Acuity Brands downgraded at CIBC: CIBC said it is downgrading AYI to Sector Performer from Sector Outperformer based on valuation. Shares are 28% year to date. Maintained $45 target price. Circuit City upgraded at Lehman Brothers: Lehman Brothers said it was upgrading CC to Equal Weight on strong industry trends and improving company fundamentals. Federated Investors upgraded at Bear: FII was upgraded from Peer Perform to Outperform, Bear Stearns said. $44 price target. Just had positive meetings with management, suggesting the company could see higher money fund inflows. Global Payments downgraded at Raymond James: GPN was downgraded from Outperform to Market Perform, Raymond James said. Stock appears fully valued, trading at north of 30 times full-year estimates. Sirius Satellite upgraded at J. P. Morgan: J. P. Morgan said it is upgrading SIRI to Neutral from Underweight based on valuation and easing competition. Continues to view 2006 as a transitional year. Steel Dynamics upgraded at UBS: UBS said it is upgrading STLD to Buy from Neutral. Cites best growth prospects of group. Raised target price to $62 from $54. Steel Dynamics upgraded at Morgan Stanley: Morgan Stanley said it is increasing its rating on STLD to Buy. It is a growth steel play. Stryker downgraded at J. P. Morgan: J. P. Morgan said it is downgrading SYK to Neutral from Overweight. Sees decelerating growth environment and no near-term catalysts. Time Warner Telecom upgraded at Morgan Stanley: Morgan Stanley said it is increasing its rating on TWTC to Overweight from Equalweight on improving outlook. Wheeling-Pittsburgh downgraded at UBS: UBS said it is lowering its rating on WPCS to Reduce from Neutral. Does not see strong equity performance matched by sufficient earnings improvement. Zimmer Holdings downgraded at J. P. Morgan: J. P. Morgan said it is downgrading ZMH to Neutral from Overweight. Believes valuation is reasonable and sees no near-term catalysts.
STOCK COMMENTS / EPS CHANGES
Akamai target raised at Jefferies: Jefferies said it was raising the target on AKAM from $27 to $31 on prospect of ARPU boost from heavier content. Maintained Buy rating.