CHANGE IN RATINGS

Alcoa ( AA) upgraded at Morgan Stanley:Morgan Stanley upgrades Alcoa from equalweight to overweight and moves price target from $30 to $40.

Con-way ( CNW) upgraded at Merrill: CNW was upgraded from Sell to Neutral at Merrill Lynch. Weak small truckload environment has already been priced into the stock. Pricing has also remained strong.

Holly ( HOC) downgraded at Deutsche: HOC was downgraded to Sell at Deutsche Bank. Stock is the most expensive refining stock under coverage, and TSO looks more attractive at current levels.

Int'l. Game Tech ( IGT) upgraded at CIBC: IGT was upgraded from Sector Perform to Outperform at CIBC. Replacement cycle is approaching in the slot machine market, and many international opportunities also remain. $56 price target.

Laureate Education ( LAUR) downgraded at Credit Suisse: Credit Suisse is downgrading LAUR to Neutral from Outperform on buyout proposal. Raised target price to $60.50.

Massey Energy ( MEE) downgraded at Friedman, Billings: MEE was downgraded from Outperform to Market Perform at Friedman, Billings Ramsey. $28 target. Earnings were of poor quality last quarter, because of a lower tax rate.

Mosaic ( MOS) upgraded at JP Morgan: MOS was upgraded from Neutral to Overweight at JP Morgan. Stock should close its discount to the peer group, as execution should improve over the coming quarters. DAP market is also rising.

Southern Copper ( PCU) downgraded at Deutsche: PCU was downgraded from Buy to Hold at Deutsche Bank. The stock trades at a premium to its peers, and the company's earnings momentum appears to have peaked.

Phelps Dodge ( PD) downgraded at Friedman, Billings: PD was downgraded to Market Perform at Friedman, Billings Ramsey. Company lowered its outlook yesterday, and the stock will likely not receive a higher multiple before the FCX merger closes.

RadioShack ( RSH) upgraded at Goldman Sachs: Goldman is upgrading RSH to Buy from Hold based on progress in turnaround. See significant earnings potential due to aggressive cost cuts during 2007. Price target raised to $25 from $19.

Starbucks ( SBUX) upgraded at JP Morgan: SBUX was upgraded from Neutral to Overweight at JP Morgan. Stock is down 12% since the latest earnings report, and appears attractive to buy ahead of Wednesday's numbers. Company remains on track to generate 20%-plus annual earnings growth over the longer term.

Tesoro ( TSO) upgraded at Bear: TSO was upgraded from Peer Perform to Outperform at Bear Stearns. Shell refining acquisition should add to earnings. $90 price target.

Tesoro upgraded at Morgan Stanley: Morgan Stanley upgrades Tesoro Petroleum to overweight with a $90 price target.

US Bancorp ( USB) downgraded by UBS: USB downgraded by UBS. Rating changed to Neutral from Buy. 2007 EPS estimates lowered to $2.75 from $2.80. 2008 EPS estimated lowered to $2.95 from $3.00. Price target lowered to $37 from $41.

STOCK COMMENTS / EPS CHANGES

Atheros ( ATHR) numbers increased at Jefferies: ATHR numbers increased at Jefferies. 2006 EPS estimates raised to $0.73 from $0.70. 2007 EPS estimates raised to $0.95 from $0.83. Price target raised to $22 from $18. Reiterates Hold rating.

Anheuser-Busch ( BUD) numbers raised at UBS: BUD numbers raised at UBS. 2007 EPS estimated increased to $2.89 from $2.88. Price target increased to $57 from $51.

CNET ( CNET) price target raised at Goldman: Goldman is increasing its target on CNET following strong Q4 results, including better-than-expected revenue growth. See continuing rise in costs for company as negative, while noting 18% decline in yoy page views. Maintained Sell rating.

CNET estimates lowered, target increased at Jefferies CNET estimates lowered, price target increased at Jefferies. 2007 EPS estimates lowered to $0.36 from $0.42. Introduces 2008 EPS estimates of $0.37. Price target raised to $10 from $9. Reiterates Hold rating.

Dolby ( DLB) price target increased at Goldman: Goldman is upping its price target on DLB to $31 from $27 based on better-than-expected DVD player sales and strong HDTV and video game console sales. 2007 estimates raised to $0.93 from $0.87. Maintained Neutral rating.

JB Hunt Transport ( JBHT) estimates raised at Credit Suisse: Credit Suisse is raising its 2007 EPS estimates on JBHT to $1.60 from $1.55 following strong 4Q results. Raised target price to $24 from $21.

Jones Apparel ( JNY) estimates lowered at UBS: JNY estimates lowered at UBS. 2006 EPS estimates lowered to $2.19 from $2.23. Reiterates price target of $39 and Buy rating.

Kronos ( KRON) target raised, estimates lowered at Jefferies: KRON price target raised, estimates lowered at Jefferies. 2008 EPS estimates lowered to $2.20 from $2.22. Price target increased to $34 from $31. Reiterates Hold rating.

Level 3 Communications ( LVLT) estimates raised at Jefferies: LVLT estimates raised at Jefferies. 2007 EPS estimates raised to a $0.40 loss from a $0.43 loss. Reiterates $8.50 price target and Buy rating.

MicroStrategy ( MSTR) numbers raised at Jefferies: MSTR numbers raised at Jefferies. 2007 EPS estimates raised to $6.00 from $5.98. 2008 EPS estimates raised to $7.34 from $7.21. Price target increased to $120 from $117. Reiterates Hold rating.

Savvis ( SVVS) estimates raised at Jefferies: SVVS estimates raised at Jefferies. 2007 EPS estimate raised to a $0.91 loss from a $1.21 loss. Introduced 2008 EPS estimates of a $0.56 loss. Reiterates price target of $65 and a Buy rating.

Syntel ( SYNT) numbers raised at Jefferies: SYNT numbers raised at Jefferies. 2006 EPS estimates increased to $1.18 from $1.17. 2007 EPS estimates raised to $1.38 from $1.35. Introduced 2008 EPS estimates of $1.61. Price target raised to $39 from $30. Reiterates Buy rating.

Target ( TGT) numbers raised at UBS: TGT numbers raised at UBS. 2008 EPS estimates raised to $3.66 from $3.63. Price target raised to $78 from $70. Reiterates Buy rating.

Time Warner ( TWX) price target upped at Goldman: Target on TWX increased to $25 from $21 at Goldman. Legal restrictions prevent Goldman from discussing segments outside of AOL. Maintained Neutral rating.

USG Corp ( USG) estimates lowered by Jefferies: USG estimates lowered by Jefferies. 2007 EPS estimates lowered to $4.29 from $4.96. 2008 EPS estimates lowered to $4.55 from $5.21. Reiterates Buy rating and $65 price target.

Viacom ( VIAb) numbers raised at UBS: VIAb numbers raised at UBS. 2006 EPS estimates raised to $2.01 from $2.00. 2007 EPS estimates raised to $2.28 from $2.21. Price target raised to $43 from $41. Reiterates Neutral rating.

Valero L.P. ( VLI) price target upped at Goldman: VLI target increased to $58 from $56 at Goldman. Q4 results showed recurring earnings below consensus estimates but ahead of Goldman expectations. See shares fully valued. Maintained Neutral rating.

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