CHANGE IN RATINGS

Apple Computer upgraded at BofA:AAPL was upgraded from Neutral to Buy, Bank of America said. $79 price target. Expect higher unit sales of iPods and MacBooks. Positive channel checks bode well for the next two quarters.

Allegheny Energy downgraded at Credit Suisse: Credit Suisse said it is downgrading AYE to Neutral from Outperform based on valuation. Continues to see upside but would not commit new capital. Raised target price to $45 from $41.

Century Aluminum downgraded at Morgan Stanley: Morgan Stanley said it is lowering its rating on CENX to Underweight from Overweight on Alumina supply outlook.

Carpenter Tech upgraded at Keybanc: CRS was upgraded from Hold to Buy, Keybanc said. $115 price target. Selloff is overdone, and unit growth, free cash flow and order backlog remains strong.

Eagle Materials downgraded at BB&T Capital Markets: BB&T said it is downgrading EXP to Hold from Buy due to declining new home sales, future deceleration in EPS growth rate, and muted investor reaction to company's stellar results.

Idexx Laboratories upgraded at Merrill: Merrill upgraded IDXX to Neutral from Sell after the company posted better than expected second quarter sales. 2006 estimates were raised to $2.70 from $2.48.

Lear upgraded at Citigroup: LEA was upgraded from Sell to Hold, Citigroup said. $23 price target. Stock has dropped 19% on the year, and is already pricing in higher materials costs.

Lear target price raised at Prudential: Prudential said it is raising its target price on LEA to $20. Maintained Underweight rating.

Lear downgraded at Credit Suisse: Credit Suisse said it is downgrading LEA to Neutral from Outperform based on weaker 2H outlook. Reduced target price to $24 from $28.

Manpower downgraded at Merrill Lynch: Merrill said it is downgrading MAN to Neutral due to lower estimates and increasing risk. See uncertain degree of macroeconomic slowdown weighing on shares. 2006 estimates cut 2 cents to $3.54.

Nortel Networks downgraded at Baird: Baird downgraded NT to Neutral from Outperform based on a more difficult outlook in their North American CDMA wireless business. Price target lowered to $2 from $3.

Phelps Dodge upgraded to Prudential: Prudential said it is upgrading PD to an Overweight rating due to belief that proposed Inco merger has less dilution and fewer risks.

SanDisk upgraded at CIBC: CIBC said it is upgrading SNDK to Sector Outperformer from Sector Performer following proposed acquisition of M-Systems. Sets $60 target price.

STOCK COMMENTS / EPS CHANGES

Ashland estimates increased at Jefferies: Jefferies said it is upping its 2006 estimates on ASH by 10 cents to $3.75 based on strong Q3 results and favorable momentum in Water and Valvoline. Reiterated Buy rating and $81 target.

Becton Dickinson estimates raised at Morgan Stanley: Morgan Stanley said it is increasing its estimates on BDX for the full year to $3.27 a share from $3.22 a share. Maintained Equalweight rating.

Baker Hughes price target raised at UBS: UBS raised its price target on BHI to $98 from $96, 2006 estimates to $4.19 from $4.12 and 2007 estimates to $5.36 from $5.06. Maintained Buy rating.

Baker Hughes estimates raised at Jefferies: Jefferies said it is increasing its 2006 estimates on BHI by 7 cents to $4.25 following strong Q2 results. Reiterate Buy rating and $100 price target.

Builders FirstSource outlook revised at UBS: UBS lowered its price target on BLDR to $24 from $30. 2006 estimates were raised ten cents to $2.65 but 2007 estimates were lowered to $2.80 from $2.90.

Bristol-Myers estimates raised at UBS: UBS raised its 2006 estimates on BMY to $1.24 from $1.20 and 2007 estimates to $1.32 from $1.30. Maintained Neutral rating and $24.50 price target.

Boston Scientific estimates lowered at UBS: UBS lowered its 2006 estimates on BSX to $1 from $1.06 and 2007 estimates to $1.11 from $1.17. Maintained Buy rating and $32 price target.

Constellation Energy target raised at Jefferies: Jefferies said it is raising its price target on CEG to $62 from $57 based on conversion ratio provided under merger agreement with FPL Group. 2006 estimates increased by 10 cents to $3.75 and reiterated Hold rating.

Complete Production estimates raised at Jefferies: 2006 estimates on CPX raised by 10 cents to $1.90, Jefferies said. Q2 EPS results of $0.39 ahead of both Jefferies' and consensus estimates. Reiterated Buy rating and $30 target.

Cisco price target reduced at UBS: UBS cut its price target on CSCO to $21 from $23 and 2007 estimates a penny to $1.07. Maintained Neutral rating.

Chevron estimates reduced at UBS: UBS lowered its 2006 estimates on CVX to $8.38 from $8.66 and 2007 estimates to $9.26 from $9.56. Maintained Neutral rating and $69.

Cytyc estimates increased at Jefferies: 2006 estimates on CYTC upped by 3 cents to $1.20, Jefferies said. Novacept sales particularly strong and core ThinPrep business solid. Reiterated Buy rating and $32 target.

Dominion estimates upped at Jefferies: Jefferies said it is increasing its 2007 estimates on D by 5 cents to $6.10 after adjusting for commodity gas pricing. Reiterated Hold and $78 target.

Goodrich estimates raised at Merrill:GR estimates boosted to $2.60 a share in 2006 and $3.20 for next year, Merrill Lynch said. Company seeing faster after-market growth. Buy rating and $50 price target.

Herbalife estimates upped at Morgan Stanley: Morgan Stanley said it is increasing its estimates on HLF for the full year to $1.95 a share from $1.93 a share. Maintained Equalweight rating.

Health Net outlook raised at Morgan Stanley:Morgan Stanley said it is increasing its estimates on HNT for the full year to $3.47 a share from $3.45 a share. Maintained Equalweight rating.

Hershey target cut at Merrill: HSY price target lowered to $62, Merrill Lynch said. Company could receive a lower earnings multiple. In the meantime, little seasonal shift is expected in the second quarter. Buy rating.

MicroStrategy target cut at Jefferies: Jefferies said it is cutting its price target on MSTR to $95 from $105 due to higher risks, especially concerning stock option inquiries. 2006 estimates raised to $4.86 from $4.71 and reiterated Hold rating.

National Oilwell outlook raised at Morgan Stanley: Morgan Stanley said it is increasing its estimates on NOV for the full year to $3.48 a share from $3.15 a share. Target upped to $84 a share from $81 a share. Maintained Equalweight rating.

NSTAR target increased at Jefferies: Jefferies upped its price target on NST to $34.50 from $31.50 due to strong Q2 results and reduced regulatory risks stemming from electric rate agreement. Reiterated Buy rating.

Oregon Steel estimates increased at Jefferies: Jefferies said it is increasing its 2006 estimates on OS to $4.90 from $4.55 due to higher operating margins and large diameter pipe mill production start. Reiterated Buy rating and $55 price target.

Oregon Steel estimates raised at UBS: UBS raised its 2006 estimates on OS a nickel to $5.25 noting strong tabular demand and cash usage could provide an upside. Maintained Buy rating and $55 price target.

Time Warner target raised at Goldman: Goldman said it is increasing its target price on TWX to $19 a share from $17.50 a share.

Universal Health estimates raised at Jefferies: 2006 estimates on UHS upped by 7 cents to $2.72, Jefferies said. Strong cash flow, additional hurricane proceeds, and stabilizing of troubled McAllen, TX market noted. Reiterated Buy rating and $60 target.

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