CHANGE IN RATINGS

Adtran ( ADTN) downgraded at Morgan Stanley: Morgan Stanley downgrades Adtran from overweight to equalweight based on a slower than expected ramp in new products.

Abercrombie & Fitch ( ANF) upgraded at UBS: ANF upgraded to Buy rating from Neutral at UBS. Price target rises to $90 from $75. FY 2007 EPS estimates lowered to $4.58 from $4.63.

Citigroup ( C) downgraded at AG Edwards: Rating on C was cut from Buy to Hold at AG Edward. Stock is up 12% over the past month, and has caught up to its peers' average valuation.

Conseco ( CNO) downgraded at Goldman Sachs: CNO downgraded to Neutral from Buy at Goldman. See attractive long-term valuation but difficult near-term outlook as challenges in run-off block of LTC likely to persist. Price target at $22.

Coldwater Creek ( CWTR) upgraded at UBS: CWTR upgraded to Buy rating from Neutral at UBS. Maintains price target at $30 and FY07 EPS estimates of $0.70.

Ford ( F) upgraded at Morgan Stanley: Morgan Stanley upgrades Ford from equalweight to overweight with a price target of $9.50.

Hot Topic ( HOTT) downgraded at Wachovia: HOTT was downgraded from Outperform to Market Perform at Wachovia. Stock is now pricing in improved merchandising and cost-cutting efforts.

ITT ( ITT) upgraded at JP Morgan: ITT was upgraded from Neutral to Overweight at JP Morgan. Stock has underperformed this year, even though the company remains on track to deliver 15% annual earnings growth.

L-3 Communications ( LLL) downgraded at Credit Suisse: Credit Suisse is downgrading LLL to Neutral from Outperform based on surprise loss of Iraqi linguist contract. Lowered target price to $83 from $88.

Magna International ( MGA) downgraded at Goldman Sachs: Goldman is downgrading MGA to Sell from Neutral based on valuation. See stock's 16% gain since August putting shares out of reach for possible LBO. Also see weakening domestic auto demand and stiffening 2007 mix and volume headwinds at big three automakers. Price target at $78.

Precision Castparts ( PCP) upgraded at Merrill: PCP was upgraded from Neutral to Buy at Merrill Lynch. $95 price target. Estimates also raised, as the company should continue to successfully grow through acquisitions.

Prudential ( PRU) upgraded at Goldman Sachs: Goldman is upgrading PRU to Buy from Neutral based on continued ROE progression, above average capital flexibility, and attractive business mix with above-average exposure to International and Retirement. Above average EPS growth and capital redeployment should drive shares in 2007. Price target raised to $93 from $78.

United Natural Foods ( UBS) initiated with Buy at UBS: UNFI initiated with Buy rating at UBS. Price target set at $44 and 2007 EPS estimates set at $1.31.

STOCK COMMENTS / EPS CHANGES

Baidu.com ( BIDU) price target increased at Goldman: Goldman is raising its target on BIDU to $128 from $93 due to higher expectations for margins. Believe company is likely to maintain or possibly gain market share. Maintained Neutral rating.

DynCorp ( DCP) target price raised at Credit Suisse:Credit Suisse is raising its target price on DCP to $18 from $17 following surprise contract win from Army. Maintained Outperform rating.

Williams-Sonoma ( WSM) numbers lowered at UBS: WSM numbers lowered at UBS. Price target drops to $34 from $35. 2007 EPS estimates fall to $1.68 from $1.81 and 2008 numbers drop to $1.70 from $2.00. Reiterates Neutral rating.

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