CHANGE IN RATINGS

Ciena ( CIEN) upgraded at Merrill Lynch to Buy. $52 price target. Stock has already made a run, but margins continue to expand, partially at the expense of ALU.

Ciena price target raised at Goldman to $55 from $47.50 due to improved margin outlook related to a more favorable product mix. See bandwidth growth as far stronger than expectations due to increasing video traffic, with carriers looking for new technologies to lower costs. Maintained Buy rating.

Charles River Labs ( CRL) upgraded at UBS to Buy rating from Neutral. Price target jumps to $67 from $58 and FY 2007 EPS estimates upped to $2.52 from $2.50.

CSX ( CSX) downgraded at Morgan Stanley from equalweight to underweight and moves price target to $45.

Covance ( CVD) downgraded at Bear Stearns from Outperform to Peer Perform. $84 price target. Valuation call, as the stock is up 30% since the end of April.

General Motors ( GM) upgraded at BofA from Sell to Neutral. Rating reflects the better-than-expected labor agreement with the UAW. $37 price target. Estimates also raised through 2009.

Gamestop ( GME) downgraded at Citigroup from Buy to Hold. Company will likely beat near-term earnings estimates, but the stock is already looking expensive based on 2008 numbers.

Kaiser Aluminum ( KALU) upgraded at Bear Stearns from Peer Perform to Outperform. $95 price target. Recent meeting with management confirms the bullish end-market outlook. Estimates also raised through 2008.

Nasdaq ( NDAQ) initiated at Jefferies with Buy rating. Price target starts at $45 with FY 2008 EPS estimates at $2.10.

Parker Hannifin ( PH) downgraded at UBS to Sell rating from Neutral. Price target dips to $64 from $69.33 and FY 2008 EPS estimates lowered to $4.95 from $5.00.

STOCK COMMENTS / EPS CHANGES

Apple ( AAPL) 2008 estimates raised at Credit Suisse to $4.79 from $4.50. Expects strong growth from iPod's and Macs. Maintained Outperform rating.

Micron ( MU) 2008 estimates lowered at Goldman to $(0.45) from $(0.15) based on Q4 guidance that suggested significant downside to Street estimates. See weak ASPs and margins in future quarters, with fundamentals remaining weak until DRAM industry reduces capacity growth. Maintained Neutral rating and $10 target.

Research in Motion ( RIMM) target raised at Credit Suisse to $100 from $70 based on rapid smartphone market. However, believes increasing consumer presence will pressure margins over time. Maintained Neutral rating.