StreetNotes: A Daily Roundup of Street Research

Who made what calls.
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CHANGE IN RATINGS

Alpha Neutral

upgraded at UBS: UBS said it is upgrading ANR to Buy citing valuation potential. Maintain target price of $35.

Foundry Networks

upgraded at Thomas Weisel: Thomas Weisel said it is upgrading FDRY to Outperform from Peer Perform citing a breakout in revenue due to a strong new product cycle. Estimates for 2006 have been raised from 45 cents to 52 cents.

FedEx

downgraded at Legg Mason: Legg Mason said it is downgrading FDX to Hold from Buy based on valuation concerns but maintaining EPS estimates for 2006-2008 and target price of $99.

Gannett

downgraded at Lehman:Lehman said it is downgrading GCI from Equal weight to Underweight citing the context of a negative newspaper sector rating. Fourth quarter EPS estimates have been lowered by 2 cents to $1.40. Target price cut from $66 to $58.

Georgia-Pacific

downgraded at J.P. Morgan: J.P. Morgan said it is lowering its rating on GP from Overweight to Neutral based on the significant appreciation after Koch's tender offer.

Nucor

downgraded at Morgan Stanley: Morgan Stanley said it is lowering its rating on NUE to Equalweight from Overweight. Stock has essentially reached its target price.

Ruth's Chris Steakhouse

initiated at Goldman: Goldman said it is initiating coverage for RUTH based on solid third quarter results and conservative guidance. Started with an inline rating.

SanDisk

downgraded at Deutsche: Deutsche Bank said it is downgrading SNDK to a Sell citing risks from new competition in the NAND IP market and litigation losses.

Target

downgraded at SunTrust: SunTrust Robinson Humphrey said it is downgrading TGT from Buy to Neutral following a very disappointing weekly sales update. EPS estimates for 2006 were lowered by 2 cents to $2.67.

Target

estimates cut at Goldman: Goldman said it is lowering estimates on TGT for the fourth quarter by 3 cents to $1.06 citing a slow start to the holiday season. Maintain Inline ranking.

Target

estimates cut at Prudential: Prudential said it is cutting its 2006 estimates on TGT by 2 cents to $2.66 a share due to lower expectations for 2006 sales. Maintained Neutral Weight rating.

Yum! Brands

downgraded at Morgan Stanley: Morgan Stanley said it is lowering its rating on YUM to Equalweight from Overweight. Avian flu concerns highlighted for risk of KFC China slowdown.

STOCK COMMENTS / EPS CHANGES

Abbott Labs

estimates cut at Morgan Stanley: Morgan Stanley said it is lowering its estimates on ABT for 2005 to $2.71 a share from $2.74 a share. Maintained Equalweight rating.

AIG

target price raised at CSFB: CSFB said it is raising its target price on AIG from $71 to $77 following the recent valuation of many large-cap insurance stocks. Earnings estimates for 2006 were raised from $5.30 to $5.50. Maintain Outperform rating.

M-Systems

outlook cut at Citigroup: Citigroup said it is lowering its estimates on FLSH for the full year to $1.55 a share from $1.61 a share. the company announced the acquisition of ME and an entree into the memory card market.

Frontline

estimates cut at Jefferies: Jefferies said it is cutting its 2005 estimates on FRO by 51 cents to $6.49 a share. Maintained Buy rating.

Harrah's

estimates raised at Goldman: Goldman said it is raising estimates on HET for 2005 from $3.48 to $3.51 to reflect third quarter earnings results. Maintain Inline ranking.

Starwood Hotels

estimates cut at Prudential: Prudential said it is cutting its 2006 estimates on HOT by 53 cents to $2.15 a share to account for sales of properties. Maintained Underweight rating.

Hewlett-Packard

estimates raised at Morgan Stanley: Morgan Stanley said it is increasing its estimates on HPQ for the full year to $1.53 a share from $1.52 a share. Current share price reflects strong quarter, but guidance will be key.

H&R Block

estimates lowered at Goldman: Goldman said it is lowering estimates on HRB for 2005 by 2 cents to $2.13 citing intense margin pressures from mortgage business. Maintain underperform ranking.

Ituran Location

estimates raised at UBS: UBS said it is raising estimates on ITRN for 2005 by a penny to 74 cents citing gross margin expansion. Maintain $19 price target. Maintain Buy rating.

Quicksilver

estimates cut at Jefferies: Jefferies said it is cutting its 2005 estimates on KWK by 28 cents to $2.17 a share due to disappointing Q3 production. Maintained Hold rating.

Lowe's

estimates raised at Bear:Bear said it is raising its 2005 estimates on LOW by 4 cents to $3.39 a share following better than expected Q3 results. Maintained Peer Perform rating.

Shuffle Master

estimates cut at Bear: Bear said it is cutting its 2006 estimates on SHFL by 12 cents to 93 cents a share to reflect options expensing. Maintained Outperform rating.

Tyco

forecast cut at Morgan Stanley: Morgan Stanley said it is lowering its estimates on TYC for the full year to $2 a share from $2.07 a share. Overweight rating and $33 target price maintained. Stock is too cheap and its too late to sell.

Wesco

estimates raised at UBS: UBS said it is raising its estimates on WCC for 2005 from $2.05 to $2.11 citing potential margin improvements resulting from acquisition integration. Target price raised to $51 from $45. Maintain Buy rating.

Wal-Mart

estimates lowered at Morgan Stanley: Morgan Stanley said it now expects the WMT to earn $2.97 a share in 2006 vs. prior estimate for $2.98 a share in earnings. WMT is stepping up its promotional and marketing campaign this November.

Wynn Resorts

estimates cut at Goldman: Goldman said it is adjusting estimates on WYNN for 2005 from 33 cents to 14 cents based on various one-time charges. Maintain Inline rating.