CHANGE IN RATINGS

ADC Telecom ( ADCT) downgraded at Cowen: ADCT was downgraded from Outperform to Neutral at Cowen. Stock also cut from the focus list, as the company continues to operate in a difficult sales environment.

AK Steel ( AKS) upgraded at Deutsche Bank: Deutsche Bank is upgrading AKS to Hold from Sell. Believes stock performance hasn't tracked fundamentals. Raised target price to $16 from $10.50.

AK Steel ( AKS) upgraded at Deutsche: AKS was upgraded from Sell to Hold at Deutsche Bank. $16 price target. Despite lower earnings, the stock has not reacted to some improving fundamental signs.

Alaska Air Group ( ALK) rated new Outperform at Credit Suisse: Credit Suisse is initiating coverage on ALK with an Outperform rating. Believes smaller carrier has attractive niche. Sets $56 target price.

Boeing ( BA) downgraded at Wachovia: BA was downgraded from Outperform to Market Perform at Wachovia. Commercial aircraft cycle has likely already peaked, and several potential delays could hang over the 787 program.

Cardinal Health ( CAH) upgraded at Morgan Stanley: Morgan Stanley upgrades Cardinal Health from equalweight to overweight, with an $85 price target.

Campbell Soup ( CPB) upgraded at Morgan Stanley: Morgan Stanley upgrades Campbell Soup from underweight to equalweight and raises 2007-2008 EPS estimates.

Diamond Offshore ( DO) upgraded at Credit Suisse: Credit Suisse is upgrading DO to Outperform from Neutral based on valuation. Raised target price to $101 from $93.

Hewitt Associates ( HEW) initiated with Neutral rating at UBS: HEW initiated with Neutral rating at UBS. Price target set at $29 and 2007 EPS estimates start at $1.15.

Limited Brands ( LTD) upgraded at Piper: LTD was upgraded from Market Perform to Outperform at Piper Jaffray. La Senza acquisition should add to earnings and drive the company's international growth. $33 price target.

O'Reilly Auto ( ORLY) upgraded at Deutsche: ORLY was upgraded from Hold to Buy at Deutsche Bank. $39 price target. Macro environment has improved, and the company is facing easier year-over-year comps.

Sara Lee ( SLE) upgraded at JP Morgan: SLE was upgraded to Overweight at JP Morgan. Two struggling business are apparently turning around, and management has pledged to buy back $1 billion worth of stock by 2008.

Molson Coors ( TAP) downgraded at UBS: TAP downgraded to Neutral rating from Buy at UBS. However, price target rises to $86 from $83 and 2007 EPS estimates upped to $3.93 to $3.89.

Urban Outfitters ( URBN) upgraded at Piper: URBN was upgraded from Market Perform to Outperform at Piper Jaffray. Anthropologie is at an inflection point, which is not yet in the stock. $28 price target.

STOCK COMMENTS / EPS CHANGES

ADC Telecom ( ADCT) numbers raised at UBS: ADCT numbers raised at UBS. Price target rises to $17 from $15. 2007 eps estimates lift to $1.06 from $0.97. Reiterates Neutral rating.

Cisco ( CSCO) estimates raised at Goldman: 2007 estimates on CSCO increased by two cents at Goldman. New bandwidth growth analysis supports stronger outlook for routing and Ethernet business. Maintained Buy rating and $35 target.

Ethan Allen ( ETH) estimates lowered at Goldman: Goldman is cutting its 2007 estimates on ETH to $2.42 from $2.65 due to recent industry weakness. With earnings set to be reported Wednesday, expect management to reduce guidance. Maintained Neutral rating and $38 target.

Johnson Controls ( JCI) price target increased at Goldman: Target on JCI raised to $95 from $84 at Goldman. Q1 earnings came in inline, showing benefits from recent auto launch activity, margin strength in batteries, and potential York synergies. Maintain Buy rating.

Medtronic ( MDT) price target raised at Goldman: Goldman is increasing its target on MDT to $57 from $52 following Friday's analyst meeting. Management reiterated guidance but outlined plans to strengthen share in defib market and find growth in markets outside U.S. Maintained Neutral rating.

Motorola ( MOT) estimates cut at Goldman: Goldman is reducing its 2007 estimates on MOT after company provided Q4 earnings and provided guidance at analyst day. See 3G portfolio as critical to success in light of 2.5G pricing pressure. Price target at $18 and maintained Neutral rating.

Micron ( MU) numbers lowered at UBS: MU numbers lowered at UBS. Price target lowered to $19 from $20. 2007 eps estimates drop a nickel to $1.01. Reiterates Buy rating.

Schlumberger ( SLB) estimates raised at Goldman: 2007 estimates on SLB increased to $3.68 from $3.58 at Goldman. Strong Q4 earnings results included upside in WesternGeco and North America segments, as well as lower tax rate. See shares fully valued trading at premium to peers. Maintained Neutral rating.

Schlumberger ( SLB) numbers raised at Jefferies: SLB numbers raised at Jefferies. Price target lifts to $77 from $74. 2007 eps estimates jump to $3.95 from $3.75 and 2008 estimates rise to $4.80 form $4.60. Reiterates Buy rating.

SunTrust Banks ( STI) price target lowered at Goldman: Goldman is reducing its price target on STI to $87 from $90 after company reported Q4 results. See lower net interest income due to modest balance sheet growth. Maintained Neutral rating.

Swift Transportation ( SWFT) target price raised at Credit Suisse: Credit Suisse is raising its target price on SWFT to $31.55 from $25 to reflect take-out announcement. Maintained Neutral rating.

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