CHANGE IN RATINGS

American Commercial rated new Neutral at UBS: UBS said it is initiating coverage on ACLI citing growth from strong fundamentals. Initiates a $32 price target.

ArvinMeritor downgraded at Baird: Baird said it is lowering its rating for ARM to Neutral from Outperform based on a slowdown in top-line growth. Fiscal 2007 EPS were lowered to $1.20 from $1.35.

Inamed downgraded at SunTrust: SunTrust Robinson Humphrey said it is downgrading IMDC to Neutral from Buy. This is solely to reflect the AGN offer despite the possibility of the final acquisition price moving slightly above $84 a share.

Quicksilver upgraded at UBS: UBS said it is upgrading KWK to Buy from Neutral citing strong valuations specifically in the asset base. Maintain $48 price target.

Murphy Oil upgraded at Bear: Bear said it is upgrading MUR to Outperform from Peer Perform citing a promising exploration program. Year-end 2006 price target is $58.

Principal Financial downgraded at UBS: UBS said it is downgrading PFG to Reduce from Neutral citing overvaluation relative to its return prospects. Price target lowered to $44 from $46.

State Auto Financial upgraded at Legg Mason: Legg Mason said it is upgrading STFC to Buy from Hold based on the recent dip in shares and the increase in EPS projections. Target price set at $38.

TRM Corp. downgraded at FBR: FBR said it is downgrading TRMM to Market Perform from Outperform citing rising costs and hurdles regarding future fundraising. Sets new target price of $11.

Visteon coverage initiated at Goldman: Goldman said it is initiating coverage on VC with an Inline rating. Low multiples justified by uphill restructuring battle ahead. Limited financial transparency.

STOCK COMMENTS / EPS CHANGES

Apple price target raised at Bear: Bear said it is raising its target price on AAPL to $70 from $58 based on improved iPod availability and seasonality. Maintain Outperform rating.

Analog Devices estimates raised at CSFB: CSFB said it is raising its 2006 estimates on ADI to $1.59 a share from $1.52 a share. Expecting improved margins and long-term secular growth in analog and DSP portfolio. Maintain Outperform rating.

Analog Devices numbers raised at Piper: Piper said it is raising its 2005 estimates on ADI by 4 cents to $1.34 a share following Q4 results. Maintained Underperform rating, target price raised to $33.

Analog Devices outlook cut at Morgan Stanley: Morgan Stanley said it is lowering its estimates on ADI for the full year to $1.57 a share from $1.63 a share. ADI is moving in the right direction with better than expected operating margins and a lower than forecast share count.

American Eagle Outfitters target cut at Prudential: Prudential said it is cutting its target price on AEOS to $21 as Q4 is suspected to be off to a weak start. Maintained Underweight rating.

American International Group outlook upped at Merrill: Merrill said it is increasing its target on AIG to $75 a share from $70 a share. Buy rating maintained.

American International Group estimates cut at Morgan Stanley: Morgan Stanley said it is lowering its estimates on AIG for the full year to $4.43 a share from $5.14 a share to reflect guided Wilman losses and a provision for fourth quarter reserve charge.

Advanced Micro Devices estimates raised at Jefferies: Jefferies said it is raising its 2005 estimates on AMD by 2 cents to 39 cents a share. Maintained Hold rating.

Abercrombie estimates raised at Prudential: Prudential said it is raising its 2006 estimates on ANF by 32 cents to $3.50 a share after a very solid Q3. Strong upside going forward is a possibility. Maintained Overweight rating.

Abercrombie estimates raised at UBS: UBS said it is raising its estimates on ANF for the fourth quarter to $1.51 from $1.37 highlighting strength in all brands and momentum heading into the holiday season. Price target raised to $58 from $54.

Avon Products outlook cut at Morgan Stanley: Morgan Stanley said it is lowering its estimates on AVP for the full year to $28 a share from $31 a share. Target cut to $60 a share from $66 a share. Expects continued uncertainty to weigh on valuation. Maintained Equalweight rating.

BJ's Wholesale outlook cut at Goldman: Goldman said it is lowering its estimates on BJ for the full year to BJS to $1.83 a share from $1.85 a share. Downwardly revised guidance despite positive membership fee hike.

Biovail outlook cut at Morgan Stanley: Morgan Stanley said it is lowering its estimates on BVF for 2005 to $2.25 a share from $2.33 a share. Spin-off of legacy assets to unlock shareholder value.

Dick's Sporting outlook raised at Goldman: Goldman said it is increasing its estimates on DKS for the full year to $1.71 a share from $1.70 a share. Solid showing should quell doubts.

Glaxo Smith Kline target price raised at Merrill: Merrill said it is increasing its target price on GSK to $57.63 a share. Maintained Buy rating.

Home Depot estimates raised at Morgan Stanley: Morgan Stanley said it is increasing its estimates on HD for 2005 to $2.58 a share from $2.53 a share. The company delivered an earnings surprise and margin expansion and FCF in the third quarter.

J.C. Penney estimates raised at Piper: Piper said it is raising its 2006 estimates on JCP by 2 cents to $3.53 a share following solid Q3 report. Maintained Outperform rating.

J.C. Penney outlook raised at Morgan Stanley: Morgan Stanley said it is increasing its estimates on JCP for the full year to $3.53 a share from $3.50 a share. Maintained Overweight rating.

Lazard estimates raised at Goldman: Goldman said it is raising its estimates on LAZ for the full year to $1.55 a share from $1.50 a share. Maintained Outperform rating.

La-Z-Boy outlook lowered at UBS: UBS said it is lowering its estimates on LZB for the fiscal third quarter to 15 cents from 18 cents citing threats of lower cost, high value imports. Maintain Reduce rating and $9 price target.

Prudential outlook raised at UBS: UBS said it is raising its target price on PRU to $89 from $78 citing superior ROE potential driven by strong organic growth. Maintain Buy rating.

Ross Stores estimates raised at Piper: Piper said it is raising its 2007 estimates on ROST by 15 cents to $1.80 a share as top-line trends look good. Maintained Market Perform rating.

SanDisk price target lowered at UBS: UBS said it is lowering its target price on SNDK to $62 from $65 citing uncertainties in demand and competition from new rivals. Maintain Neutral rating.

Vodafone outlook cut at Merrill: Merrill said it is lowering its estimates on VOD for the full year 2006 to $2.16 a share from $2.27 a share. Concerns outside Japan overdone. Buy rating maintained.