ArvinMeritor ( ARM) was upgraded from Underperform to Outperform at Bear Stearns. Stock has 26% upside over the next 18 months, as the company re-makes itself. Recovery could be similar to Navistar.

Cohen & Steers ( CNS) was upgraded at UBS to Buy from Neutral due to strong underlying growth drivers. Raised target price to $55 from $48.

Carter's ( CRI) downgraded at Credit Suisse to Neutral from Outperform based on valuation. Cites stock is up 32% since Q4. Maintained $28 stock price.

Dover ( DOV) upgraded at Deutsche from Hold to Buy. $56 price target. Stock has underperformed its peers by 9% on the year, but business trends look solid outside of the Technologies division.

Graco ( GGG) was downgraded to Market Perform at Friedman, Billings Ramsey. Estimates also cut, as the company remains leveraged to a slowdown in US housing. $43 price target.

Goldman is upgrading Corning ( GLW - Get Report) to Buy from Neutral based on continuing top-line growth and expectations for margin expansion. Despite 25% gain this year, see successful pricing strategy and strong demand for optical fiber. Target price raised to $31 from $26.

Panera Bread ( PNRA) was downgraded from Outperform to Market Perform at Friedman, Billings Ramsey. Company's guidance looks too optimistic for the second half of the year, as cost pressures continue to linger. $65 price target.

Praxair ( PX) was upgraded from Neutral to Overweight at JP Morgan. Estimates also bumped up through 2008, as the company's investments should deliver above-average growth.

Reynolds American ( RAI) was upgraded at JP Morgan to Neutral. $70 price target. Estimates also raised, as the company saw strong results both in cigarettes and smokeless tobacco.

UAL ( UAUA) downgraded to Neutral from Buy at Goldman. Expect poor cost performance resulting in below-average margin performance in 2007. Other weaknesses include less financial transparency and low investor confidence in management. Also see low-cost carrier competition becoming a bigger issue. Price target cut to $35 from $44.

Varian Medical ( VAR - Get Report) downgraded at Jefferies to Hold from Buy, based on disappointing oncology order growth and competitive pressures. Q2 results showed oncology system orders grew only 2% overall, with a 10% year-over-year decrease in U.S. Price target cut to $45 from $62.

Varian Medical was downgraded from Outperform to Neutral at Robert Baird. $63 price target. Valuation call, as growth should moderate in the second half of the year.

Verasun ( VSE) was initiated with an Outperform rating at Piper Jaffray. $23 price target. Stock is trading at a 20% discount to the other pure-play ethanol companies and oil refiners. Prices should only move higher, when the summer fuel season begins in a couple of weeks.


UBS is raising its target price on Apple ( AAPL - Get Report) to $133 from $124 after blow-out quarter and hints at exiting subscription offerings. Maintained Buy rating.

Apple 2007 estimates raised at Credit Suisse to $3.56 from $3.21 following strong Q2 results. Maintained Outperform rating and $120 target price.

Akamai ( AKAM - Get Report) 2007 estimates cut at Credit Suisse to $0.94 from $0.98 after Q1 results fell short of its forecast. Maintained Outperform rating.

LSI Logic ( LSI) 2007 estimates slashed at Goldman to $0.17 from $0.32, based on disappointing sales trends in both organic and acquired businesses (Agere). Top line results down 11% quarter-over-quarter. management committed to reduce operating expense by $50 in the second half of 2007. Price target lowered to $10.50 from $11.50 and maintained Neutral rating.

McDonald's ( MCD - Get Report) target price raised at UBS to $57 from $53. Cites stock drivers are in place for 2007 and 2008. Maintained Buy rating.

Qualcomm ( QCOM) target price raised at Credit Suisse to $58 from $52 after company reported solid Q2 results and strong guidance. Maintained Outperform rating.