Cephalon ( CEPH) upgraded at CIBC: CEPH was upgraded to Outperform, CIBC said. $89 price target. Strong Fentora and Provigil sales should offset any weakness at Actiq. Express Scripts ( ESRX) upgraded at JP Morgan: ESRX was upgraded from Neutral to Overweight, JP Morgan said. Initial 2007 guidance, due out tomorrow, could be a positive catalyst. Looking for 20% annual growth. Ensco ( ESV) downgraded at Morgan Stanley: ESV was downgraded to Underweight, Morgan Stanley said. $58 price target. Valuation call. Estimates and target moving higher, because of continued strength in the international jack-up market. Gannett ( GCI) upgraded at Merrill: GCI was upgraded from Neutral to Buy, Merrill Lynch said. $65 price target. Company will likely boost dividend in the near term, but also has other potential ways to increase shareholder value. Grant Prideco ( GRP) upgraded at Morgan Stanley: GRP was upgraded to Overweight, Morgan Stanley. Estimates also raised, to reflect the improving natural gas market. $54 price target. Plains Exploration ( PXP) downgraded at Morgan Stanley: PXP was downgraded to Equal-weight, Morgan Stanley said. $49 price target. Market is already beginning to price in Gulf of Mexico success and the potential for share buybacks. RF Micro ( RFMD) upgraded at CIBC: RFMD was upgraded from Sector Perform to Outperform, CIBC said. $9 price target. Company to benefit from new NOK products as well as PS3 sales in 2007. SanDisk ( SAND) downgraded at UBS: UBS said it is downgrading SNDK to Neutral from Buy based on likely 2006/2007 NAND oversupply. Lowered target price to $55 from $75. Skyworks ( SWKS) downgraded at Weisel: SWKS was downgraded from Outperform to Peer Perform, Thomas Weisel said. MOT delaying orders, as it switches to EDGE technology. Competition also heating up for Samsung.
Todco ( THE) upgraded at Morgan Stanley: THE was upgraded to Overweight, Morgan Stanley said. $50 price target. Estimates also upped, as jack-up rates should soon recover in the Gulf of Mexico.
STOCK COMMENTS / EPS CHANGES
Agilent ( A) estimates lowered at Goldman: Goldman said it is reducing its 2007 estimates on A by 20 cents to $1.85 to account for Verigy distribution. Semiconductor test business distributed as special dividend to shareholders. Maintain Neutral rating and $35 target. Bristol-Myers ( BMY) estimates cut at Morgan Stanley: BMY estimates lowered through 2007, Morgan Stanley said. Company meeting did not improve outlook for Plavix. Equal-weight rating and $25 price target. Luminent ( LUM) outlook lowered at UBS: UBS said it is reduced its 2006 EPS estimates on LUM to $1.07 from $1.90 to reflect lower origination. Lowered target price to $11.50 from $12. SiRF ( SIRF) estimates raised at Piper: Piper said it is raising its 2007 estimates on SIRF by 4 cents to $1.10 a share based on growing comfort with company's longer-term growth opportunities. Maintained Outperform rating.