StreetNotes: A Daily Roundup of Street Research

Who made what calls.
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CHANGE IN RATINGS

AG Edwards

upgraded at Keefe, Bruyette:AGE was upgraded to Outperform, Keefe, Bruyette & Woods said. $46.50 price target. Company realizing higher marketing costs, but trades at a discount to its peers. Book value should also grow over the coming quarters.

BJ's Wholesale

coverage initiated at Goldman: Goldman said it is initiating coverage on BJ with an Inline rating. Company is getting squeezed by competitive giants. $30 fair market value.

BlueLinx

downgraded at SunTrust: BXC was downgraded to Neutral, SunTrust Robinson Humphrey said. Lumber pricing should remain weak into early 2006.

BlueLinx

outlook raised at Morgan Stanley: Morgan Stanley said it is increasing its estimates on BXC for the full year to 90-cents a share from 82 cents a share. Rising prices lifts EPS above consensus.

Central Garden & Pet

upgraded at J. P. Morgan: CENT was upgraded from Neutral to Overweight, J. P. Morgan said. Cost-savings should bolster earnings, and the company is attractively valued at just 14 times expected 2006 earnings.

Cooper Cos

downgraded at Piper Jaffray: Piper said it is downgrading COO to a Market Perform rating due to growing concerns that Toric franchise could be more vulnerable to silicon hydrogel lenses than previously thought.

CVC

outlook cut at Bear: Bear said they are trimming 2005 estimates to $1.39 from $1.34 based on negative cable sentiment. Maintain Peer Perform rating.

CVS

added to focus list at Merrill: Merrill said it is adding CVS to its Focus 1 List. The company reported health Q3 results and has attractive valuation here.

Enersis

upgraded at Bear: Bear said it is upgrading ENI from Peer Perform to Outperform based on the markets late reaction to price in the "trickle effect" on ENI's stake in Endesa Chile.

Genzyme

upgraded at Bear: Bear said it is upgrading GENZ from Peer Perform to Outperform after the surprising reversal by CMS on Synvisc reimbursement. Set target price at $83.

Home Depot

upgraded at Piper:Piper said it is upgrading HD to an Outperform rating due to strong earnings outlook and attractive valuation. Target raised to $49.

Linens 'n Things

upgraded at Jefferies: Jefferies said it is upgrading LIN to a Hold rating as current purchase offer puts a floor on the stock.

Limited Brands

upgraded at BofA: BofA said it is increasing its rating on LTD to Buy given likelihood of Apparel solution. LTD either turns and or sells its apparel business in next 12/24 months.

Blue Nile

downgraded at Piper: Piper said it is downgrading NILE to a Underperform rating as business is solid but stock is overvalued.

PetSmart

downgraded at Bear: Bear said it is downgrading PETM from Outperform to Peer Perform based on macro factors and expense pressure in the coming quarters.

Piper Jaffray

downgraded at Keefe, Bruyette: PJC was downgraded from Market Perform to Underperform, Keefe, Bruyette & Woods said. $33 price target. Valuation called, as the stock has rallied 36% since the latest earnings reports.

Renal Care

outlook downgraded at BofA: BofA said it is cutting its outlook on RCI to Neutral to reflect limited 12-month upside potential in the FMS takeout price.

Sonic Solutions

downgraded at SunTrust: Rating on SNIC was cut to Neutral, SunTrust Robinson Humphrey said. Estimates also cut, following the company's most recent warning.

Sonic Solutions

downgraded at J.P. Morgan: SNIC was downgraded from Overweight to Neutral, J.P. Morgan said. Stock also removed from the Focus List. Company's earnings quality is deteriorating.

United Therapeutics

downgraded at Wachovia: UTHR was downgraded to Market Perform, Wachovia said. Market is already pricing in strong growth for inhaled Remodulin. Estimates remain below consensus.

Vista Limited

coverage initiated at Bear: Bear Stearns initiates coverage on VPRT with Peer Perform. Cites attractive financials. Fair value estimate of shares between $16-$19.

Zale

downgraded at Goldman: Goldman said it is lowering its rating on ZLC to Underweight from Inline. Turnaround could pressure holiday.

STOCK COMMENTS / EPS CHANGES

Alcoa

outlook raised at Goldman: Goldman said it is increasing its estimates on AA for the full year to $1.55 a share from $1.46 a share. Remains cautious on 2006 and 2007. Aluminum forecast raised.

Aquantive

estimates raised at Jefferies: Jefferies said it is raising its 2005 estimates on AQNT by 3 cents to 46 cents a share to reflect Q3 upside. Maintained Hold rating.

Aquantive

target raised at Piper: Piper said it is raising its target price on AQNT to $26 after a strong Q3. Maintained Outperform rating.

Cincinnati Bell

estimates cut at Bear: Bear said they are cutting CBB full year estimates to 18 cents a share. Company had a weak quarter but analyst sees a buying opportunity after yesterday's weakness. Maintain Outperform rating.

Cincinnati Bell

outlook cut at Morgan Stanley: Morgan Stanley said it is lowering its estimates on CBB for the full year to 18 cents a share from 20 cents a share. Third quarter highlights operational risks. Maintained Underweight rating.

Celanese Corp.

outlook raised at BofA: BofA said it is increasing its estimates on CE for the full year by a nickel to $1.95 a shrae from $1.90 a share. Expects lower Acetyl margins in Q4, but restructuring is on track.

CIT Group

outlook raised at UBS: UBS said it is raising its full year 2006 earnings estimates on CIT from $4.55 to $4.75 based on growth driven from its sales force management. Maintaining neutral rating.

Cumulus

outlook cut at Goldman: Goldman said it is lowering its estimates on CMLS for the full year to 36 cents a share from 40 cents a share. Company expects difficult fourth quarter.

Caremark

outlook raised at Merrill: Merrill said it is raising its target price on DMX to $61.50 a share from $53 a share. Asks if initial company guidance is too conservative.

Cooper Tire & Rubber

outlook cut at Morgan Stanley: Morgan Stanley said it is lowering its estimates on CTB for the full year to a loss of 9 cents a share from 5 cents a share. Market share and raw materials issues persist. Maintained Underweight rating.

Cablevision

estimates raised at Jefferies: Jefferies said it is raising its 2006 estimates on CVC by 7 cents to 24 cents a share. Maintained Buy rating.

Echostar

outlook cut at Goldman: Goldman said it is lowering its estimates on DISH for the full year by a penny to $3.29 a share. Broker maintains $35 fair value.

Diamond Foods

estimates cut at Merrill: Merrill said it is lowering its estimates on DMND for 2006 to 63-cents a share from 77-cents a share to reflect the inventory step-up charge.

Energy Conversion Devices

estimates cut at Jefferies: Jefferies said it is cutting its 2006 estimates on ENER to a loss of 66 cents a share due to disappointing Q1 results. Maintained Buy rating, weak results don't change long-term positive outlook.

Expeditors Int'l.

estimates raised at Morgan Stanley: Morgan Stanley said it is raising its estimates on EXPD for 2006 to $1.75 a share from $1.64 a share. Valuation leaves it at Equalweight.

Guidant

outlook cut at Goldman: Goldman said it is lowering its estimates on GDT for the full year to $2.12 a share from $2.48 a share. Adjusting defib market share and EPS estimates after reviewing DGT's third quarter earnings report.

Global Signal

outlook cut at Morgan Stanley: Morgan Stanley said it is lowering its estimates on GSL for the full year to a loss of 55-cents a share from a loss of 8 cents a share. Maintained Overweight rating.

Integrated Device

outlook raised at Citigroup: Citigroup said it is raising its estimates on IDTI for 2006 to 37 cents a share from 29 cents a share. Company executing well on restructuring.

IVAX

outlook cut at Goldman: Goldman said it is lowering its estimates on IVX for the full year to 77 cents a share from 80 cents a share. Results in line with pre-announcement.

Magna International

outlook cut at BofA: BofA said it is lowering its estimates on MGA for 2006 to $7.55 a share from $7.65 a share. GM and Ford's poor truck mix and the ageing of the product pipeline at Chrysler hurt Magna's revenues given the company's 90% exposure to the Big 3 of North America.

Medicis

outlook cut at Morgan Stanley: Morgan Stanley said it is lowering its estimates on MRX for the full year to $1.08 a share from $1.18 a share. The company reported a disappointing first quarter 2006.

NRG

estimates raised at Citigroup: Citigroup said it is increasing its estimates on NRG for 2005 to $1.55 a share from $1.45 a share. Management provided updates on the timing of debt refinancing, emissions credits, and RMR contract filings.

Network Appliance

numbers cut at BofA: BofA said it is lowering its estimates on NTAP for 2006 to 54-cents a share from 58-cents a share. Combination of prudent revenue guidance, push outs from the July Q, strong FAS3000 sales and inclusion of Decru, could lead to revenue upside.

Pixar

estimates raised at Jefferies: Jefferies said it is raising its 2005 estimates on PIXR by 23 cents to $1.19 a share due to better than expected Q3 results. Maintained Hold rating, target raised to $52.

Transocean

estimates raised at Jefferies: Jefferies said it is raising its 2007 estimates on RIG by 51 cents to $7.85 a share. Maintained Buy rating.

Transocean

outlook cut at Morgan Stanley: Morgan Stanley said it is lowering its estimates on RIG for the full year to $1.62 a share from $1.70 a share. Cash flow sustainability to be a key differentiator and company announced a full payback contract.

Polo Ralph Lauren

target raised at BofA: BofA said it is increasing its target price on RL to $63 a share from $60 a share. RL continues to execute on its global brand strategy and significant growth opportunities remain.

Sonus

outlook cut at Citigroup: Citigroup said it is lowering its estimates on SONS for 2005 to 3 cents a share from 8 cents a share. The company reported on "OK" quarter and somewhat disappointing guidance.

Staples

target price raised at Piper: Piper said it is raising its target price on SPLS to $28 based on a higher target multiple. Maintained Outperform rating.

Sunrise Senior Living

estimates cut at Jefferies: Jefferies said it is cutting its 2005 estimates on SRZ by a nickel to 95 cents a share due to change in accounting timing. Maintained Hold rating.

Toll Brothers

target cut at Merrill: Merrill said it is lowering its target on TOL for the full year to $51 a share from $64 a share. Maintained Buy rating.

Toll Brothers

outlook cut at Citigroup: Citigroup said it is lowering its estimates on TOLL for the full year ending October 2006 to $5.30 a share from $5.73 a share. The company missed order growth expectations in the third quarter.

Western Gas Resources

estimates raised at Jefferies: Jefferies said it is raising its 2005 estimates on WGR by 9 cents to $2.57 a share as Rocky Mountain operations look strong.

Wheeling-Pittsburgh

outlook cut at UBS: UBS said they are lowering their target price on WPSC to $9.50 from $14 citing more covenant violations. Maintaining Neutral weighting.