Analysts' Actions: A Daily Roundup of Street Research

CHANGE IN RATINGS

Apple Computer upgraded at Merrill Lynch: Merrill Lynch said it is upgrading AAPL to Buy from Neutral. Sees risk/reward improving after favorable quarter. Raises target price to $72.

American Eagle Outfitters upgraded at UBS: UBS upgraded AEOS to Buy from Neutral and raised its price target to $41 from $34. This is based on their belief that this company is well positioned for the back to school shopping.

Business Objects upgraded at Piper: Piper said it is upgrading BOBJ to an Outperform rating on valuation following recent decline in share price.

BP downgraded at JPMorgan:JPMorgan said it is downgrading BP to Neutral from Overweight due to rich valuation and near-term risks. See overall Global oil sector valuations creating worsening risk/reward balance.

FirstEnergy downgraded at Citigroup: FE was downgraded to Hold, Citigroup said. Weather is weighing on earnings, though the Pennsylvania rate case should help the forward years. That said, the stock is already trading at a premium valuation.

Golden West Financial downgraded at Bear Stearns: Bear Stearns downgraded GDW from Outperform to Peer Perform noting that the difficult lending environment is likely to persist at least until short term rates stop climbing. Maintained $77 price target.

Global Crossing upgraded at Jefferies: Jefferies said it is upgrading GLBC to Buy from Hold due to the company's improving liquidity position, expected improvement in ROW operations, and expectation that EBITDA will turn positive in Q3. Price target at $20.

Life Time Fitness upgraded at Merrill Lynch: Merrill Lynch said it is upgrading LTM to Buy from Neutral based on valuation. Sees recent pullback as buying opportunity. Establishes a $52 target price.

MGI Pharma downgraded at JP Morgan: JP Morgan downgraded MOGN to Neutral from Overweight due to underperformance and poor visibility of their Aloxi drug. Estimates were lowered across the board with 2006 dropped to -$0.40 from $0.25, 2007 estimates down to $0.30 from $0.90 and 2008 estimates cut to $0.65 from $1.30.

Motorola upgraded at Piper: Piper said it is upgrading MOT to an Outperform rating following great quarter driven by strong unit numbers and pricing.

NVIDIA upgraded at Deutsche Bank: Deutsche Bank upgraded NVDA to Hold from Sell since much of the risk is priced into the stock and that their price target of $18.50 has been reached. 2007 estimates were lowered to $0.98 from $1.

Qualcomm upgraded at CSFB: CSFB said it is upgrading QCOM to Outperform from Neutral following FQ3 results. Cites 3G outlook is intact and expects WCDMA adoption to accelerate in 2006. Maintained $50 target price.

Sandisk upgraded at Deutsche Bank: Deutsche Bank said it is upgrading SNDK to Hold from Sell based on valuation. After declining 40% in last 2 months, see challenges including litigation risk, low visibility for NAND pricing, structural NAND deterioration, and consumer exposure priced into shares. Price target lowered to $40 from $45.

St. Jude Medical upgraded at Jefferies: STJ upgraded to Buy from Hold, Jefferies said. Believe expectations now more realistic and that final ICD reimbursement will be better than anticipated. Price target raised to $44 from $42.

STOCK COMMENTS / EPS CHANGES

Apple Computer estimates raised at CSFB: CSFB said it is raising its 2006 EPS estimates on AAPL by 10 cents to $2.14 following positive 3Q results. Maintained Outperform rating and $90 target price.

Apple Computer outlook raised at Morgan Stanley: Morgan Stanley said it is increasing its estimates on AAPL for the full year to $2.12 a share from $2.05 a share. Maintained Overweight rating.

Abbot Laboratories outlook raised at Morgan Stanley: Morgan Stanley said it is increasing its estimates on ABT for the full year to $2.51 a share from $2.46 a share. Maintained Equalweight rating. ADC Telecom target cut at Jefferies 7:10 AM EDT Jefferies said it is lowering its price target on ADCT to $14 from $20 after the company negatively pre-announced Q3 results. See significant risks in Andrew acquisition. 2006 estimates cut $0.20 to $0.75.

Amphenol outlook cut at Morgan Stanley: Morgan Stanley said it is increasing its estimates on APH for the full year to $2.76 a share from $2.83 a share. Maintained Equalweight rating.

Bank of America estimates raised at CSFB: CSFB said it is raising its 2006 EPS estimates on BAC to $4.68 from $4.44 following better-than-expected 2Q results. Raised target price to $57 from $55.

Compass Bancshares estimates raised at CSFB: CSFB said it is raising its 2006 EPS estimates on CBSS by 5 cents to $3.59 following strong and high quality 2Q results. Raised target price to $59 from $54.

Cubist estimates raised at Jefferies: CBST 2006 estimates raised to $(0.01) from $(0.19), Jefferies said. See strong sales prospects for Cubicin. Reiterated Buy rating and price target of $30.

Con-Way target price raised at CSFB: CSFB said it is raising its target price on CNW to $66 from $64 after company reported 2Q results that were 2 cents ahead of consensus. Maintained Outperform rating.

Citrix target cut at Jefferies: Jefferies lowered its price target on CTXS by $5 to $35 due to modest Q2 results. believe investors have become accustomed to greater outperformance of guidance. Reiterated Hold rating.

Cytec estimates lowered at Jefferies: Jefferies said it is lowering its 2006 estimates on CYT to $3.60 from $3.65 to reflect Q3 asset sales of water treatment and acrylamide businesses. See upside to returns on capital. Reiterate Buy rating and target of $70.

eBay estimates raised at Jefferies: Jefferies said it is raising its 2006 estimates on EBAY by 2 cents to $1.01 after company reported Q2 results inline with expectations. Management reiterated revenue guidance and narrowed its earnings estimate to the upper-end of previous range. Reiterated Buy rating with price target of $50.

Entergy estimates lowered at Jefferies: Jefferies lowered its 2006 estimates by 5 cents to $4.55 based on management guidance below expectations. Believe company undervalued with respect to low-cost merchant nuclear generation. Reiterated Buy rating with $83 price target.

General Dynamics estimates raised at Jefferies: Jefferies said it is raising its 2006 estimates by 10 cents to $4.15 after company beat estimates and provided 2006 EPS guidance of $4.15. reiterated Buy rating and price target of $75, noting company's leading positions in military markets.

General Maritime outlook raised at Morgan Stanley: Morgan Stanley said it is increasing its estimates on GMR for the full year to $3.25 a share from $2.33 a share. Maintained Equalweight rating.

Genuine Parts outlook raised at Morgan Stanley: Morgan Stanley said it is increasing its estimates on GPC for 2006 to $2.73 a share from $2.71 a share. Maintained Overweight rating.

Intel estimates cut at Jefferies: Jefferies said it is cutting its 2006 estimates on INTC by 8 cents to $0.76 due to escalating price war and intensifying competition for market share. See competitive products and aggressive pricing resulting in market share gains in near- to mid-term. reiterate Buy rating with $22 price target.

Intersil estimates lowered at CSFB: CSFB said it is lowering its 2006 EPS estimates on ISIL by 3 cents to $1.02 following in-line 2Q results. Maintained Outperform rating and $31 target price.

Intersil target lowered at Jefferies: ISIL price target lowered to $30 from $33, Jefferies said. See improving profitability and gain in market share. Increased 2006 estimates to $1.24 from $1.04 and reiterated Buy rating.

Intersil outlook slashed at Morgan Stanley: Morgan Stanley said it is lowering its estimates on ISIL for 2006 to 91 cents a share from 95 cents a share. Equalweight rating is maintained.

Juniper outlook cut at Morgan Stanley: Morgan Stanley said it is lowering its estimates on JNPR for the full year to 53 cents a share from 61 cents a share. Options issues to weigh on shares.

Keane estimates raised at UBS: UBS raised its 2006 estimates to $0.53 from $0.43 and 2007 estimates to $0.68 from $0.59. Maintained Reduce rating.

Knight Transportation target price raised at CSFB: CSFB said it is raising its target price on KNX to $19.50 from $18.50 following solid 2Q results. Maintained Neutral rating.

Lam Research estimates raised at UBS: UBS raised its 2007 estimates on LRCX to $3.79 from $3.30 due to improved near term visibility. Maintained Buy rating and $60 price target.

Southwest Airlines estimates raised at UBS: UBS raised its 2006 estimates on LUV to $0.88 from $0.73 and 2007 estimates to $1.05 from $0.97. Price target was raised a dollar to $21 and maintained Buy rating.

Manpower estimates raised at UBS:UBS raised its 2006 estimates on MAN to $3.46 from $3.30 and 2007 estimates to $4 from $3.80. Maintained Buy rating.

Altria price target raised at JPMorgan: JPMorgan said it is raising its price target on MO to $105 from $85 due to upside from potential $31 billion of new balance sheet leverage. See break-up occurring in next 18 months due to decline in U.S. litigation risk. Maintain Overweight rating.

Altria target raised at Morgan Stanley: Morgan Stanley said it is increasing its estimates on MO to $82 a share from $77 a share. Maintained Overweight rating.

Motorola estimates raised at Jefferies: Jefferies said it is raising its 2007 estimates on MOT by a penny to $1.56 based on strong Q2 results. Maintained Buy rating and $25 price target.

Motorola estimates raised at Prudential: Prudential said it is raising its 2006 estimates on MOT by 5 cents to $1.26 a share due to strong handset growth in Q. Maintained Neutral Weight rating.

Motorola outlook raised at Goldman: Goldman said it is increasing its estimates on MOT for the full year. Management issued inline guidance. Operating margins inline despite strong unit upside in mobile business.

Polycom outlook raised at Morgan Stanley: Morgan Stanley said it is increasing its estimates on PLCM for the full year 2007 to $1.04 a share from $1.01 a share. Solid results priced into the stock. Maintained Equalweight rating.

Qualcomm estimates lowered at Jefferies: Jefferies lowered its 2007 on QCOM a penny to $1.80 following conservative company guidance. Maintained Buy rating and $54 target price.

Qualcomm estimates cut at Prudential: Prudential said it is cutting its 2007 estimates on QCOM by 3 cents to $1.69 a share due to uninspiring guidance.

Unisys target lowered at Jefferies: Jefferies said it is cutting its price target on UIS to $4 from $5 due to lack of business momentum and difficult operating margin targets. 2006 estimates slashed to $(0.60 from $(0.07) and reiterated Underperform rating.

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