Analysts' Actions: A Daily Roundup of Street Research

CHANGE IN RATINGS

Brunswick downgraded at AG Edwards: BC was downgraded to Hold, AG Edwards said. Estimates also lowered, reflecting lower U.S. retail marine demand. Stock's downside should be limited to $30.

Walt Disney downgraded at CIBC: CIBC downgraded DIS to Sector Underperform from Sector Perform. CIBS states that strong film results have been priced into the stock but their analysis suggests that 2007 will see slower growth. Estimates have been lowered for 2006 to $1.61 from $1.65 and 2008 to 41.89 from $1.92.

ISE coverage initiated at UBS: UBS initiated coverage on ISE with a Neutral rating. UBS set the price target of $43 and 2006 estimates of $1.25 and 2007 estimates of $1.50.

Jones NY downgraded at Merrill Lynch: Merrill said it is downgrading JNY to Sell due to diminishing prospects for sale and weakening fundamentals. See downside to $27.

Knoll upgraded at JPMorgan: JPMorgan said it is upgrading shares of KNL to Overweight from Neutral due to expected strength in office furniture sales, as well as margin opportunities. See employment growth and declining office vacancy rates as key drivers continuing through 2007. 2006 estimates raised to $1.06 from $1.00.

NYSE coverage initiated at Jefferies: Jefferies said it is initiated coverage on NYX with a Buy rating. Believe earnings growth from continued cost reductions and an expected merger with Euronext will drive shares higher. Price target set at $75.

Proctor & Gamble coverage initiated at UBS: UBS initiated coverage on PG with a Buy rating and a $70 price target. 2006 estimates are $2.63 and 2007 estimates are $2.97.

Tekelec outlook lowered at Morgan Stanley: Morgan Stanley said it is lowering its estimates on TKLC for the full year to a loss of 31 cents a share from a 25 cents a share profit previously. Company not in a position to give guidance.

Tekelec downgraded at Raymond James: TKLC was downgraded from Outperform to Market Perform, Raymond James said. Beginning to lose confidence in the wireless signaling market, which accounts for 25% of revenue.

Tekelec downgraded at Baird: Baird downgraded TKLC to Neutral from Outperform due to gloomy metrics. Price target has been cut in half to $9.

Wal-Mart downgraded at Merrill:WMT was downgraded from Buy to Neutral, Merrill Lynch said. Productivity of new stores growth has been declining, and comp sales will see an artificial boost because of new anniversary base methodology.

STOCK COMMENTS / EPS CHANGES

Americredit estimates raised at Piper: Piper said it is raising its 2006 estimates on ACF by 2 cents to $2.20 a share to reflect improved expectations for charge-offs. Maintained Outperform rating.

Acergy target raised at Jefferies: Jefferies said it is raising its price target on ACGY to $23 from $17 after 2Q results came in ahead of expectations. See robust market conditions, disciplined bidding strategy and strong execution driving earnings growth. 2006 estimates raised to $1.10 from $0.80 and reiterated Buy rating.

American Electric Power target raised at Jefferies: Jefferies said it is upping its price target to $42 from $39.50 based on valuation. Reiterated Buy rating.

Cedant estimates lowered at Morgan Stanley: Morgan Stanley said it is cutting its estimates on CD for the full year to $1.35 a share from $1.36 a share. Updated sum of parts yields $20 vs. $21 previously. Maintained Overweight rating.

Entergy estimates lowered at Jefferies: Jefferies said it is lowering its 2006 estimates on ETR by 10 cents to $4.60 after the company agreed to acquire Consumers Energy's Palisades nuclear power plant for $350 million. Reiterated Buy rating.

FirstEnergy target raised at Jefferies: Jefferies said it is raising its price target on FE by $3 to $63 based on valuation and possible rate relief in Pennsylvania. Reiterated Buy rating.

Gannett estimates cut at Prudential: Prudential said it is cutting its 2006 estimates on GCI by 4 cents to $5.02 a share. Maintained Overweight rating.

Genzyme estimates raised at Prudential: Prudential said it is raising its 2006 estimates on GENZ by 3 cents to $2.41 a share to reflect Q2 upside. Maintained Neutral Weight rating, target price raised to $70.

Genzyme target raised at Jefferies: Price target on GENZ raised $1 to $80, Jefferies said. See acceleration in Q206 product growth and believe second half of 2006 with be strong, especially with addition of Myozyme. Reiterated Buy rating.

Infosys target increased at Jefferies: Jefferies is raising its target price on INFY by $9 to $94 due to significant revenue performance and decreasing risks. See better margins for 2007. Reiterate Buy rating.

St. Joe target cut at Morgan Stanley: Morgan Stanley said it is lowering its estimates on JOE for the full year to $1.01 a share from $1.47 a share. Maintained Equalweight rating, but target cut to $50 a share from $56 a share.

Lexmark estimates raised at UBS: UBS raised its 2006 estimates on LXK four cents to $3.74 and its price target to $56 from $53. Maintained Neutral rating.

Aramark outlook cut at Morgan Stanley: Morgan Stanley said it is lowering its estimates on RMK for 2006 to $1.43 a share from $1.64 a share. Maintained Equalweight rating.

AT&T estimates raised at Credit Suisse: Credit Suisse said it is increasing its 2006 estimates on T by 4 cents to $2.12 due to margin improvement in both wireline and wireless units. Target price increased to $32.

Taiwan Semi target cut at Jefferies: Jefferies said it is lowering its price target on TSM due to increased seasonal business volatility. Reiterated Hold rating.

TXU price target raised at UBS: UBS upgraded their price target on TXU to $71 from $65. Maintained Buy rating.

Wyeth outlook lowered at Morgan Stanley: Morgan Stanley said it is lowering its estimates on WYE for the full year to $3.08 a share from $3.14 a share. The company commented that it would at least make the high end of its guidance based on current business trends. Maintained Equalweight rating.

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