Monday's Analysts' Upgrades and Downgrades

CHANGE IN RATINGS

ArvinMeritor ( ARM) downgraded at Goldman Sachs: Goldman is downgrading ARM to Sell from Neutral due to rising materials costs, slow margin progress and lack of catalysts. Price target cut to $12 from $16.

Freescale Semiconductor ( FSL) downgraded at UBS: UBS is downgrading FSL to Neutral from Buy based on valuation after board approved sale to private equity firms for $17.6 billion. Raised target price to $40 from $36.

Symantec ( SYMC) upgraded at Credit Suisse: Credit Suisse is upgrading SYMC to Outperform from Neutral based on near-term positives. Raised target price to $24 from $19.

Watson Wyatt ( WW) downgraded at UBS:UBS is downgrading WW to Neutral from Buy based on valuation. Sees no big boost from pension litigation. Lowered target price to $42 from $45.

STOCK COMMENTS / EPS CHANGES

Rockwell Collins ( COL) price target increased at Jefferies: Jefferies is upping its target on COL to $52 from $50 after company gave inline guidance. See opportunities in military and commercial communications priced into shares. Reiterated Hold rating.

Cisco ( CSCO) price target raised at Goldman: Goldman is increasing its target on CSCO to $27 from $25 based on positive IT spending survey results. Maintain Buy rating.

Convergys ( CVG) target price raised at FBR: FBR is raising its target price on CVG to $28 as company as strong industry fundamentals will benefit industry leader. Maintained Outperform rating.

Freescale ( FSL) target price raised at Piper: Piper is raising its target price on FSL to $40 to reflect buyout.

H&E Equipment ( HEES) target price cut at Deutsche: Deutsche is cutting its target price on HEES to $28 to reflect higher tax rate which will impact FCF generation. Maintained Hold rating.

International Paper ( IP)estimates raised at Prudential: Prudential is raising its 2006 estimates on IP to reflect share repurchase program. Maintained Neutral Weight rating.

Stryker ( SYK) price target increased at Goldman: Goldman is raising its target on SYK to $56 from $50 due to easing comps and reduced risk of gain sharing and price declines. Maintain Buy rating.

Tenneco ( TEN) target lowered at Goldman: Goldman is lowering its target on TEN to $30 from $35 due to lowered sales forecast and higher steel costs. Maintain Buy rating.

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