Change in Ratings

Benchmark Electronics ( BHE) downgraded by Bear Stearns. Rating lowered to Peer Perform from Outperform. 2007 EPS estimates lowered to $1.73 from $1.81. Introduces 2008 EPS estimates of $1.86. Price target was removed.

Morgan Stanley upgrades Broadcom ( BRCM) from equalweight to overweight with a $40 price target.

Ceradyne ( CRDN) was upgraded from Underperform to Market Perform, Friedman Billings Ramsey said. Stock has come down 13% over the past month, and the 2008 defense budget should favor the company. $50 price target.

Cisco ( CSCO) was upgraded from Neutral to Outperform, Robert Baird said. $32 price target. Growth rates are accelerating, and the current margins appear sustainable.

CSCO numbers raised at UBS. Price target upped to $33 from $32. 2007 EPS estimates bump up to $1.21 from $1.17. Reiterates Buy rating.

CommScope ( CTV) initiated with Buy rating at Jefferies. Price target starts at $37.50. 2007 EPS estimates set at $1.95.

Goldman said it is upgrading Earthlink ( ELNK) to Neutral from Sell based on valuation. Believe floor has emerged due to buybacks near $7, and potential for restructuring event such as LBO. Price target raised to $7 from $6.60.

Globalstar ( GSAT) downgraded to Hold rating from Buy at Jefferies. Price target drops to $11.50 from $17.00. Revenue and EPS estimates for 2007 holds at $175.2 million and $0.39, respectively.

Illumina ( ILMN) was upgraded from Hold to Buy, Deutsche Bank said. $45 price target. Stock has already pulled back enough to represent the post-earnings disappointment. Company has market leading technology, bolstered by the Solexa purchase.

St. Joe ( JOE) was downgraded to Underperform, Wachovia said. Customer traffic continues to soften. Estimates also cut.

JOE was downgraded from Buy to Hold, BB&T Capital said. Company reported a strong quarter but should continue to trade at a discount to its NAV.

Marriott International ( MAR) upgraded to Buy rating from Hold, AG Edwards said. Price target set at $56 with 2007 EPS estimates at $1.96.

Goldman said it is upgrading Pharmaceutical Product Dev. ( PPDI) to Buy from Neutral based on strong trends in new business and likely continued strength in clinical market. Price target at $44.

Tractor Supply ( TSCO) was upgraded from Neutral to Outperform, Robert Baird said. $55 price target. 2007 numbers are now low enough that they're beatable. Stock has also been a laggard over the past year, though the upcoming investor meeting should help rebuild investor confidence.

Deutsche Bank downgrades Tyco International ( TYC) to hold on valuation, price target remains $33.

Stock Comments/EPS Changes

Target on Emerson Electric ( EMR) raised to $50 from $49, Goldman said. Company delivered first-quarter results inline with expectations, showing continued strength in late-cycle and international markets. Maintained Neutral rating.

Goldman said it is increasing its 2007 estimates on IAC/InterActiveCorp ( IACI) by 8 cents to $1.83 based on solid fourth-quarter results announced yesterday. See lower tax rate and greater share buybacks in 2007 and 2008. Price target raised to $38 from $36 and maintained Neutral rating.

Credit Suisse said it is raising its target price on Lincoln Financial ( LNC) to $71 from $64 following better than expected Q4 results. Maintained Neutral rating.

Goldman said it is cutting its 2007 estimates on Las Vegas Sands ( LVS) to $1.70 from $1.90 based on later openings for Venetian Macau and Palazzo Las Vegas. Maintained Buy rating and $106 price target.

MGM Mirage ( MGM) numbers raised at Jefferies. Price target jumps to $88 from $71 and 2007 EPS estimates raised to $2.73. Reiterates Buy rating.

Myriad Genetics ( MYGN) numbers raised at UBS. Price target lifts to $44 from $38. 2007 EPS estimates raised to loss of ($1.26) from loss of ($1.36). Reiterates Buy rating.

Target on National Oilwell Varco ( NOV) upped to $81 from $74 following positive fourth-quarter earnings surprise. Goldman believes too much focus being put on new orders and not enough focus on earnings potential of orders already in backlog. Maintained Buy rating.

Credit Suisse said it is lowering its 2007 EPS estimates on TransCanada ( TRP) to $2.03 from $2.13 following larger-than-expected equity issue that is being used to fund acquisition. Maintained $45 target price.

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