Change in Ratings

CIBC said it is downgrading Commerce Bancorp ( CBH) to Sector Performer from Sector Outperformer due to regulatory uncertainty stemming from investigation by OCC and the Fed. Limited information creates significant cap for shares, as investors do not know timing, severity or full nature of investigation. No price target.

Credit Suisse said it is upgrading Check Point Software ( CHKP) to Outperform from Neutral based on expected growth from recent acquisitions. Raised target price to $27 from $22.50.

Darden Restaurants ( DRI) upgraded to Buy rating from Neutral at UBS. Price target lifts to $47 from $45. 2007 eps estimates rise to $2.71 from $2.68.

Forest Labs ( FRX) was downgraded from Overweight to Neutral, JP Morgan said. Stock trades at a premium to its peers, and lacks any significant new drivers for several years.

Morgan Stanley raises 2007/2008 estimates for Forest Labs and moves price target from $50 to $54. Maintains equalweight rating.

FRX numbers raised at Jefferies. Price target lifts to $56 to $54. 2007 eps estimates rise to $2.83 from $2.65. Reiterates Hold rating.

Heelys ( HLYS) initiated with Outperform rating at Bear Stearns. 2007 eps estimates set at $1.36 with a $40 price target.

HLYS initiated with Market Perform at Wachovia. 2007 eps estimates set at $1.05 and 2008 eps estimates at $1.30.

HLYS was initiated with an Overweight rating, JP Morgan said. Significant near-term upside exists, though there's no telling what the company's long-term staying power is.

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