After so much waiting, investors have begun to focus again on fundamentals. And those fundamentals reflect slowing corporate earnings. Just this morning, for example, Lehman Brothers lowered its outlook for home improvement retailer Home Depot ( HD) for 2001 from $1.45 a share to $1.40.

In a report, Lehman wrote, "While we believe HD is one of the finest names in retailing, we continue to reiterate our cautious outlook on the shares given the company's vulnerability to a potential slowdown in the housing market." Lehman has a 52 week price target of $55 on the stock.

Upgrades

HCA-Healthcare ( HCA): UP at Lehman Brothers, 2000 EPS to $1.60 from $1.59, 2001 EPS to $1.84 from $1.79, price target to $50 from $44.

Superior Industries ( SUP): UP at UBS Warburg, price target to $40 from $38.

Unisys ( UIS): UP to strong buy from buy at SG Cowen.

Downgrades

American Axle ( AXL): DOWN at UBS Warburg, price target to $13 from $18.

Avnet ( AVT): DOWN at Credit Suisse First Boston, 2000 EPS to $3.28 from $3.48, 2001 EPS to $4.01 from $4.17, price target to $35 from $45.

BorgWarner ( BWA): DOWN to buy from strong buy at UBS Warburg.

Dana ( DCN): DOWN to hold from buy at UBS Warburg.

General Motors ( GM): DOWN at Banc of America, price target to $65 from $80.

Intuit ( INTU): DOWN to buy from add at ABN Amro, price target to $55 from $60.

Lear ( LEA): DOWN to buy from strong buy at UBS Warburg.

Lucent ( LU): DOWN at UBS Warburg, price target to $25 from $30.

New Era of Networks ( NEON): DOWN to neutral from buy at SG Cowen.

Novell ( NOVL): DOWN to market perform from outperform at Goldman Sachs.

Portal Software ( PRSF): DOWN to outperform from recommended at Goldman Sachs. DOWN to accumulate from strong buy at Prudential Securities.

Ticketmaster ( TMCS): DOWN at ABN Amro, price target to $24 from $30.

Tower Automotive ( TWR): DOWN to hold from strong buy at UBS Warburg.

Tribune ( TRB): DOWN to buy from strong buy at Credit Suisse First Boston.

Watson Pharmaceuticals ( WPI): DOWN to outperform from strong buy at Morgan Stanley Dean Witter.

Initiations

Alliance Capital Holdings ( AC): NEW buy at UBS Warburg; price target: $51.

Capstone Turbines ( CPST): NEW buy at Credit Suisse First Boston.

Dendrite International ( DRTE): NEW buy at UBS Warburg; price target: $24.

Entergy ( ETR): NEW hold at Credit Suisse First Boston.

Precision Castparts ( PCP): NEW accumulate at Merrill Lynch; price target: $43.

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