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.

AG Edwards downgrades Nuveen Investments ( JNC) to hold from buy based on valuation.

Deutsche Bank said it is upgrading Lee Enterprises ( LEE) to Buy from Hold based on increased revenue forecast. Believe continuing solid results will allay investor concern over acquisition integration. Target price raised to $36 from $29.

Lincoln National ( LNC) was upgraded from Outperform to Strong Buy, Raymond James said. $80 price target. Company continues to dominate in its core market and is now expanding into retirement income security.

Deutsche Bank downgrades Level 3 Communications ( LVLT) to sell from hold, despite raising its price target from $3.40 to $4.65.

Marshall & Ilsley ( MI) was downgraded from Buy to Neutral, Merrill Lynch said. Stock will likely not match the 10% gain it had in 2006. Estimates also cut, to reflect decelerating lending revenue.

Morgan Stanley upgrades Omniture ( OMTR) from equalweight to overweight with a $13 price target.

Goldman said it is upgrading Proctor & Gamble ( PG) to Buy from Neutral due to important Go-To-Market reinvention plans. Believe recent developments in macro backdrop should provide increased P&L flexibility. Price target raised to $71 from $68.

Credit Suisse said it is downgrading Symantec ( SYMC) to Neutral from Outperform following negative preannouncment. Lowered target price to $18.50 from $23.50.

Weyerhaeuser ( WY) downgraded to Neutral rating from Buy at UBS. 2007 eps estimates holds at $3.50 and price target rises to $75 from $73

Stock Comments/EPS Changes

Credit Suisse said it is lowering its 2008 EPS estimates on Archer Daniels Midland ( ADM) to $1.69 from $2.30 given continued strength in corn. Maintained Underperform rating.

Target on TD Ameritrade ( AMTD) raised to $25 from $20, Goldman said. Company reported Q1 earnings ahead of expectations and maintained guidance. Management indicated that clearing conversion will be delayed (now May instead of March). Maintained Buy rating.

2007 estimates on Freeport-McMoRan ( FCX) slashed to $4.25 from $4.95, Goldman said. Company lowered guidance on copper sales by 7% and gold sales by 21% in 2008. See higher costs in 2007 and lower production in 2008 but believe stock remains attractive long-term. Price target lowered to $65 from $75 but maintained Buy rating.

Goldman said it is increasing its target on IntercontinentalExchange ( ICE) to $165 from $130 due to higher expectations for growth due to electronification of NYMEX, ICE OTC, and NYBOT. 2007 estimates raised to $3.56 from $3.45. Maintained Buy rating.

Goldman said it is upping its 2008 estimates on Intel ( INTC) to $1.35 from $1.15 based on lower projected expenses. Company reported Q4 revenues slightly above expectations, but earnings/margins were hurt by pricing pressure. Maintain Neutral rating.

Prudential said it is cutting its 2007 estimates on INTC by a penny to $1 a share. Maintained Underweight rating.

Goldman said it is increasing its target on Microsoft ( MSFT) to $36 from $33 based on increased confidence in upcoming product cycles and lower beta risk. Company will report Q2 earnings after close on Jan 25. Maintained Buy rating.

Prudential said it is cutting its 2007 estimates on PMC-Sierra ( PMCS) by 11 cents to 24 cents a share due to lower revenue and gross margin assumptions. Maintained Neutral Weight rating.

Credit Suisse said it is lowering its 2008 EPS estimates on Smithfield Foods ( SFD) to $1.00 from $2.20 based on declining hog production margins. Maintained Neutral rating.

Credit Suisse said it is lowering its 2007 EPS estimates on Tyson Foods ( TSN) to $0.45 from $0.60. Cites lower chicken margins. Maintained Neutral rating.

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