Börsipäev 17. jaanuar

Prudential downgrades DirecTV (DTV 14.52) to Underweight from Overweight and $17 tgt, as they believe stricter requirements for new subscribers imposed in November are resulting in lower than expected subscriber net additions, especially from third-party dealers and Echostar (DISH) has rolled out stronger HD offerings that could appeal to high-end customers

BofA downgrades Toll Brothers (TOL 37.74) to Sell from Neutral and a $33 tgt, as they cite weakening demand, particularly at higher price points and think the co may see more weakness than peers given its focus on the luxury segment of the market

BofA downgrades Meritage Homes (MTH 64.41) to Sell from Neutral and $55 tgt, as they cite the risk of more significant slowing in the co's core markets

UBS initiates ConocoPhillips (COP 60.76) with a Buy and $72 tgt, as they expect investors to gravitate toward the co given its steep discount valuation, strong exposure to robust OECD upstream margins, and considerable leverage to domestic refining fundamentals

UBS initiates Amerada Hess (AHC 142.25) with a Buy and $170 tgt, as they believe the turnaround as the co's upstream operations isn't fully reflected in its valuation

Citigroup downgrades SanDisk (SNDK 72.83) to Hold from Buy and $83 tgt, as they cite valuation

Deutsche Bank downgrades Applied Materials (AMAT 20.15) to Hold from Buy, as they cite valuation and a 2006 orders and revenue profile that moderates declines in 2H06

CIBC upgrades American Eagle Outfitters (AEOS 25.43) to Outperform from Sector Perform with a $34 tgt, as they cite renewed confidence in the co's merchandise assortments, its ability to comp positively despite tough comparisons this spring, and near- and longer-term growth in its intimates business

CSFB upgrades UPS (UPS 74.67) to Outperform from Neutral with an $87 tgt based primarily on valuation opportunities, the recent alleviation of several overhangs on the stock, and their belief that the Street is undervaluing the company's 2007 earnings power

CSFB downgrades Qualcomm (QCOM $48.64) to Neutral from Outperform as they see limited upside to their already optimistic forecasts for W.C.D.M.A adoption and handset growth, which they believe are now in line with mkt expectations

Merrill Lynch downgrades Advanced Micro Devdices (AMD 34.13) to Sell from Neutral

Deutsche Bank downgrades Qwest Communcations (Q $5.78) to Sell from Hold following the recent significant share price appreciation

Lehman downgrades Caterpillar (CAT $62.33) to Equal Weight from Overweight as they believe the name has become fairly valued on 2007 (assumed) peak E.P.S

Goldman Sachs upgrades Dow Jones (DJ 37.73) to In-Line from Underperform based on several incremental data points: 1) the recent management succession announcement, 2) signs of improved ad linage at The Wall Street Journal, 3) the first upward guidance revision in many quarters, 4) a positive and growing contribution from electronic publishing and 5) early signs of a positive advertiser response to the Weekend Journal

UBS initiates XOM, CVX and MRO with Neutrals

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