CHANGE IN RATINGS

Amgen ( AMGN) upgraded at Bear: AMGN was upgraded to Outperform at Bear Stearns. Fears of CERA launch are already priced in. $77 price target.

Duke Energy ( DUK) downgraded at Merrill: DUK downgraded to Neutral rating from Buy at Merrill Lynch. Following the completion of Spectra Energy spin-off, Merrill believes that the company is fairly valued at these levels. New EPS estimates stand at $1.20 for 2007 and $1.25 for 2008.

Energy East ( EAS) downgraded at Merrill: Merrill Lynch downgrades Energy East to sell based on valuation and increased regulatory risk.

First Solar ( FSLR) rated new Outperfrom at Credit Suisse: Credit Suisse is initiating coverage on FSLR with an Outperfrom rating based on strong demand for PV modules. Sets $32 target price.

Genzyme ( GENZ) upgraded at Baird: GENZ was upgraded from Neutral to Outperform at Robert Baird. $75 price target. Near-term competitive pressure on Renagel should be offset by the Renvela approval expected later this year.

Health Net ( HNT) upgraded to Buy at Merrill: HNT upgraded to Buy rating from Neutral at Merrill Lynch. 2007 EPS estimates lift to $3.65 from $3.45. Price target set at $55.

Hyperion Solutions ( HYSL) downgraded at Merrill: Merrill Lynch downgrades shares of Hyperion Solutions to neutral based on near term headwinds as the company enters a seasonally soft March quarter.

Imclone ( IMCL) upgraded at Merrill: IMCL was upgraded from Sell to Neutral at Merrill Lynch. Erbitux sentiment may have turned too negative, relative to the potential for positive phase-III clinical data.

Jabil ( JBL) downgraded at Morgan Stanley: Morgan Stanley downgrades Jabil to equalweight as it believes Jabil will struggle to make consensus numbers for this year due to declining margins.

Move ( MOVE) upgraded at JP Morgan: JP Morgan is upgrading MOVE to Neutral from Underweight. Believes new structure and upcoming product enhancements will drive revenue and operating leverage.

Nymex ( NMX) rated new Sell at Merrill: NMX was initiated with a Sell rating at Merrill Lynch. Stock has already doubled since its IPO, and trades at a premium valuation to its peers. Company can earn $2.05 a share in 2007.

Sovereign Bancorp ( SOV) downgraded at Bear: SOV was downgraded from Peer Perform to Underperform at Bear Stearns. Stock is already pricing in a sale of the company, which will likely not materialize. Recent initiatives will also dilute earnings.

Smurfit-Stone ( SSCC) downgraded at Prudential: Prudential downgrades Smurfit-Stone to underweight as it believes cost inflation should offset cost initiatives more than previously thought.

Wachovia ( WB) upgraded at Credit Suisse: Credit Suisse is upgrading WB to Outperform from Neutral based on valuation. Raised target price to $64 from $61.

Zimmer ( ZMH) upgraded at Wachovia: ZMH was upgraded to Outperform at Wachovia. 2007 guidance could prove conservative, and the company could gain market share from BMET in the near term.

STOCK COMMENTS / EPS CHANGES

Chattem ( CHTT) estimates increased at Goldman: Goldman is raising its 2007 estimates on CHTT to $2.87 from $2.29 after company acquired five JNJ brands - Act, Unisom, Cortizone, Kaopectate, and Balmex. Maintained Neutral rating. Price target increased to $50.50 from $48.

Con-Way ( CNW) estimates lowered at Credit Suisse: Credit Suisse is lowering its 2007 EPS estimates on CNW by 5 cents to $4.00 after company reduced 4Q guidance. Maintained Outperform rating.

Home Depot ( HD) target raised at Goldman: Goldman is upping its price target on HD by a dollar to $42 following the resignation of CEO Nardelli. Increase reflects increased likelihood of LBO. Otherwise see minimal impact, with slight negative as management disruption drives execution risk. Maintained Neutral rating.

Marvell Technology ( MRVL) numbers lowered at UBS: MRVL numbers lowered at UBS. 2008 EPS estimate drops to $0.55 from $0.57. Price target lowered to $28 from $30. Reiterates Buy rating.

Micron ( MU) numbers lowered at UBS: MU numbers lowered at UBS. 2008 EPS estimates drop to $1.35 from $1.45. Price target lowered to $20 from $22. Reiterates Buy rating.

Pepsi ( PEP) added to Focus List at JP Morgan: PEP was added to the Focus List at JP Morgan. $75 price target. Recent pullback in the stock has been overdone, as raw materials cost increases have already been priced in. Overweight rating.

Tetra Tech ( TTI) numbers lowered at Jefferies: TTI numbers lowered at Jefferies. 2007 EPS estimates drop to $2.15 from $2.25. Price target lowered to $37 from $40. Reiterates Buy rating.

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