Allegheny Tech downgraded at CIBC: ATI was downgraded from Outperform to Sector Perform, CIBC said. Valuation call, and estimates have moved up so high they may ultimately prove aggressive. Bemis upgraded at Wachovia: BMS was upgraded to Outperform, Wachovia said. Company benefiting from lower polyethylene prices, and is easy facing easy comparisons in its core business. Coca-Cola Ent. upgraded to Buy: UBS said it is upgrading CCE to Buy from Neutral. Expecting acceleration in earnings growth. Raised target price to $25 from $22. Cephalon downgraded at Morgan Stanley: Morgan Stanley said it is lowering its rating on CEPH to Equalweight from Overweight with an $81 target price. Sparlon suicidality risk revealed. LSI Logic upgraded at BofA: LSI was upgraded from Sell to Buy, Banc of America said. $13.50 price target. New management team should be able to turn the company around and focus on profits. Midwest Air upgraded at Baird: MEH was upgraded from Underperform to Neutral, Robert Baird said. $7 price target. Company could post a profit in 2006, as sales continue to grow and fuel prices stabilize. Qualcomm upgraded at Merrill: QCOM was upgraded to Buy from Neutral, Merrill Lynch said. $60 price target. Company could take market share in an expanding WCDMA market, and earnings expectations could prove conservative.
STOCK COMMENTS / EPS CHANGES
AIG estimates lowered at UBS: UBS said it is lowering its 2006 EPS estimates on AIG to $3.43 from $4.33 to account for recent charges. Maintained Neutral rating. TD Banknorth outlook lowered at Morgan Stanley: Morgan Stanley said it is lowering its estimates on BNK for 2006 to $2.11 a share from $2.28 a share. Margin concerns confirmed. Maintained Underweight rating. Dupont outlook raised at UBS: UBS said it is raising its 2006 EPS estimates on DD by 5 cents to $2.70 after positive guidance. Raised target price to $50 from $48.