CHANGE IN RATINGS

Affymax ( AFFY) coverage initiated at Morgan Stanley: Morgan Stanley initiates coverage of Affymax with an overweight rating and $47 price target.

Advanced Micro ( AMD) downgraded at Friedman, Billings: AMD was downgraded from Market Perform to Underperform at Friedman, Billings Ramsey. $10 price target. Company said that the situation was far worse than previously expected. AMD has also lost its technical advantage, and is facing a CapEx crunch in 2007.

Advanced Micro estimates cut at Prudential: Prudential is cutting its 2007 estimates on AMD from 42 cents a share to a loss of $1.01 a share due to expectations of very aggressive pricing environment.

Advanced Micro price target cut at Goldman: Goldman is slashing its target on AMD to $12 from $16 after company reported weak Q4 results. Disappointments included gross margins of 39.7% and higher R&D and interest expenses. Believe business model is structurally flawed. Maintain Sell rating.

Advanced Micro downgraded at Credit Suisse: Credit Suisse is downgrading AMD to Underperform from Neutral. Cites continued pressures in CPU sector and competition. Lowers target price to $13 from $21.

BorgWarner ( BWA) upgraded at DeutscheBank: DeuscheBank is upgrading BWA to Buy from Hold based on projected accelerating growth as auto manufacturers intensify focus on fuel economy. See strong, diversified backlog and more benign production environment driving shares. Price target at $78.

Continental Air ( CAL) downgraded at JP Morgan: CAL was downgraded to Underweight at JP Morgan. Company is the most expensive stock in the group, and also has the highest costs. Stock also added to the focus list, with a $35 price target.

Coach ( COH) downgraded at Credit Suisse: Credit Suisse is downgrading COH to Neutral from Outperform based on valuation. Stock is up over 60% over last 6 months. Raised target price to $49.

City National ( CYN) downgraded at SunTrust: CYN downgraded to Neutral rating from Buy at SunTrust. 2007 EPS estimates drop to $4.85 from $5.12.

EMC ( EMC) upgraded at Bear: EMC was upgraded from Peer Perform to Outperform at Bear Stearns. $16 price target. Company exceeded expectations for a second straight quarter, and has a strong position in some key growing markets.

Energizer ( ENR) downgraded at Suntrust: ENR was downgraded from Buy to Neutral at Suntrust Robinson Humphrey. Valuation call, as the stock is up 20% on the year and has reached the $85 price target. Estimates also raised through 2008.

General Motors ( GM) coverage resumed at Morgan Stanley: Morgan Stanley resumes coverage of General Motors with an equalweight rating a $30 price target.

Kyphon ( KYPH) upgraded at Bear: KYPH was upgraded from Peer Perform to Outperform at Bear Stearns. $53 price target. St. Francis deal helps to diversify the business, and gives the company one of the higher gross margins in the industry.

Micron Technology ( MU) upgraded at Credit Suisse: Credit Suisse is upgrading MU to Outperform from Neutral. Cites compelling risk/reward at current price. Maintained $18 target price.

Occidental ( OXY) upgraded at Goldman Sachs: Goldman is upgrading OXY to Buy from Neutral based on valuation. View recent selloff as buying opportunity due to company's superior free cash flow and low E&P cost structure. A move back to $60/bbl by oil would also help OXY, which is highly leveraged to oil prices. Target price at $52.

QLogic ( QLGC) downgraded at Baird: QLGC was downgraded from Outperform to Neutral at Robert Baird. $22 price target. Company lowered forward guidance, and investors should wait for a better entry point in the storage leader.

Tenet Health ( THC) downgraded at Raymond James: THC was downgraded from Market Perform to Underperform at Raymond James. The stock already appears fully valued, and should continue to experience lower managed care volumes in the coming quarters.

Yahoo! ( YHOO) downgraded at Goldman Sachs: Goldman is downgrading YHOO to Neutral from Buy due to limited upside. See 2007 EBITDA higher based on better-than-expected results and benefit from Panama. Price target raised to $31.50 from $30.

Yahoo! estimates cut at Credit Suisse: Credit Suisse is lowering its 2007 EPS estimates on YHOO to 49 cents from 56 cents following Q4 results. Lowered target price to $35 from $39 and maintained Outperform rating.

STOCK COMMENTS / EPS CHANGES

Burlington Northern ( BNI) target price raised at Credit Suisse: Credit Suisse is raising its target price on BNI by $2 to $84 after company reported solid Q4 earnings. Says secular industry fundamentals remain intact. Maintained Outperform rating.

Broadcom ( BRCM) estimates lowered at Goldman: 2007 estimates on BRCM decreased to $0.60 from $0.67 at Goldman. Company reported updated financials following investigation into accounting errors related to historic options practices. Maintained Neutral rating and $30 target.

Coach ( COH) price target raised at Goldman: Target on COH increased to $56 from $53 at Goldman. Compelling holiday product drove accelerating same-store sales growth in Q2. Spring outlook positive with successful Legacy collection and introduction of new products. Maintained Buy rating.

Citrix Systems ( CTXS) numbers raised at Jefferies: CTXS numbers raised at Jefferies. Price target lifts to $30 from $27. 2007 EPS estimates rise to $1.52 from $1.50. Reiterates Hold rating.

GlobalStar ( GSAT) initiated at Jefferies: GSAT initiated with Buy rating at Jefferies. Price target set at $17 and 2007 EPS estimates start at $0.39.

Hyperion Solutions ( HYSL) numbers raised at Jefferies: HYSL numbers raised at Jefferies. Price target jumps to $41 from $36. 2007 EPS estimates rise to $1.83 from $1.69. Reiterates Hold rating.

Precision Castparts ( PCP) numbers raised at Jefferies: PCP numbers raised at Jefferies. Price target lifts to $95 from $85. 2007 EPS estimates upped to $4.25 from $3.90. Reiterates Buy rating.

RF Micro Devices ( RFMD) estimates raised at Credit Suisse: Credit Suisse is raising its 2007 EPS estimates on RFMD to 36 cents from 29 cents following strong results and good guidance. Maintained $9 target price.

Seagate ( STX) estimates raised at Prudential: Prudential is raising its 2007 estimates on STX by 15 cents to $1.60 a share following December quarter upside. Maintained Underweight rating.

Sun Microsystems ( SUNW) estimates raised at Goldman: Goldman is increasing its 2007 estimates on SUNW by 3 cents to $0.13 based on strong quarterly results. See 7.5% operating margin later this year, with continued business momentum and slight rebound in storage. Maintained Neutral rating and $6.50 target.

Sun Microsystems numbers raised at UBS: SUNW numbers raised at UBS. Price target upped to $8.25 from $7. 2007 EPS estimates lifts to $0.11 from $0.08. Reiterates Buy rating.

Advanced Micro Devices ( AMD) numbers lowered at UBS: AMD numbers lowered at UBS. Price target drops to $15 from $16. 2007 EPS estimates lowered to $0.30 from $0.88. Reiterates Reduce rating.

US BioEnergy ( USBE) initiated with Neutral rating at UBS: USBE initiated with Neutral rating at UBS. Price target set at $15 and 2007 EPS estimates at $0.16.

United Technologies ( UTX) numbers raised at Jefferies: UTX numbers raised at Jefferies. Price target lifts to $72 from $70. 2007 EPS estimates bump up to $3.71 from $3.70. Reiterates Buy rating.