CHANGE IN RATINGS

Astoria Financial downgraded by J.P. Morgan: J.P. Morgan said it is downgrading AF to Underweight from Neutral citing slower growth owing to the repricing of large amount of deposits and impact of flat yield curve.

AG Edwards downgraded at Wachovia:AGE was downgraded to Underperform, Wachovia Securities said. The revision reflects multiple factors, including a slowdown in net interest earnings, the recent adoption of FAS 123R, fewer cost levers and overestimated consensus earnings. Sets target price at $42.

Armor Holdings upgraded at J.P. Morgan: AH was upgraded from Neutral to Overweight, J.P. Morgan said. Estimates also raised, as the Humvee program continues to drive growth.

Albermarle downgraded at J.P. Morgan: J.P. Morgan said it is downgrading ALB from Overweight to Underweight. Believes 7% rise in shares due to BASF/Engelhard acquisition announcement is unjustified. Sees lower value in catalyst operations.

Albemarle upgraded at Jefferies: Jefferies said it is upgrading ALB to a Buy rating based on structural advantages and favorable FCC pricing trends. Target price raised to $46.

Ball Corp upgraded at J.P. Morgan: J.P. Morgan said it is upgrading BLL to Overweight seeing more reasonable valuation today than last January. Expects stock to rise in-line with earnings growth.

Burlington Resources downgraded at Jefferies: Jefferies said it is downgrading BR to a Hold rating due to purchase by ConocoPhillips.

Crown Holdings downgraded at J.P. Morgan: CCK was downgraded from Overweight to Neutral, J.P. Morgan said. Company has delivered for two years now, but only has modest earnings upside potential.

Englehard downgraded at J.P. Morgan: EC was downgraded from Overweight to Neutral, J.P. Morgan said. Stock is fairly valued on the BASF purchase.

Engelhard target price raised at UBS: UBS said it is raising its target price on EC to $38 from $30 after recent bid by BASF Germany. Thinks offer looks like a full price by industry standards. Maintained Neutral rating.

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.

STOCK COMMENTS / EPS CHANGES

Arch Coal numbers cut at Morgan Stanley: Morgan Stanley said it is lowering its estimates on ACI for 2006 to 88-cents a share from $1.02 a share. Sale of eastern assets to improve balance sheet.

Adams Respiratory target raised at Morgan Stanley: Morgan Stanley said it is raising its target price to $50 a share from $40 a share based on higher sales forecast for Mucinex franchise. Maintained Overweight rating.

Central Garden target raised at Piper: Piper said it is raising its target price on CENT to $59 due to move to 2007 earnings.

Dow Jones outlook raised at UBS: UBS said it is raising its target price on DJ to $38 from $33 and raising 2006 EPS estimates by 5 cents to 97 cents. Sees improving operating performance after recent hiring of new CEO. Maintained Neutral rating.

Guidant estimates cut at Bear: Bear said it is cutting its 2005 estimates on GDT by 13 cents to $1.86 a share to reflect new guidance. Maintained Peer Perform rating.

InterActiveCorp estimates cut at Merrill: Merrill said it is lowering its estimates on IACI for 2006 to $1.48 a share from $1.49 a share. Maintained Buy rating.

Juniper Networks estimates lowered at UBS: UBS said it is lowering 2006 EPS estimates on JNPR by 4 cents to 89 cents. Sees in-line 4Q results but weakness in WAN Optimization and European Security sales. Maintained Neutral rating.

Las Vegas Sands target raised at Jefferies: Jefferies said it is raising its target price on LVS to $59.50 due to value of Macau mall space under construction and planned vacation suites in Macau. Maintained Buy rating.

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.