Change in Ratings

Credit Suisse said it is raising its 2007 EPS estimates on Apple ( AAPL) to $3.84 from $3.66 following strong 1Q results. Maintained Outperform rating and $120 target price.

Apple numbers raised at UBS. Price target lifts to $124 from $118. FY 2007 EPS estimates upped to $3.20 from $2.84. Reiterates Buy rating.

Apple was downgraded from Overweight to Neutral, JP Morgan said. Suggest that investors take profits, despite seemingly strong quarter. Mac shipments fell short of expectations, and iPod sales remain seasonal.

Goldman said it is increasing its target on Apple to $110 from $102 after strong December quarter results. See iPhone making significant contribution during calendar 2008. Maintained Buy rating.

Avaya ( AV) downgraded to Neutral rating from Buy at UBS. Price target and 2007 EPS estimates hold at $15 and $0.67, respectively.

Blackbaud ( BLKB) upgraded from Hold rating to Buy at Jefferies. Price target and 2007 EPS estimates remain at $29 and $0.86.

CACI ( CAI) numbers lowered at Jefferies. Price target drops to $45 from $55. 2007 EPS estimates lowered to $2.51 from $2.85. Reiterates Hold rating.

CACI was downgraded from Neutral to Underweight, JP Morgan said. Company warned of lower earnings yesterday, which confirms the expected slowdown in domestic Government IT services.

Wachovia upgrades Cablevision ( CVC) to outperform, as it believes Cablevision is the cheapest of the U.S. cable stocks. Raises valuation range from $36-$38.

F5 Networks ( FFIV) was upgraded from Market-weight to Overweight, Thomas Weisel said. Growth is accelerating in the core markets, and the BigIP product is also gaining momentum. Estimates also raised.

Health Management ( HMA) was downgraded to Underperform, Raymond James said. Company warned of lower fourth quarter results, and the valuation appears lofty, despite the balance sheet recapitalization.

J.C. Penney ( JCP) was upgraded to Overweight, JP Morgan said. Stock also added to the Focus List, with a $104 price target. Recent meeting with management suggests that margins could move higher on the back of the increased private label mix.

Lam Research ( LRCX) was downgraded from Outperform to Peer Perform, Bear Stearns said. Company warned of a shipment delay, and would wait for a pullback to $45 before buying the stock.

CIBC said it is downgrading Lam Research to Sector Performer based on valuation. Sees 10%-20% stock correction based on a retrenchment in DRAM orders.

Morgan Stanley initiates coverage of McClatchy ( MNI) with an equalweight rating and a $40 price target.

Goldman said it is downgrading Mylan Labs ( MYL) to Neutral from Buy based on greater opportunity seen in other names (Teva). See attractive valuation and support from oxybutynin ER and fentanyl. Target price at $25.

Credit Suisse said it is upgrading Open Text ( OTEX) to Outperform from Neutral. Believes restructuring plan will improve margins near-term. Raised target price to $28 from $19.

Parker Hannifin ( PH) downgraded to Market Perform rating from Outperform, Wachovia said. However, 2007 EPS estimates raised to $6.80 from $6.50. 2008 EPS estimates also upped to $7.25 from $7.

Pactiv ( PTV) was downgraded to Market Perform, Wachovia said. Stock is up 65% over the psat year, and is already pricing in strong 2007 results.

Rare Hospitality ( RARE) was downgraded to Neutral, JP Morgan said. Company continues to face rising labor and beef costs, which could offset the recent restructuring efforts.

Safeco ( SAF) was downgraded from Market Perform to Underperform, Friedman Billings Ramsey said. Stock is up 24% since April, and the company's fundamentals are relatively weaker than its peers. $55 price target.

Sirius Satellite ( SIRI) was upgraded from Underperform to Peer Perform, Bear Stearns said. Stock appears oversold on Wednesday's comments out of the FCC. Even so, many hurdles remain ahead of a potential merger with XMSR.

Wachovia said it is upgrading Silgan Holdings ( SLGN) to Outperform based on rising food can prices and lower resin costs. See 21% discount to packaging sector narrowing over time. Valuation range of $50 to $51.

SRA International ( SRX) was downgraded from Overweight to Neutral, JP Morgan said. Offshore IT services companies should likely outperform the domestic Federal contractors over the next several quarters. Civilian agency budgets are down, and contract awards have been delayed.

Goldman said it is upgrading Teva Pharmaceuticals ( TEVA) to Buy from Neutral based on valuation. See improving business mix and passing of key macro concerns of 2006 helping drive shares furing 2007. Target price raised to $41 from $40.

Tribune ( TRB) was downgraded from Overweight to Underweight, Prudential said. $30 price target. Auction to sell the entire company largely failed, and the newspaper industry fundamentals remain poor.

Stock Comments/EPS Changes

Credit Suisse said it is lowering its 2007 EPS estimates on Acco Brands ( ABD) by 10 cents to $1.44 following pre-announced profit shortfall for Q4. Maintained Outperform rating.

2006 estimates on Citigroup ( C) reduced to $4.30 from $4.37, Goldman said. Recent announcement that company would reposition consumer finance business in Japan, taking a $40 million after-tax charge. Target price at $59 and maintained Neutral rating.

Amdocs ( DOX) numbers lowered at Jefferies. Price target drops to $40 from $42. 2007 EPS estimates lowered to $2.08 from $2.11. Reiterates Buy rating.

Goldman said it is raising its target on JPMorgan ( JPM) to $52 from $50 following better-than-expected Q4 results, driven by investment banking and one-time corporate items. 2007 estimates raised to $4.10 from $4.00 and maintained Neutral rating.

Target on Progressive ( PGR) lowered to $24 from $26, Goldman said. See narrowing leadership gap in personal auto business as competitors play catch up and improve approach, and subsequent reduction in premium multiple applied to shares. Maintain Sell rating.

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