CHANGE IN RATINGS

Aetna ( AET) downgraded at Goldman Sachs: Goldman is downgrading AET to Neutral from Buy based on valuation. See thesis for valuation recovery nearing completion following 31% gain since July 28. Price target cut to $45 from $47.

Abercrombie & Fitch ( ANF) upgraded at Merrill Lynch: ANF upgraded to Buy rating at Merrill Lynch. Price target set at $90 with 2007 EPS estimates at $4.60 and 2008 estimates at $5.35.

Bank of New York ( BK) downgraded at Piper: BK was downgraded from Outperform to Market Perform at Piper Jaffray. $40 price target. MEL deal should pay off in the long term, but the stock's valuation has already caught up to its peers.

Dell ( DELL) downgraded at JP Morgan: JP Morgan downgrades Dell to underweight and lowers EPS estimates for 2007, as it believes investors will now begin to shift their attention to what looks to be a different 2007.

EOG Resources ( EOG) upgraded at CSFB: EOG was upgraded from Underperform to Neutral at Credit Suisse. Stock has dropped 16% since November, and natural gas prices should stabilize in the near term.

Flextronics ( FLEX) rated new Buy at UBS: FLEX was initiated at UBS with Buy rating. Price target set at $14.50 with EPS estimates for 2007 at $0.75 and 2008 estimates at $0.95.

Ingersoll Rand ( IR) upgraded to Buy from Neutral: IR upgraded to Buy from Neutral at UBS. Price target jumps to $46 from $42. Introduces 2008 EPS estimates of $4.00.

Jabil ( JBL) initiated at UBS with Neutral rating: JBL initiated at UBS with Neutral rating. Price target set at $28 with EPS estimates for 2007 at $1.59 and 2008 estimates at $1.98.

Motorola ( MOT) downgraded at Bear Stearns: Motorola downgraded to Peer Perform rating from Outperform at Bear Stearns. Bear suspends their price target and 2007 estimates after a very disappointing fourth-quarter preannouncement.

Motorola ( MOT) downgraded at CIBC: MOT was downgraded from Outperform to Sector Perform at CIBC. Pricing concerns emerged sooner than expected, and there does not appear to be any near-term fix available.

Motorola ( MOT) numbers lowered at Jefferies: MOT numbers lowered at Jefferies. Price target drops to $27 from $30 and 2007 EPS estimates lowered to $1.40 from $1.60. Reiterates Buy rating.

Motorola ( MOT) downgraded at Deutsche: MOT was downgraded from Buy to Hold at Deutsche Bank. $19 price target. Estimates also cut, as the company pre-announced lower handset sales.

Motorola ( MOT) estimates cut at Goldman: Goldman is reducing its 2006 estimates on MOT following negative preannouncement. Handset ASPs and profitability being hurt by weak geographic and product mix trends. No rating or target on shares.

Motorola ( MOT) estimates cut at Prudential: Prudential is cutting its 2006 estimates on MOT by 13 cents to $1.12 a share due to negative preannouncement related to unfavorable mix shift.

Pfizer ( PFE) coverage rating reinstated at Goldman: Pfizer reinstated with a Buy rating at Goldman. See detailed guidance coming at Jan. 22 analyst meeting and three upcoming product launches acting as catalysts for shares. Price target at $30.

Protective Life ( PL) upgraded at UBS PL upgraded at UBS to Buy rating from Neutral. Price target lifts to $57 from $53. 2007 EPS estimates jump to $3.48 from $3.45 and 2008 estimates rise to $4.30 from $4.10.

Pall ( PLL) downgraded at UBS: PLL downgraded at UBS to Neutral rating from Buy. Price target is maintained at $38 with EPS estimates for 2007 at $1.60 and 2008 estimates at $1.80.

SiRF ( SIRF) initiated at UBS with Buy rating: SIRF initiated at UBS with Buy rating. Price target set at $33 with EPS estimates for 2007 at $0.76.

Constellation Brands ( STZ) downgraded at Merrill Lynch: Merrill Lynch downgrades Constellation Brands to Neutral and lowers 2007 EPS estimates due to ongoing U.K. uncertainty.

Western Digital ( WDC) downgraded at JP Morgan: WDC was downgraded from Buy to Hold at JP Morgan. $20 price target. Stock has already run 14% since September, and the company will likely not gain more market share in the desktop PC business.

WellPoint ( WLP) upgraded at Goldman Sachs: Goldman is upgrading WLP to Buy from Neutral base on view that company is well situated to weather price competition. Price target pushed to $84 from $80. Added to Americas Buy List.

WNS ( WNS) downgraded at Morgan Stanley: Morgan Stanley downgrades shares of WNS Global Services from Overweight to Equal-weight, with a $32 price target.

Exxon Mobil ( XOM) downgraded at Lehman: XOM was downgraded from Overweight to Equal-weight at Lehman Brothers. $81 price target. Stock has regained its premium valuation, and CVX and COP appear more attractive at current levels.

STOCK COMMENTS / EPS CHANGES

BJ's Wholesale Club ( BJ) estimates lowered at Goldman: Goldman is cutting its 2007 EPS estimates on BJ to $1.58 from $1.71 following weak sales and pressured margins over the holiday season. Management is offering a "back to basics" plan that includes closing 46 in-club pharmacies and two ProFoods Restaurant Supply. Maintained Neutral rating.

Herbalife ( HLF) numbers, target cut at Morgan Stanley: Morgan Stanley cuts 2007 and 2008 EPS estimates for Herbalife, and also lowers its price target from $43 to $40.

United Technologies ( UTX) price target increased at Goldman: Target on UTX raised to $73 from $71 at Goldman. See 12%-14% earnings growth over next several years, with low execution risk. Maintained Buy rating.