Analysts' Upgrades, Downgrades: Motorola

NEW YORK ( TheStreet.com) -- CHANGE IN RATINGS

Becton Dickinson ( BDX) downgraded at JPMorgan. Rating lowered to Neutral from Overweight. Price target lowered to $68 from $74. 2009 EPS estimates lowered to $4.95 from $4.96.

Choice Hotels ( CHH) upgraded at JPMorgan. Rating raised to Neutral from Underweight. Price target raised to $27 from $24. 2009 EPS estimates raised to $1.66 from $1.60.

Compass Minerals ( CMP) upgraded at JPMorgan. Rating raised to Overweight from Neutral. Price target raised to $66 from $50. 2009 EPS estimates lowered to $4.81 from $5.20.

Consol Energy ( CNX) upgraded at Goldman to Neutral from Sell. Due to the recent underperformance, shares of this company were upgraded as backed by improving sentiment for thermal coal. Estimates for FY09 lowered to $3.47 from $4.00. Maintained $40 price target.

Cisco ( CSCO) initiated at BMO. Initiated with a Market Perform and $21 price target. Introduces 2009 EPS estimates of $1.33.

Cisco ( CSCO) target raised at Merrill/BofA to $26. Sentiment is too negative, and the stock has lagged other networking names. Buy rating.

Disney ( DIS) FY09 estimates raised by Goldman to $1.75 from $1.70. Expectations of improved results at Cable Networks and Studio Entertainment led to the raise in numbers. Maintained Neutral rating.

Disney ( DIS) downgraded at JPMorgan. Rating lowered to Underweight from Neutral. Price target lowered to $22 from $23. 2009 EPS estimates lowered to $1.71 from $1.73.

Dow Chemical ( DOW) upgraded at Citigroup from Hold to Buy. $27 price target. Estimates also raised as business improving and costs continue to fall.

F5 Networks ( FFIV) initiated at BMO. Initiated with a Market Perform rating and $36 price target. Introduces 2009 EPS estimates of $1.60.

First Solar ( FSLR) numbers cut at Barclays through 2010. Company is facing difficult second half conditions. Equal-weight rating and new $140 price target.

First Solar ( FSLR) downgraded at Credit Suisse to Neutral from Outperform. The decline in ratings was prompted by widespread concerns on the co.'s margins, that its earnings momentum has peaked, rebates could accelerate price competition, ASP decline is limiting the co.'s growth potentials, and rate of cost reductions are moderating. Lowered price target to $135 from $200.

Gen-Probe ( GPRO) downgraded at William Blair to Market Perform. Estimates also cut, to reflect a slowdown in the blood screening business.

Juniper Networks ( JNPR) initiated at BMO. Initiated with a Market Perform rating and $25 price target. Introduces 2009 EPS estimates of $0.79.

Legg Mason ( LM) downgraded at Pali to Sell. Stocks looked fully valued at $23, especially given fund outflows.

Lubrizol ( LZ) downgraded at Citigroup from Buy to Hold. Lubricant margins are peaking, and upside is limited. $61 price target.

Motorola ( MOT) upgraded at Morgan Keegan to Outperform. Handset demand and product lineup remains strong. Broadband mobility unit also appears stable.

Polycom ( PLCM) initiated at BMO. Initiated with an Outperform rating and $28 price target. Introduces 2009 EPS estimates of $1.22.

Synaptics ( SYNA) downgraded at Jefferies from Buy to Hold. $26 price target. Company seeing a shift toward demand for modules in the PC market, which carry lower prices. Competition is also heating up.

Varian Semiconductor ( VSEA) upgraded at UBS. Rating raised to Buy from Neutral. Price target raised to $40 from $24. 2009 EPS estimates raised to -$0.51 from -$0.79.

STOCK COMMENTS / EPS CHANGES

Alliance Bernstein ( AB) target raised at Goldman to $21 from $19 based on valuation and that the co.'s equity funds keep improving (increase of 8%). Estimates for FY09 raised to $1.28 from $0.93. Maintained Neutral rating.

AmerisourceBergen ( ABC) numbers increased at Citigroup through 2013. Company posted a strong quarter and re-newed a big contract with Kaiser. Hold rating and new $22 price target.

Ann Taylor Stores ( ANN) target raised at Goldman to $14 from $13. The raise in numbers was prompted by a cleaner inventory position, better sales and additional cost saves. Estimates for FY09 raised to ($0.20) from ($.35). Maintained Buy rating.

Apache ( APA) target raised at Goldman to $92 from $88 to reflect higher cash flow, lower debt and LT resource potential from the Horn River Basin and Granite Wash plays. Estimates for FY09 raised to $5.76 from $5.14. Maintained Neutral rating.

Apache ( APA) target raised at FBR to $82. Company showed strong sequential production improvement. Market Perform rating.

Franklin Resources ( BEN) target increased at FBR to $85. Margins should expand on the back of the improving equity market. Market Perform rating.

Cabela's ( CAB) target raised at Credit Suisse to $9 from $5 based on better same store sales and overall operating margin improvements. Maintained Underperform rating.

CIGNA ( CI) target raised at Credit Suisse to $32 from $28. The increase in numbers was prompted by management's guidance raise which the firm feels very confident about. Maintained Outperform rating.

Colgate-Palmolive ( CL) numbers boosted at Barclays to $78. Estimates also increased, to reflect higher realized margins. Equal-weight rating.

Dolby ( DLB) numbers raised at Goldman to $41 from $40. The co. beat expectations for the quarter and raised guidance for the rest of the year. Estimates for FY09 raised to $2.07 from $2.02. Maintained Neutral rating.

EQT ( EQT) target raised at Credit Suisse to $41 from $37. The co. raised its full year 2009 production growth target to 16-19% and is driving capital productivity given fast falling costs. Maintained Outperform rating.

Expedia ( EXPE) target raised at Goldman to $22 from $17.90 given sustained sales and marketing efficiencies which suggest the co. is taking market share. Estimates for FY09 raised to $1.25 from $1.08. Maintained Neutral rating.

Expedia ( EXPE) estimates, target raised at Citigroup. Shares now seen reaching $25. Estimates also boosted, to reflect the company's new guidance. Buy rating.

Granite Construction ( GVA) numbers lowered at Goldman to $38 from $41. The co.'s forecast is dim as their guidance provided lower margins and revenue figures compared to 2008. Awards are also a concern, as they are coming in slow. Estimates for FY09 lowered to $1.70 from $2.10. Maintained Buy rating.

Hewlett-Packard ( HPQ) numbers raised at Barclays through 2010. End-user demand has stabilized further. Overweight rating and new $50 price target.

International Paper Co. ( IP) numbers raised at Goldman to $26 from $23 based on its 2Q09 EPS beat and strong free cash flow generation. Estimates for FY09 raised to $0.75 from $0.30. Maintained Buy rating.

Kellogg ( K) numbers raised Goldman to $52 from $50. Estimates for FY09 lowered to $3.26 from $3.27. Consumption seems generally healthy as K's North America 2Q09 cereal consumers grew. 6%-7%. The co. is also expected to expand its margins once hedging rolls off and cost saving initiatives kick in. Currency outlook has also improved. Maintained Neutral rating.

KBR ( KBR) target raised at Goldman to $21 from $19. The co.'s revenues and margins were better than expected and their backlog and new awards were in line with expectations. Estimates for FY09 raised to $1.70 from $1.60. Maintained Neutral rating.

Mastercard ( MA) target raised at Goldman to $230 from $207. Estimates for FY09 raised to $10.82 from $10.47. The co.'s significant leverage and cost reduction efforts are driving margin expansion at the high-end of its 300-500 bp range in CY09 and initial CY10 commentary suggests another year of 300 bp of margin expansion, helping drive earnings growth of 16% YOY. Maintained Buy rating.

Mastercard ( MA) estimates, target raised at Barclays. MA estimates were increased through 2010. Company is keeping a tight lid on expenses. Overweight rating and new $235 price target.

McAfee ( MFE) target raised at Goldman to $44 from $40 based on strong revenues and margins as well as strategically acquiring MX Logic which will benefit the co. in the future. Estimates for FY09 raised to $1.96 from $1.81. Maintained Neutral rating.

McAfee ( MFE) target boosted at FBR to $41. Company posted a strong quarter and is carrying solid momentum into the second half of the year. Market Perform rating and new $41 price target.

Mylan ( MYL) estimates, target boosted at Barclays. Shares of MYL now seen reaching $19. Estimates also raised, to higher sales and lower R&D estimates. Overweight rating.

NetSuite ( N) numbers raised at Credit Suisse to $14 from $9. The co. had another solid quarter and it appears that the business has stabilized. The firm believes that the co. hit a bottom and is in motion of trending upwards in reference to revenue. Maintained Neutral rating.

Noble Energy ( NBL) numbers boosted at Barclays to $69. Estimates also raised, to reflect recent exploration success. Overweight rating.

Newell Rubbermaid ( NWL) numbers increased at Barclays to$16. Estimates also raised, to reflect higher gross margins. Overweight rating.

NYSE Euronext ( NYX) target raised at Goldman to $30 from $28. The co. posted solid 2Q09 results, driven by accelerating synergy realization and declining expenses. Accelerating cost management offset the decline in volume that was seen throughout the quarter. Estimates for FY09 raised to $1.90 from $1.70. Maintained Neutral rating.

Omnicare ( OCR) target lowered at Goldman to $26 from $27 based on unexpected FULs which undercut the full-year outlook. Estimates for FY09 lowered to $2.54 from $2.55. Maintained Neutral rating.

Owens-Illinois ( OI) numbers raised at Goldman to $38 from $34. The co.'s target was raised based on better margins and that it is well positioned to benefit from a cyclical upturn in glass demand which should drive future profitability. Estimates for FY09 raised to $3.05 from $2.95. Maintained Conviction Buy rating.

Palm ( PALM) target raised at Deutsche to $17. Pre sales remain healthy and return rates have been overblown. Buy rating.

Pitney Bowes ( PBI) target lowered at Goldman to $23 from $26 as the co. reduced its outlook again for FY09. Estimates for FY09 lowered to $2.20 from $2.47. Maintained Neutral rating.

Parker Hannifin ( PH) numbers raised at Goldman to $41 from $39 reflecting greater confidence in a recovery cycle and shorter discounting periods. Estimates for FY09 lowered to $1.80 from $2.05. Maintained Sell rating.

Strayer Education ( STRA) numbers raised at Barclays to $235. Estimates also boosted, to reflect higher sales and operating margins. Overweight rating.

Teradyne ( TER) estimates, target boosted at Barclays. TER estimates raised through 2010. Company seeing higher order rates. Overweight rating and new $9 price target.

Tyco ( TYC) target raised at Goldman to $34 from $32. The co.'s resilient recurring revenues, strong balance sheet optionality, improved cost performance, and stabilizing order trends led to the raise in numbers. Estimates for FY09 raised to $2.29 from $1.92. Maintained Neutral rating.

Tyco ( TYC) numbers increased at FBR. Shares of TYC now seen reaching $33. Estimates also raised, to reflect record ADT margins. Outperform rating.

United Therapeutics ( UTHR) numbers boosted at Barclays. Shares of UTHR now seen reaching $98. Estimates also increased, following the approval of Tyvaso. Equal-weight rating.

Varian Semi Equipment ( VSEA) numbers raised at Goldman to $30 from $22 driven by share gains, new markets, and cost reductions. The firm also likes the operating leverage model that is intact. Estimates for FY09 raised to ($0.48) from ($0.81). Maintained Neutral rating.

WebMD ( WBMD) target raised at Goldman to $25 from $22. Revenues and margins remain on track as comps remain fairly stable. Estimates for FY09 raised to $1.22 from $1.19. Maintained Sell rating.

Exxon Mobil ( XOM) numbers cut at Barclays. Shares of XOM now seen reaching $90. Estimates also lowered, to reflect lower production rates. Equal-weight rating.
This article was written by a staff member of TheStreet.com.

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