Analyst downgrades: 09/29/06

MOST NOTEWORTHY:

• Swift Transportation (NASDAQ:SWFT) was downgraded by J.P. Morgan to Neutral from Overweight, citing weaker than expected Q3 guidance. Swift was also downgraded by Robert. W. Baird to Underweight from Equal Weight based on the macro headwinds and the upcoming tough Q4 and Q1 comps. Baird lowered Swift's price target to $25 from $33.
• ThinkEquity downgraded Texas Instruments (NYSE: TXN) to Sell from Source of Funds. The firm believes Q4 revenues may be significantly below expectations given the soft environment and order trends.
• Morgan Stanley downgraded Kraft Foods (NYSE: KFT) to Underweight from Equal weight based on valuation.

OTHER DOWNGRADES:

• Lehman Bros. downgraded Check Point Software Technologies (NASDAQ: CHKP) to Equal Weight from Overweight on valuation and the uncertain growth outlook.
• Sherwin-Williams (NYSE: SHW) was downgraded by Morgan Stanley to Equal Weight from Overweight on valuation.
• Bear Stearns downgraded Phelps-Dodge (NYSE: PD) to Peer Perform from Outperform, citing weakness in copper fundamentals.
• A.G. Edwards downgraded EMC Corp (NYSE: EMC) to Hold from Buy on valuation along with expectations for limited upside potential.

Research provided by TheFlyOnTheWall.com (subscription required).