Google upgraded at Bear: Bear said it is upgrading GOOG to an Outperform rating due to long-term belief in fundamentals and burgeoning "Google Ecosystem." Target price raised to $550. Hudson City coverage initiated at Merrill: Merrill said it is initiating coverage on HCBK with a Buy rating and a $15 target price. Improving portfolio leverage, reducing interest rate risk, and growth in its ARM portfolio cited in the note. Healthextras upgraded at Piper: Piper said it is upgrading HLEX to an Outperform rating after Wellmark announced it would use the company's CatalystRx PBM services. Lowe's downgraded at J.P. Morgan: LOW was downgraded from Overweight to Neutral, J.P. Morgan said. Current quarter is doing well, but existing home sales have slowed. MB Financial upgraded at Piper: Piper said it is upgrading MBFI to a Outperform rating due to restructuring of its investment portfolio. Morgan Stanley upgraded at Keefe, Bruyette: MWD was upgraded from Market Perform to Outperform, Keefe, Bruyette & Woods said. Stock could trade up toward the high-$60's, as profitability and sentiment could turn positive in the coming quarters. Office Depot downgraded at Goldman: Goldman said it is lowering its rating on ODP to Inline from Outperform based on valuation. Pediatrix Medical downgraded at Wachovia: PDX was downgraded from Outperform to Market Perform, Wachovia said. Earnings estimates are less conservative, and the stock appears fully valued. Pactiv upgraded at J.P. Morgan: J.P. Morgan said it is upgrading PTV to Overweight. Sees incremental profits beginning this year from its new productivity efforts. Under Armour downgraded at CSFB: CSFB said it is downgrading UARM to Neutral from Outperform. Stock is now trading at a premium to $32 target price. Weyerhaeuser upgraded at J.P. Morgan: J.P. Morgan said it is upgrading WY to Neutral from Overweight. Cites shares are no longer trading at a premium to peers and is positive on company's strategic review.
Zoran upgraded at Jefferies: Jefferies said it is upgrading ZRAN to a Hold rating as DTV Rev is becoming clearer and DVD margins likely to improve.
Public Service Ent. estimates raised at Jefferies: Jefferies said it is raising its 2006 estimates on PEG by 20 cents to $3.90 a share following release of Q3 earnings and guidance. Maintained Buy rating. Psychiatric Solutions outlook raised at Merrill: Merrill said it is increasing its target on PSYS to $65 a share from $62 a share. Maintained Buy rating. Regal Entertainment estimates cut at Bear: Bear said it is cutting its 2005 estimates on RGC by 12 cents to 64 cents a share due to weak box office results. Maintained Underperform rating.