Change in Ratings

Applebee's International ( APPB) downgraded by UBS. Rating changed to Neutral from Buy. Reiterates $29 price target.

Avon ( AVP) was upgraded from Underweight to Neutral, Prudential said. $43 price target. Not too late to participate in the company's earnings turnaround. Estimates also raised.

Expedia ( EXPE) was downgraded to Sector Perform, CIBC said. Company is generating lower free cash flow, and appear fully valued near $22.

Goldman Sachs said it is upgrading Coca-Cola ( KO) to Buy from Neutral on continuing operating strength despite challenges in key profit centers. See robust growth in emerging markets and believe sustained results will help close the P/E multiple gap versus other high-quality global consumer staples stocks. Price target raised to $56 from $53.

Morgan Stanley initiates coverage of Lyondell Chemical ( LYO) with an overweight rating and a $38 price target.

Montpelier Re Holdings ( MRH) downgraded by CSFB. Downgraded to Neutral from Outperform. 2007 EPS estimates reduced to $2.45 from $3.00. Introduced 2008 EPS estimates of $2.45. Target price reduced to $19.50 from $22.

Navigant Consulting ( NCI) was downgraded from Outperform to Market Perform, Piper Jaffray said. $23 price target. Company facing higher compensation costs and margins should fall in 2007.

Goldman said it is upgrading Pepsi ( PEP) to Buy from Neutral based on expected EBIT acceleration in the second half of 2007. See improvement from Gatorade to drive profit acceleration alongside continuing strength at Frito Lay and international sales. Target raised to $73 from $71.

Rare Hospitality ( RARE) was upgraded to Buy, Suntrust Robinson Humphrey said. Monthly sales appear to be trending well, outside of the weather. Earnings guidance may also prove conservative.

RARE numbers lowered at Jefferies. Price target drops to $38 from $40. 2007 EPS estimates lowered to $1.69 from $1.91. Reiterates Buy rating.

Strayer Education ( STRA) was upgraded from Neutral to Outperform, Robert Baird said. $139 price target. Company is posting solid revenue growth and has a strong balance sheet.

STRA was upgraded to Neutral, Suntrust Robinson Humphrey said. Company posted strong quarterly results, and should be able to maintain higher margins in 2007.

Stock Comments/EPS Changes

Amerigroup ( AGP) price target raised to $41 from $34 at Jefferies. Reiterates Hold rating.

Baker Hughes ( BHI) numbers lowered at Jefferies. Price target drops to $88 from $92. 2007 EPS estimates lowered to $4.85 from $4.90. Reiterates Buy rating.

Career Education ( CECO) estimates cut at UBS. 2007 EPS estimates decreased to $1.26 from $1.39. Reiterates Neutral rating and $26 price target.

Darden Restaurants ( DRI) price target raised at UBS. Price target increased to $50 from $47. Reiterates Buy rating.

Brinker ( EAT) numbers raised at UBS. 2007 EPS estimates raised to $1.77 from $1.76. 2008 EPS estimates raised to $1.99 from $1.96. Price target raised to $38 from $32.

Huntsman ( HUN) estimates reduced at UBS. 2007 EPS estimates reduced to $2.15 from $2.30. 2008 EPS estimates reduced to $2.25 from $2.35. Reiterates Buy rating and $26 price target.

Pogo Producing ( PPP) estimates cut at UBS. 2007 EPS estimates lowered to $13.19 from $13.25. 2008 EPS estimates lowered to $13.30 from $13.85. Reiterates Neutral rating and $51 price target.

Reliance Steel ( RS) estimates cut at UBS. 2008 EPS estimates reduced to $4.85 from $4.95. Reiterates Buy rating and $54 price target.

Molson Coors ( TAP) numbers raised at UBS. 2007 EPS estimates increased to $4.99 from $4.95. 2008 EPS estimates increased to $5.66 from $5.56. Price target increased to $91 from $86. Reiterates Neutral rating.

Cimarex ( XEC) numbers lowered at UBS. 2007 EPS estimates lowered to $10.40 from $10.75. Price target lowered to $42 from $43. Reiterates Buy rating.

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