley: Morgan Stanley said it is initiating coverage on APH with an Equalweight rating. High quality defensive name.

Applebee's

downgraded at UBS: UBS said it is lowering its rating on APPB to Neutral from Buy as it is concerned with its new value positioning to improve frequency with its core Wal-Mart type customer.

Aeropostale

upgraded at Piper: Piper said it is upgrading ARO to an Outperform rating due to improving traffic trends and challenging back to school season is priced in.

FifthThird Bancorp

downgraded at Merrill: Merrill said it is lowering its rating on FITB to Sell citing potential for another balance sheet restructuring.

Molex

coverage initiated at Morgan Stanley: Morgan Stanley said it is initiating coverage on MOLX with an Underweight rating. Quality defensive name that is outgrowing its industry.

Maytag

upgraded at J.P. Morgan: MYG was upgraded from Underweight to Overweight, J.P. Morgan said. New analyst believes the stock is attractive, trading at a 12% premium to WHR's $21 takeover offer.

Novelis

coverage initiated at Merrill: Merrill said it is initiating coverage on NVL with a Buy rating and a $28.50 target price. The next 6 to 12 months could be bumpy but valuation is compelling.

Plum Creek Timber

rated new Overweight at Morgan Stanley: Morgan Stanley said it is initiating coverage on PCL with an Overweight rating and a $38 target price. Company has a unique value opportunity in paper and forest products industry.

Pilgrim's Pride

upgraded at CSFB: CSFB said it is upgrading PPC to an Outperform rating as worst fears of feed costs will not be realized, costs look flat from last year.

STOCK COMMENTS / EPS CHANGES

Carnival

estimates cut at Bear: Bear said it is cutting its 2005 estimates on CCL by a nickel to $2.63 a share to reflect higher fuel costs. Maintained Peer Perform rating.

Coach

estimates raised at Bear: Bear said it is raising its 2006 estimates on COH by a penny to $1.26 a share following sales update from management.

Dollar Tree

estimates cut at Piper: Piper said it is cutting its 2006 estimates on DLTR by a nickel to $1.61 a share due to lowered guidance.

Frontline

estimates cut at Jefferies: Jefferies said it is cutting its 2005 estimates on FRO by $1.51 a share to $7.33 a share due to lower Q3 charter rate assumptions. Maintained Buy rating.

Citigroup bullish on

Frontline

: Citigroup said it is raising its estimates on FRO for 2005 to $5.72 a share from $5.35 a share. Maintained Sell rating.

Intuit

estimates cut at Prudential: Prudential said it is cutting its 2006 estimates on INTU by 30 cents to $2.06 a share due to lower margin guidance and options expensing. Maintained Underweight rating.

Intuit

estimates raised at UBS: UBS said it is increasing its estimates on INTU for 2005 to $1.99 a share from $1.96 a share. Company had a strong 2005, but provided lackluster guidance for 2006. Maintained Neutral rating.

Oregon Steel

estimates lowered at UBS: UBS said it is lowering its estimates on OS for 2005 to $3.01 a share from $3.03 a share. Maintained Buy rating.

PETsMART

estimates cut at CSFB: CSFB said it is cutting its 2006 estimates on PETM by 4 cents to $1.22 a share.

PETsMART

estimates cut at Goldman: Goldman said it is lowering its estimates on PETM for the full year to $1.19 a share from $1.25 a share. Maintained Inline rating.

Ship Finance

estimates raised at Jefferies: Jefferies said it is raising its 2005 estimates on SFL by 14 cents to $3.08 a share. Maintained Buy rating.

Sandisk

target raised at Bear: Bear said it is raising its target price on SNDK to $46 to reflect tight capacity and strong demand for flash.