CHANGE IN RATINGS

Johnson & Johnson ( JNJ) coverage reinstated at Goldman: Goldman is reinstating coverage of JNJ with a Buy rating following the completion of the Pfizer consumer health acquisition. Believe company has ability to deliver consistent earnings growth from diversified business platform, and is likely to enter new markets with growth opportunities. See positive developments in pipeline, launch of Invega, and better environment for medical device franchise driving upside. Price target at $75.

Motorola ( MOT) downgraded at Jefferies: MOT downgraded to Hold rating from Buy at Jefferies. Price target drops to $20 from $27. 2007 eps estimates lowered to $1.20 from $1.40.

STOCK COMMENTS / EPS CHANGES

Alcoa ( AA) estimates lowered at Goldman: Goldman is reducing its 2007 estimates on AA by 4 cents to $2.62 after company announced inline Q4 results. Results aided by 8 cents in tax benefits. See continuing cost pressures and mixed environment going forward. Maintained Sell rating.

Alcoa numbers raised at UBS: AA numbers raised at UBS. Price target bumps up to $37 from $36. 2007 eps estimates lift to $3.09 from $3.03. Reiterates Buy rating.

Apple ( AAPL) target price raised at Credit Suisse: Credit Suisse is raising its target price on AAPL to $120 from $90. Believes company remains a great market penetration story. Maintained Outperform rating.

Apple numbers raised at UBS: AAPL numbers raised at UBS. Price target jumps to $118 from $108. 2007 eps estimates lift to $2.87 from $2.84. Reiterates Buy rating.

Talbot's ( TLB) estimates cut at Credit Suisse: Credit Suisse is lowering its 2007 EPS estimates to $1.60 from $2.00 to reflect lower sales following negative pre-announcement. Lowered target price top $23 from $25.

WebMD ( WBMD) price target raised at Goldman: Goldman is increasing its target on WBMD to $44 from $43 after company preannounced higher revenues for Q4, driven by strong ad revenue growth. Believe valuation already discounts growth outlook. Maintained Neutral rating.

Williams-Sonoma ( WSM) numbers cut at Morgan Stanley: Morgan Stanley cuts its EPS estimates for Williams Sonoma for 2007 and 2008, and trims price target from $40 to $37.

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