Change in Ratings

Credit Suisse said it is downgrading BJ Services ( BJS) to Neutral from Outperform based on valuation and uncertainty related to North American spending trends. Lowered target price to $37 from $56.

Goldman said it is downgrading Continental Airlines ( CAL) to Sell from Neutral based on slowing revenue, margin and earnings momentum. See valuation as stretched given weak fundamentals and less potential for oil-induced lift. Price target at $37.

Crown Castle ( CCI) rating reinstated at Neutral, Goldman said. See favorable industry backdrop and upside ahead, but prefer AMT in the sector. Price target at $43.

GATX ( GMT) upgraded to Buy rating from Hold at Jefferies. 2007 eps estimate bumps up to $3.12 from $3.11 and price target remains at $50.

Goldman said it is reinstating coverage on Level 3 ( LVLT) with a Neutral rating with the close of the Broadwing transaction. Believe main issue is now integrating recent acquisitions. Price target at $5, but believe significant posibility for additional positive catalysts.

McGraw-Hill ( MHP) upgraded to Buy from Neutral, Goldman said. See accelerating earnings growth, continued favorable progress in business mix, and potential margin upside driving shares higher. Earnings growth in 2007 to come from margin upside in education and information/media segments. Price target raised to $76 from $66.

Goldman said it is reinstating its rating on AT&T ( T) with a Buy. See earnings momentum with several levers, including cingular margin expansion, accelerated BellSouth synergies, and growth in enterprise. Price target at $42.

Stock Comments/EPS Changes

Price target on Amgen ( AMGN) increased to $82 from $80, Goldman said. Fourth quarter results included strong sales of Epogen, Aranesp, Neupogen, Enbrel and Vectibix. See strong sales trends, higher expenses but lower tax rate going forward. Maintained Buy rating.

Air Products ( APD) estimates raised, Jefferies said. Price target lifts to $85 from $80. 2007 EPS estimates rise to $4.10 from $3.95. Reiterates Buy rating.

Goldman said it is upping its target on Baxter ( BAX) to $55 from $50 following strong Q4 results. Operational improvements included gross margins of 47.6%. See realistic chance for 11% to 13% earnings growth in 2007. Maintained Buy rating.

Franklin Resources ( BEN) estimates raised at UBS. Price target lifts to $138 from $130. 2007 eps estimates rise to $6.18 from $6.61. Reiterates Buy rating.

CBS ( CBS) initiated with Buy rating, UBS said. Price target set at $38 with 2007 EPS estimates at $1.77.

Cypress Semiconductor ( CY) estimates raised, Jefferies said. Price target lifts to $18 from $16. 2007 EPS estimates rise to $0.71 from $0.68. Reiterates Hold rating.

Express Scripts ( ESRX) initiated with Hold rating at Jefferies. Price target starts at $77 and 2007 EPS estimates set at $3.95.

Goldman said it is raising its 2007 estimates on Lockheed Martin ( LMT) to $6.05 from $5.85 after company posted strong Q4 results. Company upped guidance for 2007 to reflect more favorable pension assumptions and better operating efficiencies. Maintained Buy rating. Lockheed Martin estimates raised, Jefferies said. Price target lifts to $95 from $89. 2007 eps estimates rise to $6.00 from $5.90. Reiterates Hold rating.

Medco Health Solutions ( MHS) initiated with Hold rating at Jefferies. Price target starts at $64 and 2007 EPS estimates set at $3.16.

Microsoft ( MSFT) estimates raised at UBS. Price target lifts to $35 from $34. 2007 eps estimates rise to $1.47 from $1.45. Reiterates Buy rating.

Credit Suisse said it is raising its target price on Northrup Grumman ( NOC) to $75 from $70. Sees fewer risks to outlook following Q4 results. Maintained Neutral rating.

Credit Suisse said it is raising its target price on Nucor ( NUE) to $65 from $55 following Q4 results. Believes strong operating results are already priced in to shares. Maintained Neutral rating.

Texas Instruments ( TXN) estimates raised, UBS said. Price target lifts to $40 from $38. 2007 EPS estimates rise to $1.70 from $1.66. Reiterates Buy rating.

Credit Suisse said it is raising its 2007 EPS estimates on Western Digital ( WDC) by 3 cents to $1.90 following solid Q2 results. Maintained $27 target price and Outperform rating.

MEMC Electronic ( WFR) numbers spike up at UBS. Price target rises to $73 from $60. 2007 EPS estimates jump to $3.00 from $2.55. Reiterates Buy rating.