Eli Lilly downgraded at Merrill Lynch: Merrill Lynch said it was downgrading LLY from Buy to Neutral on uncertainty in product news flow and risk/reward scenario. Eli Lilly downgraded at Friedman, Billings, Ramsey & Co.: Friedman, Billings, Ramsey & Co. said it was downgrading LLY from Market Perform to Underperform on decelerating growth. Maintained $53 target. Manitowoc upgraded at Deutsche Bank: Deutsche Bank said it is raising its rating on MTW to Buy. DCF valuation of $80 puts too much emphasis on a cyclical crane downturn that is unlikely to materialize until beyond 2009. Aramark downgraded at Morgan Stanley: Morgan Stanley said it is lowering its rating on RMK to Equalweight from Overweight, based on valuation. SiRF downgraded at Morgan Stanley: Morgan Stanley said it is lowering its rating on SIRF to Underweight from Equalweight. The estimates are getting harder to achieve. US Steel upgraded at CIBC: Rating on X was boosted from Underperform to Sector Perform, CIBC said. Estimates also raised to reflect recent price increases. New $64 price target.
STOCK COMMENTS / EPS CHANGES
Advanced America estimates cut at Morgan Stanley: Morgan Stanley said it is lowering its estimates on AEA for the full year to 88 cents a share from 94 cents a share. Remains Overweight citing risk/return that is still attractive. Allergan estimates cut at Goldman: Goldman said it is lowering its AGN estimates post 2006 guidance on the earnings calls. Maintained Inline rating. Best Buy target price raised at CSFB: CSFB said it is raising its target price on BBY to $59. Sees renewed focus on expenses to go with strong product cycle and growth drivers. Maintained Neutral rating. DirecTV Group estimates raised at Morgan Stanley: Morgan Stanley said it is increasing its estimates on DTV for the full year to 88 cents a share from 80 cents a share.