StreetNotes: A Daily Roundup of Street Research

Who made what calls.
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CHANGE IN RATINGS

Agere Systems

upgraded at CIBC: CIBC said it is upgrading AGR to Sector Outperformer from Sector Performer citing catalysts from further restructuring and strategic changes. Sets $15 price target.

Anheuser-Busch

downgraded at Lehman: BUD was downgraded from Overweight to Equal-weight, Lehman Bros. said. Estimates also cut, as the company lacks near-term direction. Higher marketing spending won't automatically lead to higher sales volume.

Forward Air

downgraded at Legg Mason: Legg Mason said it is downgrading FWRD to Hold from Buy. Sees much of the upside and favorable trends already factored into the price of the stock.

Heartland Express

downgraded at Legg Mason: Legg Mason said it is downgrading HTLD to Hold from Buy. Stock has essentially reached its target price.

Microchip Technology

downgraded at Bernstein: Bernstein said it is downgrading MCHP to Market-Perform from Outperform after the 20% rise in shares since October. Maintained $35 price target.

Microchip Technology

rated new Neutral at UBS: UBS said it is initiating coverage on MCHP with a Neutral rating. Sees potential to grow in excess of the semi industry average. Sets target price at $35.

Radio One

upgraded at Goldman: Goldman said it is upgrading ROIAK to Inline from Underperform. Sees a buying opportunity after a 30% decline in shares.

Univision Communications

rated new Outperform at Goldman: Goldman said it is initiating coverage on UVN with an Outperform rating. Sees more linear growth and appreciation potential. Expects 2006 EPS to reach $1.10.

STOCK COMMENTS / EPS CHANGES

American Retirement

target price raised at Jefferies: Jefferies said it is raising its target price on ACR to $29 based on higher target multiple. Maintained Buy rating.

Cooper Companies

outlook lowered at Goldman: Goldman said it is lowering 2006 EPS estimates on COO to $3.60 from $3.84 citing increased competition in SiH toric lenses from J&J and B&L. Maintained Inline rating.

Deere

outlook raised at UBS: UBS said it is raising 2006 EPS estimates for DE to $5.40 a share from $5.00 a share primarily to reflect a lower than expected share count and lower than expected pension expense. Maintain $72 price target.

Dollar Tree

estimates cut at Prudential: Prudential said it is cutting its 2006 estimates on DLTR by 7 cents to $1.56 a share due to lower Q4 sales expectations. Maintained Neutral Weight rating.

Endurance

estimates lowered at Goldman: Goldman said it is lowering 2005 estimates on ENH from ($1.42) to ($2.85) after Hurricane Wilma loss was more than expected. Suggests using any weakness in shares as a buying opportunity.

Ingram Micro

added to Focus List at CSFB: CSFB said it is adding IM to the focus list with a target price of $23. Sees a more stable pricing environment in the US and share gains in Europe.

Jabil Circuit

target boosted at Morgan Stanley: Shares of JBL now seen reaching $36, Morgan Stanley said. Channel checks show the company is positioned to win the new switch program from SLR. JBL can also deliver 20% annual earnings growth for the next few years. Overweight rating.

Monster Worldwide

estimates raised at Prudential: Prudential said it is raising its 2006 estimates on MNST by 2 cents to $1.27 a share due to perception of less risk to long-term growth rate. Maintained Overweight rating.

Nationwide Financial

estimates raised at Goldman: Goldman said it is raising 2005 EPS estimates on NFS to $3.95 from $3.68 to reflect better-than-expected results in the third quarter. Maintained Underperform rating.

Norfolk Southern

estimates raised at Bear: Bear said it is raising its 2006 estimates on NSC by 3 cents to $3.08 a share due to share repurchases. Maintained Outperform rating, target price raised to $50.

Paychex

target upped at Morgan Stanley:PAYX shares now seen reaching $47, according to Morgan Stanley. Company has solid pricing power, and demand should remain steady throughout the next year. Overweight rating.

Petco

estimates cut at Citigroup: Citigroup said it is lowering estimates on PETC but sees a turn around. EPS estimates for 2005 and 2006 were lowered from $1.38 and $1.65 a share to $1.30 and $1.52 a share. Expects gross margin drag to ease and new store productivity to improve.

Petco

numbers cut at Piper: Piper said it is cutting its 2006 estimates on PETC by 8 cents to $1.38 a share to reflect options expense and margin pressure. Maintained Market Perform rating, target price cut to $23.

Phillips Van-Heusen

estimates raised at Goldman: Goldman said it is raising 2005 EPS estimates on PVH by 10 cents to $1.90 after a better-than-expected third quarter report. Maintained Inline rating.

Robert Half

target boosted at Morgan Stanley: RHI target raised to $40 a share, Morgan Stanley said. Company should realize higher margins as the macro demand for professional employees remains strong. Overweight rating.

Tech Data

outlook raised at Citigroup: Citigroup said it is raising FY 2007 EPS estimates on TECD by 3 cents to $2.72 and FY 2008 EPS estimates by 10 cents to $3.07 based on strong 3Q results. Target price raised to $45 from $40.

Wind River Systems

estimates raised at Prudential: Prudential said it is raising its 2007 estimates on WIND by a nickel to 50 cents a share due to increasing operating leverage. Maintained Overweight rating.