CHANGE IN RATINGS

Applied Biosystems ( ABI) upgraded at JP Morgan from Neutral to Overweight. Stock remains attractive on a sum of the parts basis. Share buybacks and restructuring could also add to earnings.

CNZ Financial ( CNA) upgraded at Credit Suisse to Outperform from Neutral. Cites recent weakness and the recognition that company has undergone broad based change. Lowered target price to $42 from $46.

Merrill Lynch ( MER) upgraded at Credit Suisse to Outperform from Neutral based on announcement of new CEO and greater confidence in intermediate and longer-term prospects. Raised target price range to $80 - $85.

Mylan ( MYL) upgraded at Bernstein from Market Perform to Outperform. $18 price target. Company completed its financing and should enjoy favorable trends in the generic business.

Network Appliance ( NTAP) upgraded at Bear from Underperform to Peer Perform. Company posted a strong quarter. Estimates also raised, and the risk/reward looks more balanced at current levels.

Rayonier ( RYN) downgraded at JP Morgan from Overweight to Neutral. Stock is approaching fair value, and lacks major potential near-term catalysts. Prefer PCL at current levels.

Valueclick ( VCLK) upgraded at Citigroup to Buy. Recent 14% correction in the shares offers a good entry point. $30 price target. Company is one of the best plays on secular growth of Internet advertising.

Weyerhaeuser ( WY) upgraded at Merrill from Neutral to Buy. $90 price target. Investors are essentially receiving the cellulose fiber and wood products businesses for free at current levels.

STOCK COMMENTS / EPS CHANGES

Applied Materials ( AMAT) estimates lowered at UBS. FY 2008 eps estimates drop to $1.10 from $1.24 while price target holds at $25. Reiterates Buy rating.

Melco PBL ( MPEL) numbers raised at Jefferies. Price target bumps up to $21 from $20 and FY 2008 eps estimates lift to $0.26 from $0.25. Reiterates Buy rating.

Network Appliance ( NTAP) numbers raised at UBS. Price target lifts to $33 from $32 and FY 2008 eps estimates upped to $0.83 from $0.74. Reiterates Buy rating.

Network Appliance 2008 estimates increased at Goldman to $0.90 from $0.82 following strong top- and bottom-line quarterly results. See momentum continuing into January quarter but note uncertainty surrounding U.S. commercial demand. Maintained Neutral rating.

Pilgrim's Pride ( PPC) cut from Focus List at JP Morgan. Stock is already pricing in the deteriorating chicken market, but near-term upside remains limited. Overweight rating.

Qualcomm ( QCOM) 2008 estimates trimmed at Goldman to $1.85 from $1.91. See stronger than expected impact from litigation/Nokia and lightly lower QCT margins. Maintained Buy rating and $58 target.

VeriSign ( VRSN) price target raised at Goldman to $33 from $30 following analyst day that highlighted company's intent on slimming down, divesting non-core assets. See potential positives but note transition risks and difficulty in valuing the changing business on a long-term basis. Maintained Neutral rating.

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