Analysts' Actions: A Daily Roundup of Street Research

CHANGE IN RATINGS

Avon Products rated new Outperform at CSFB: CSFB said it is initiating coverage on AVP with an Outperform rating. Believes stock deserves higher premium to the market. Sets $35 target price.

Best Buy upgraded at Prudential: Prudential said it is upgrading BBY to an Overweight rating on valuation and thesis that big screen tv sales remain robust.

CBL & Associates coverage initiated at UBS: UBS initiated coverage on CBL with a Buy rating and a $44 price target.

Cognex downgraded at Baird: Baird said it is downgrading CGNX to Neutral from Outperform based on slowing order outlook and decelerating Factory Automation sales. Price target lowered to $28 from 35$ and 2007 estimates lowered $0.24 to $0.90.

CONSOL Energy downgraded at AG Edwards: AG Edwards downgraded CNX to Hold from Buy citing weakening near-term industry fundamentals.

Developers Realty coverage initiated at UBS: UBS initiated coverage on DDR with a Buy rating and $61 price target noting that it is undervalued in relation to its growth profile.

Digitas downgraded at Piper: Piper said it is downgrading DTAS to a Market Perform rating due to client losses and lower client spending concerns.

Estee Lauder rated new Neutral at CSFB: CSFB said it is initiating coverage on EL with a Neutral rating. Believes stock is well positioned for opportunities but shares trade at a premium. Sets $40 target price.

EMCOR Group upgraded at FBR: FRB upgraded EME to Outperform from Market Perform stating the sell-off in share price has been overdone. Raised 2006 estimates to $2.08 from $1.90 and 2007 estimates to $2.50 from $2.35. Maintained $53 price target.

Freeport McMoRan upgraded at Prudential: Prudential upgraded FCX to Neutral from Underweight and raised its price target to $60 from $50. This is due to flawless corporate governance and progress in the copper market.

J.B. Hunt downgraded at AG Edwards: AG Edwards downgraded JBHT to Sell from Neutral noting bearish outlook for industry demand. 2006 estimates lowered $0.07 to $1.37 and 2007 estimates lowered $0.18 to $1.45.

JB Hunt downgraded at Baird: Baird downgraded JBHT to Neutral from Outperform due to substandard second quarter trucking results, softening macroeconomic indicators and a difficult fourth quarter comparison. Lowered price target to $24 from $28.

US Airways Group rated new Outperform at CSFB: CSFB said it is initiating coverage on LCC with an Outperform rating. Believes Street underappreciates steep capacity reductions in cost structure. Sets $79 target price.

Nokia upgraded at Lehman: Lehman upgraded NOK to Overweight from Equalweight following recent weakness and a solid second quarter and second half earnings outlook.

Pediatrix Medical upgraded at Jefferies: Jefferies said it is upgrading PDX to Buy from Hold based on valuation. See limited downside risk to 2006 earnings. Price target increased to $50 from $47.50.

Yahoo! downgraded at Deutsche: YHOO was downgraded from Buy to Hold, Deutsche Bank said. $30 price target. Estimates also cut, to reflect the pushout of the search monetization launch.

Yahoo! downgraded at JP Morgan: JP Morgan downgraded YHOO to Neutral from Overweight noting its aggressive fourth quarter guidance and deteriorating fundamentals.

STOCK COMMENTS / EPS CHANGES

Adtran estimates cut at Jefferies: Jefferies said it is lowering its 2006 estimates on ADTN by 5 cents to $1.22 after the company lowered guidance. See attractive valuation. Reiterated Buy with $30 price target.

Anheuser-Busch outlook raised at Goldman: Goldman said it is increasing its estimates on BUD for 2007 to $2.74 a share from $2.71 a share. Acquisition of Modelo is accretive to BUD.

Check Point target lowered at Jefferies: Jefferies said it is lowering its price target on CHKP by $1 to $19 after the company delivered inline results. See concern over margins and difficult expectations to meet in second half. 2006 estimates lowered by 2 cents to $1.34.

Check Point Software estimates lowered at UBS: UBS lowered its 2006 estimates on CHKP to $1.18 from $1.19 and 2007 estimates to $1.27 from $1.31. Price target was reduced to $23 from $25 but maintained Buy rating.

Digitas target cut at Jefferies: DTAS price target cut to $12 from $15, Jefferies said. Company lowered guidance to reflect lower spending by key clients General Motors and Delta. 2006 estimates lowered to $0.60 from $0.69. Reiterate Buy rating.

Freeport McMoRan estimates lowered at CSFB: CSFB said it is lowering its target price on FCX to $62 from $65 following 2Q results that included lower copper and gold sales.

Forest Labs estimates raised at Jefferies: Jefferies said it is upping its 2006 estimates on FRX to $2.08 from $1.96 after Q1 results showed higher Benicar sales, lower SG&A expenses and smaller share count. Maintain Buy rating and $54 target.

IBM estimates lowered at Goldman: Goldman said it is lowering its estimates on IBM for the full year to $5.88 a share from $5.90 a share. Favorable currency helped inline quarter.

IBM target price lowered at CSFB: CSFB said it is lowering its target price on IBM to $90 from $100 following in-line 2Q results. Maintained Outperform rating.

IBM estimates raised at UBS: UBS raised its 2006 estimates on IBM a penny to $5.76. Maintained Neutral rating and $82 price target.

Jefferies outlook raised at Goldman: Goldman said it is raising its estimates on JEF for the full year to $1.39 from $1.36 after the firm beat reduced second quarter estimates.

Coca-Cola outlook raised at Morgan Stanley: Morgan Stanley said it is increasing its estimates on KO for the full year to $2.34 a share from $2.30 a share. Target is $50. Maintained Equalweight rating.

Lone Star estimates cut at Jefferies: Jefferies said it is cutting its 2006 estimates on LSS to $5.91 from $6.45 due to margin compression resulting from rising steel costs and lackluster offshore activity. Price target lowered $5 to $71. Reiterated Buy rating.

New York Times numbers boosted at Morgan Stanley: Morgan Stanley said it is increasing its estimates on NYT fro 2006 to $1.57 a share from $1.55 a share. Maintained Equalweight rating.

Packaging Corp. of America outlook raised at Morgan Stanley: Morgan Stanley said it is increasing its estimates on PKG for the full year to $1.19 a share from $1.08 a share. Maintained Overweight rating.

RF Micro target cut at Jefferies: Jefferies said it is lowering its price target on RFMD to $10 from $12 due to weaker outlook for Wireless demand in Asia. Reiterated Buy rating.

Range Resources estimates raised at CSFB: CSFB said it is raising its 2007 EPS estimates on RRC by 3 cents to $1.80 based on strong 2Q production. Maintained Outperform rating and $30 target price.

Sanmina target lowered at Jefferies: SANM price target cut to $3.80 from $5.40, Jefferies said. See slowing economic environment, market share shifts, and disappointing operating leverage. Reiterated Hold rating.

Time Warner outlook raised at Morgan Stanley: Morgan Stanley said it is increasing its estimates on TWX for the full year to 97 cents a share from 96 cents a share. Maintained Equalweight rating and $21 target price. Media needs to shift from FCF to EPS.

US Bancorp estimates raised at CSFB: CSFB said it is raising its 2006 EPS forecast on USB by a penny to $2.61 due to positive 2Q results. Maintained Neutral rating.

United Technologies estimates raised at Jefferies: Jefferies said it is raising its 2006 estimates on UTX by 5 cents to $3.65 based on strong Q2 results. Price target raised to $68 from $64 and reiterated Buy rating.

Yahoo! target cut at Goldman: Goldman said it is lowering its target on YHOO to $40 a share from $44 a share. Growth remains strong but Panama delay and RPS growth create risks that appear priced in.

Yahoo! target cut at Jefferies: Price target on YHOO lowered by $2 to $43, Jefferies said. See share appreciation stifled by delay in much-anticipated launch of "Panama" search platform. 2006 estimates lowered by a penny. Reiterated Buy rating.

Yahoo! estimates lowered at UBS: UBS reduced its 2006 estimates on YHOO to $0.45 from $0.47 and 2007 estimates to $0.54 from $0.62 due to product delays, uninspiring second quarter results, and lowered operating income guidance. Price target was lowered to $39 from $42. Maintained Buy rating.

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