Earthlink upgraded at Jefferies: Jefferies said it was upgrading ELNK from Hold to Buy on valuation. Maintained $12 target. EMC downgraded at JP Morgan: EMC was downgraded from Overweight to Neutral, J.P. Morgan said. Current quarter will likely come in-line with expectations, though the rest of 2006 should prove challenging. Advanced Medical Opt rated new Neutral at UBS: UBS said it is initiating coverage on EYE with a Neutral rating. Sees growth opportunity in multifocal IOLs. Sets $50 target price. FedEx estimates raised at CSFB: CSFB said it is raising its 2006 EPS estimates on FDX to $5.93 from $5.78 after quarter exceeded expectations. Raised target price to $119 from $107. Jabil Circuit outlook raised at CSFB: CSFB said it is raising its 2006 EPS estimates on JBL by 5 cents to $1.58 after positive F2Q results. Raised target price to $52. Kraft Foods downgraded at Lehman: KFT was downgraded from Overweight to Equal-weight, Lehman Bros. said. $32 price target. Stock has bounced back, and the outlook remains challenging. Level 3 Comm. upgraded at Bear: LVLT was upgraded from Underperform to Outperform, Bear Stearns said. $5.25 price target. Operating environment will improve along with consolidation, over the next couple of years. Respironics upgraded at Wachovia: RESP was upgraded to Outperform, Wachovia said. Market share losses should slow by next year and the sleep business should continue to grow. The stock is also down dramatically from its highs. Constellation Brands coverage initiated at Morgan Stanley: Morgan Stanley said it is initiating coverage on STZ with an Equalweight rating and a $30 target price. The stars are aligning. Worthington Industries upgraded at CIBC: WOR was upgraded from Sector Perform to Outperform, CIBC said. $21 price target. Company should see business stabilize in the near term, on the back of recent price increases. Yahoo! upgraded at UBS: UBS said it is upgrading YHOO to Buy from Neutral. Sees near-term positive catalysts including valuation and branded advertising strength. Maintained $39 target price.
STOCK COMMENTS / EPS CHANGES
AirTran estimates cut at Goldman: Goldman said it is lowering its estimates on AAI for the full year to 40 cents a share from 55 cents a share. Maintained Inline rating.