Administaff downgraded at Raymond James: ASF was downgraded from Market Perform to Underperform, Raymond James said. Stock is already trading at 36 times earnings, which is at the high end of the historical range. Company also beginning to face competition from larger firms. Biovail downgraded at Merrill: Merrill said it is lowering its rating on BVF to Neutral. Cites risk to guidance from early generics. Biovail outlook raised at UBS: UBS said it is raising its 2006 EPS estimates on BVF to $2.13 from $1.91 based on strong sales and revenue guidance. Raised target price to $28 from $26.50. Cbeyond downgraded at Raymond James: CBEY was downgraded from Outperform to Market Perform, Raymond James said. Stock is up 56% since early January, and has less than 10% further upside potential over the near term. Cephalon downgraded at Jefferies: Jefferies said it was downgrading CEPH from Buy to Hold, lowering FY 2007 EPS estimates from $4.01 to $3.23 and cutting the target by $25 to $60 on anticipation of Sparlon launch delay. Cephalon downgraded at JP Morgan: JP Morgan said it is downgrading CEPH to Neutral after negative FDA panel recommendation for Sparlon. Believes product continues to look approvable but will likely be significantly delayed. Cephalon downgraded at CIBC: CIBC said it is downgrading CEPH to Sector Performer due to the removal of Sparlon revenues from its model. Removes $86 target price. Check Point Software downgraded at SG Cowen: SG Cowen said it was downgrading CHKP from Outperform to Neutral following the cancellation of SourceFire acquisition plans. Check Point target, estimates lowered at Jefferies: Jefferies said it was lowering FY 2006 EPS estimates on CHKP by 4-cents to $1.38 and the target by $1 to $21 following the withdrawn proposal to acquire SourceFire. Maintained Hold rating.