Entegris (ENTG) (CETV) (IR) (JCI) (MSPD) Upgraded on April 26

Shares of Central European Media Enterprises Ltd. (NASDAQ: CETV), Entegris (NASDAQ: ENTG), Ingersoll-Rand (NYSE: IR), Johnson Controls, Inc. (NYSE: JCI) and Mindspeed Technologies, Inc. (NASDAQ: MSPD) were all upgraded April 26 by various brokerages.

Morgan Joseph upgraded Central European Media Enterprises Ltd. (NASDAQ: CETV) from a “Hold” rating to a “Buy” rating. They have a price target of $25 on the stock.

Bank of America (NYSE:BAC) upgraded Entegris (NASDAQ: ENTG) to a “Neutral” rating. They have a price target of $9.50 on the stock.

Bank of America also upgraded Ingersoll-Rand (NYSE: IR) from a “Neutral” rating to a “Buy” rating. They have a $61 price target on the stock.

Deutsche Bank (NYSE:DB) upgraded Johnson Controls, Inc. (NYSE: JCI) from a “Neutral” rating to an “Overweight” rating. They have a price target of $47 on the stock.

Piper Jaffray also upgraded Johnson Controls, Inc. (NYSE: JCI) from a “Neutral” rating to an “Overweight” rating. They also have a $47 price target on the company.

Needham & Company upgraded Mindspeed Technologies, Inc. (NASDAQ: MSPD) from a “Hold” rating to a “Buy” rating. They have a $10 price target on Mindspeed.

Celgene (NASDAQ:CELG) Needs to Move Beyond Revlimid Dependence

With Revlimid accounting for just under 70 percent of Celgene (NASDAQ:CELG) sales, anything that causes sales to drop will result in a significant impact on the company, like slowing sales revealed in the last quarter.

Morgan Joseph says, "Following the company's 4Q10 earnings and conference call, we are more cautious about prospects for Celgene. While we like Revlimid's current growth and CELG's improving pipeline, we believe the key reason Celgene has been able to sustain a very good multiple on the stock is because of strong growth from Revlimid. Revlimid accounts for around 68% of sales and its contribution is expected to rise slightly over the next two years. While Revlimid sales grew at 44% in 2010, they have decelerated slightly since 2Q10, and based on current growth patterns (which are also consistent with management's current guidance), we now think sales will likely continue to decelerate into the end of 2011. By the end of 2011, we expect Revlimid growth to drop to the teens."

Morgan Joseph downgraded Celgene (CELG) from Buy to Hold. Celgene closed Friday at $51.18, falling $3.67, or 6.69 percent.

International Game Tech (NYSE:IGT) PT, EPS Raised on Margin Potential

With the strong outlook for expanding margins for International Game Tech (NYSE:IGT), Morgan Joseph raised their price target and EPS estimate on the company.

Morgan Joseph said they boosted their targets "given the margin expansion potential that we envision for the next fiscal year, the likely pickup in replacements, and growth potential in Gaming Ops."

EPS guidance on International Game Tech for 2012 was increased by $0.02.

Morgan Joseph maintains a "Buy" rating on International Game Tech (IGT), which was trading at $18.19, down $0.13, or 0.71 percent, as of 1:34 PM EST. They raised their price target on International Game Tech from $19 to $22.

A.T. Cross's (NASDAQ:ATX) Sales Growth for 2010 Should Come in at 12 Percent

Sales growth for A.T. Cross Company (NASDAQ:ATX) should come in at about 12 percent for 2010 over the last year, although higher costs going forward could pressure margins and earnings.

Morgan Joseph said, "Considering most of the profit gains are projected to come from a more profitable product mix (higher margined COG revenues likely to expand from 38% of revenues to approximately 45%) and improved sales leverage (3-year operating cost CAGR estimated at 6% versus 8% sales CAGR), upside to targeted gains could be achieved should added cost efficiencies develop."

They lowered their full year 2011 EPS estimate from $0.69 to $0.60, based on higher input assumptions. For full year 2011, EPS should grow at about a 28 percent rate year-over-year based on increased sales leverage.

Morgan Joseph reiterates their "Buy" rating on A.T. Cross Company, which closed Wednesday at $9.55, up $0.55, or 6.11 percent. Morgan raised their price target on A.T. Cross from $8.50 to $10.

Salesforce.com (NYSE:CRM) Revenue Should Remain Intact

Salesforce.com's (NYSE:CRM) revenue should remain intact, even though Morgan Joseph says they're lowering their non-GAAP EPS estimates on the company because of potential dilution from the acquisition of DimDim.

Morgan says, "We are adjusting our non-GAAP EPS estimates to account for the possible dilution from the DimDim acquisition, however we do not anticipate any material changes to revenue. We continue to estimate CY10, CY11, and CY12 revenue of $1.65bn, $1.99bn, and $2.35bn, respectively. We now estimate CY10, CY11, and CY12 non-GAAP EPS of $1.18, $1,45, and $1.95, respectively, down from $1.19, $1.49, and $2.01."

Morgan Joseph maintains a "Buy" rating Salesforce.com, which closed Friday at $142.22, down $1.12, or 0.78 percent. Morgan has a price target of $170 on them.

WMS Industries (NYSE:WMS) Margins to Increase Says Morgan Joseph

Saying they see WMS Industries (NYSE:WMS) increasing margin going forward, Morgan Joseph boosted their price target on the company.

Commenting on the increase of the price target, Morgan Joseph said it is "prudent to value the stock off FY12 earnings now given the margin expansion potential that we envision next fiscal year, the likely pick-up in replacements, and growth potential on the international front."

They also released their EPS estimate for 2012 on WMS, which they placed at $2.51.

Morgan Joseph reiterates their "Buy" rating on WMS Industries, which closed Wednesday at $44.13, down $0.77, or 1.71 percent. They raised their price target on them from $49 to $55.

Raytheon's (NYSE:RTN) Second Half Looks Good

Citing conflicts without any apparent short-term solutions rising up around the world, Morgan Joseph sees eventual strong earnings from Raytheon (NYSE:RTN), with the second half expected to be solid for the company.

"While the continuing resolution funding U.S. government operations may delay the start of some programs, it appears that the pipeline of domestic and international business should lead to a strong back half of 2011," said Morgan Joseph.

The timing is in question as to when earnings will come from the sale of Patriot missile defense systems by various countries, and so does leave some doubt as to when, although not "if" the earnings will strengthen for them.

Raytheon closed Thursday at $47.07, gaining $0.73, or 1.58 percent. Morgan did lower their price target on them from $65 to $60.