Morgan Stanley's Equity Morning Summary

Upgrades: Estacio Participacoes SA ESTC upgraded from Equal to Overweight, price target remains at $25, 2010 EPS raised to $1.15 (from $1.12), 2011 raised to $1.32 (from $1.15). Downgrades: Adobe Systems ADBE downgraded to Equal from Overweight, price target remains at $42. Boston Scientific BSX downgraded to Equal from Overweight, price target remains at $10, FY2011 estimates lowered to $0.39 (from $0.43) and for FY2012 to $0.47 (from $0.52). Dell, Inc DELL downgraded from Equal to Underweight, price target at $11, FY2011 EPS lowered to $1.22 (from $1.24) and FY2012 to $1.34 (from $1.40). Company Initiations: Integra LifeSciences IART initiated with an Equal rating and $41 price target. FY2010 estimates at $2.27 and FY2011 at $2.48). Estimate/Price Target Changes - Up: Discover Financial Services DFS maintains Equal rating, price target at $18, new FY2010 estimates at $0.89 (from $0.59), FY2011 to $1.51 (from $1.17). Estimate/Price Target Changes - Down: Abbott Laboratories ABT rating at Overweight, price target lowered to $60 (from $63) CareFusion Corp. CFN rating at Overweight, price target lowered to $30 (from $32). Covidien COV rating at Overweight, price target lowered to $45 (from $47). Microsoft Corporation MSFT rating at Overweight, price target lowered to $30 (from $35). FY2011 estimates have been lowered to $2.28 (from $2.35) and for FY2012 lowered to $2.53 (from $2.65). Sprint Nextel Corporation N rating at Underweight, price target at $3. FY2010 estimates are at -$1.20 (from -$1.17) and for FY2011 -$0.63 (from -$0.57). Stryker Corporation SYK rating at Overweight, price target lowered to $59 from $62. Estimate/Price Target Changes Up/Down: National Semiconductor NSM rating at Equal, FY2011 estimates raised to $1.32 (from $1.29) and for FY2012 lowered to $1.23 (from $1.27).