CHANGE IN RATINGSTD Ameritrade upgraded at BofA: AMTD was upgraded to Buy, Bank of America said. $20 price target. Stock has dropped on seasonal market concerns, though the company can generate 25% annual earnings growth over the next two years. BellSouth downgraded at AG Edwards: AG Edwards said it is downgrading BLS to Sell based on significant regulatory scrutiny surrounding AT&T merger. See limited upside versus greater downside risk. Chattem upgraded at JP Morgan: CHTT was upgraded from Neutral to Overweight, JP Morgan said. Risk-reward is attractive at current levels, given the sharp earnings rebound expected in 2007. Chattem estimates lowered at Goldman Sachs: Goldman said it is lowering its 2006 estimates on CHTT by $0.29 to $1.90 after company lowered guidance. Maintained Neutral rating. 1-800-Flowers upgraded at Goldman: Goldman said it is upgrading FLWS to Neutral from Sell due to achievement of price target. Shares now 6% below $6 target, which remains unchanged. HCA downgraded at Oppenheimer: HCA was downgraded from Buy to Neutral, Oppenheimer said. Rising interest rates could dampen earnings benefit from share buybacks. Hospital volumes will also likely continue to be sluggish. Lucent estimates lowered at UBS: UBS lowered their 2006 estimates on LU to 12 cents from 16 cents and 2007 estimates to 14 cents from 18 cents. Maintained Buy rating. Lucent estimates reduced at Goldman Sachs: Goldman said it is reducing its 2006 estimates by 2 cents to $0.12 based on company guidance. No rating on shares. Lucent downgraded at Baird: Rating on LU was cut from Outperform to Neutral, Robert Baird said. $3 price target. Company warned of lower North America wireless sales, which was likely from Verizon and Spring 3G EV-DO. Estimates also cut. Lucent upgraded at Citigroup: LU was upgraded from to Buy, Citigroup said. $3.30 price target. Estimates cut to reflect the company's latest warning, though the stock can generate a 40% return, based on the merger with ALA. Lucent target cut at Jefferies: LU price target lowered to $2.50 from $3.00, Jefferies said. Company pre-announced softer-than-expected June quarter results. Reiterate Hold rating. Lucent estimates cut at Prudential: Prudential said it is cutting its 2006 estimates on LU by a penny to 14 cents a share to reflect negative preannouncement. Maintained Overweight rating. OSI Restaurants upgraded at Jefferies: Jefferies said it is upgrading OSI to Hold from Underperform based on valuation. See macroeconomic weakness and difficult operating environment priced into shares after 20% decline since early May. Price target of $35.
STOCK COMMENTS / EPS CHANGESAlcoa estimates raised at Goldman: Goldman said it is upping its 2006 estimates by 6 cents to $3.25 after the company reported Q2 results. Maintain Sell rating and price target of $30. Alcoa estimates raised at Prudential: Prudential said it is raising its 2006 estimates on AA by 22 cents to $3.05 a share. Maintained Neutral Weight rating. ADTRAN estimates lowered at Jefferies: Jefferies said it is lowering its 2006 estimates on ADTN by 3 cents to $1.27 due to tempered expectations for 2H'06. Reiterated Buy rating with price target of $30. Air Products added to Buy list at Goldman: Recent weakness has created attractive entry point in shares of APD, Goldman said. Near-term earnings momentum and strength in hydrogen, electronics and LNG are main catalysts. Price target at $78. Franklin Resources estimates raised at UBS: UBS raised its 2006 estimates on BEN to $5.20 from $5.15 and 2007 estimates to $5.90 from $5.80. Maintained Buy rating. Darden Restaurants estimates lowered at UBS: UBS lowered its 2007 two cents to $2.36 due to marginally lower sales at Red Lobster in the near term. Maintained Buy rating. Edison International estimates cut at Jefferies: Jefferies said it is cutting its 2006 estimates on EIX to $2.95 from $3.05 based on updated pricing assumptions. Reiterated Buy rating and $48 target. Exelon estimates lowered at Jefferies: 2007 estimates lowered 10 cents to $4.85, Jefferies said. Lowered assumptions on forward gas and electricity rates and see rate concessions in New Jersey. Reiterated Buy rating. Gilead target raised at Piper: Piper said it is raising its target price on GILD from $70 to $75 to reflect higher HIV sales estimate. Maintained Outperform rating. Juniper Networks estimates lowered at UBS: UBS decreased its 2006 estimates on JNPR to $2.31 from $2.38 and 2007 estimates to $2.62 from $2.71 due to a downward sales revision. UBS also lowered its price target to $16.50 from $17.50. Maintained Neutral rating. Kronos target lowered at Jefferies: Jefferies said it is cutting its price target on KRON to $32 from $41 after the company pre-announced Q3 results. Lowered its 2006 estimates to $1.36 from $1.41. Reiterated Hold rating. OptionsXpress estimates lowered at Goldman Sachs: Goldman said it is lowering its 2007 estimates on OXPS by 5 cents to $1.45 due to slowing retail trading volumes. Maintain price target of $36.
Pier 1 price target lowered at UBS: UBS lowered its price on PIR to $7 from $10 and lowered its 2006 estimates to a loss of $0.65 from a loss of $0.22. Maintained Neutral rating.Shaw Group estimates lowered at UBS: UBS lowered its 2007 estimates on SGR to $1.65 from $1.75 due to lower 2006 earnings, lower E&I revenues and slightly lower margins. Thus UBS lowered the price target on SGR to $26 from $30. Maintained Neutral rating. TODCO's estimates decreased at UBS: UBS decreased its 2006 estimates on THE to $3.46 from $3.95 and 2007 estimates to $6.14 from $6.46 due to the elevated cost and delay in their implicit reactivation schedule for its jackups. UBS also lowered THE's price target to $55 from $58 and maintained a Buy rating. VeriSign estimates trimmed at Morgan: Morgan Stanley lowered its 2006 estimates on VRSN to $0.77 and 2007 estimates to $0.88. Reiterated Overweight rating and $26 price target. Websense earnings, target lowered at Jefferies: Jefferies said it is cutting its price target on WBSN to $18 from $26 due to slowing demand and shifting strategy. Lowered 2006 estimates by 4 cents to $0.94 and reiterated Hold rating. Websense price target lowered at UBS: UBS lowered its price target on WBSN to $27 from $35 based on their conversations with investors. Maintained Buy rating. Worldspace price target lowered at UBS: UBS lowered its price target on WRSP to $9 from $14 due to liquidity risk. Maintained Buy rating.