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.
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.