First Data downgraded at Piper: Piper said it is downgrading FDC to a Market Perform rating due to deceleration at Western Union, lack of visibility, and lack of catalyst. Hyperion Solutions downgraded at Credit Suisse: Credit Suisse downgraded HYSL to Neutral from Outperform noting the stock will peak in the near term. Price target lowered a dollar to $34. UAL Corporation coverage initiated at Credit Suisse: Credit Suisse began coverage on UAUA with a Neutral rating and a $35 price target. The company should see modest share upside potential. Verasun coverage initiated at Morgan Stanley: Morgan Stanley said it is initiating coverage on VSE with an Equalweight rating and a $27 target price. The company is well positioned, would be more aggressive buyers in the low $20's. Weyerhaeuser downgraded at Morgan Stanley: Morgan Stanley said it is lowering its rating on WY to Equalweight from Overweight. After the peak, looking to mid-cycle for value.
STOCK COMMENTS / EPS CHANGES
Commerce Bancorp outlook lowered at Morgan Stanley: Morgan Stanley said it is cutting its CBH estimates for 2006 to $1.65 a share from $1.79 a share. Maintained Overweight rating. Cognos target slashed at Jefferies: Jefferies said it is cutting its price target on COGN to $33 from $43 after Q1 earnings missed estimates. See difficult operating margins in 2007, but attractive valuation and favorable product cycle. 2007 estimates lowered to $1.46 from $1.54. Reiterated Buy rating. Cognos estimates lowered at UBS: UBS lowered its 2007 estimates on COGN to $1.18 from $1.27 and 2007 estimates to $1.42 from $1.57 due to a weak first quarter and disappointing second quarter outlook. Price target lowered to $40 from $47 and maintained Buy rating. Cytec estimates lowered at Jefferies: Jefferies said it is upping its 2006 estimates by 4 cents to $3.60 after strong Q2 results. Cautious second-half 2006 guidance offset the news. Reiterated Buy rating and target of $70.