Select Analyst Calls (DEC 18, 2006)

APPB raised to Buy at UBS.
ATO started as Overweight at JPMorgan.
AYE raised to Outperform at Credit Suisse.
BBBY started as Outperform at Cowen.
BHI raised to Buy at Goldman Sachs.
C raised to Buy at Merrill Lynch.
COO cut to Underweight at Prudential.
CSE started as Outperform at KBW.
ECA cut to Sell at Goldman Sachs.
FST raised to Outperform at Credit Suisse.
GFIG started as Mkt Perform at KBW.
IBM started as Neutral at Prudential.
ICON started as Buy at Merrill Lynch; started as Outperform at Piper Jaffray.
JCP raised to Buy at AGEdwards.
JNJ added to B of A’s Fresh Money Focus List.
KELYA cut to Sell at Merrill Lynch.
LLL cut to Neutral at Credit Suisse.
LRW cut to Sell at Merrill Lynch.
MUR cut to Underperform at Credit Suisse.
NRP raised to Outperform at Wachovia.
PNM started as Sell at Citigroup.
POWI cut to Sell at Citigroup.
PSPT started as Outperform at Credit Suisse.
RHI cut to Neutral at Merrill Lynch.
RMIX raised to Buy at Citigroup.
SLB cut to Neutral at Goldman Sachs.
SNN raised to Buy at Merrill Lynch.
SOV cut to Underperform at RBC.
TIF started as Outperform at Cowen.
URBN started as Neutral at Cowen.
VRX started as Buy at citigroup.
WNR cut to Sell at B of A.
ZZ cut to Neutral at JPMorgan.

Cowen started selected retail stocks as Outperform: A&F-ANF, Ann Taylor-ANN, Bed Bath & Beyond-BBBY, Chico’s-CHS, Men’s Warehouse-MW, Tiffany’s-TIF, William Sonoma-WSM.  Cowen also nailed Pier 1-PIR and Tuesday Morning-TUES as Underperform ratings.

Goldman Sachs has a coverage trade in the energy patch: Baker Hughes (BHI) raised to BUY; while Schlumberger (SLB) was downgraded to Neutral from Buy and EnCana (ECA) was cut to Sell from Neutral.

Jon C. Ogg
December 18, 2006