Valero (VLO) (CBOE) (TXN) (CIEN) (TGT) (DFS) Estimates Changed

Valero (NYSE:VLO), CBOE Holdings (NASDAQ:CBOE), Texas Instruments (NYSE:TXN), Ciena (NASDAQ:CIEN), Target (NYSE:TGT) and Discover Financial (NYSE:DFS) had estimates adjusted by analysts.

Morgan Stanley (NYSE:MS) raised its estimates on Valero (VLO) estimatesthrough 2013. They have an "Equal-weight" rating and price target of $29 on the company.

BMO increased its estimates on CBOE Holdings (CBOE) through 2011. They reiterated a "Market Perform" rating and price target of $24 on the company.

JMP cut its estimates on Texas Instruments (TXN) through 2012. They have a "Market Perform" rating on the company.

Citigroup (NYSE:C) raised its estimates on Ciena (CIEN). They have a "Buy" rating and price target of $18 on the company.

JP Morgan (NYSE:JPM) lowered its estimates on Target (TGT). They have an "Overweight" rating and price target of $58 on the company.

Credit Suisse (NYSE:CS) boosted its estimates on Discover Financial (DFS) through 2013. They have a "Neutral" rating and price target of $28 on the company.

Stryker (SYK) (BBG) (PLL) (BRKS) (STI) (CBOE) Upgraded

Stryker (NYSE: SYK), Bill Barrett Corp (NYSE: BBG), Pall Co. (NYSE: PLL), Brooks Automation, Inc. (NASDAQ: BRKS), SunTrust (NYSE: STI) and CBOE Holdings, Inc (NASDAQ: CBOE) upgraded by analysts.

Stryker (SYK) was upgraded by Standpoint Research from a “Hold” rating to a “Buy” rating. They have a price target of $60.00 on the company.

Bill Barrett Corp. (BBG) was upgraded by Global Hunter Securities from an “Accumulate” rating to a “Buy” rating. They have a price target of $59.00 on the company.

Pall Co. (PLL) was upgraded by JPMorgan Chase & Co. (NYSE:JPM) from a “Neutral” rating to an “Overweight” rating.

Brooks Automation, Inc. (BRKS) was upgraded by Citigroup (NYSE:C) from a “Sell” rating to a “Hold” rating.

SunTrust (STI) was upgraded by Jefferies (NYSE:JEF) from a “Hold” rating to a “Buy” rating.

CBOE Holdings, Inc. (CBOE) was upgraded by Raymond James (NYSE:RJF) from a “Market Perform” rating to an “Outperform” rating. They have a price target of $27.50 on the company.

Lear (LEA) (TTMI) (MCHP) (CBOE) (SFY) (SGEN) Price Targets Changed

Lear Co. (NYSE: LEA), TTM Tech (NASDAQ: TTMI), Microchip Technology Inc. (NASDAQ: MCHP), CBOE Holdings, Inc (NASDAQ: CBOE), Swift Energy (NYSE: SFY) and Seattle Genetics, Inc. (NASDAQ: SGEN) price targets adjusted by analysts.

Lear Co. (NYSE: LEA) had its price target raised by Barclays Capital to $67.00. They have an “Overweight” rating on the company.

TTM Tech (TTMI) had its price target lowered by UBS AG from $20.00 to $17.00. They have a “Buy” rating on the company.

Microchip Technology Inc. (MCHP) had its price target lowered by UBS AG (NYSE:UBS) from $37.00 to $33.50. They have a “Neutral” rating on the company.

CBOE Holdings, Inc. (CBOE) had its price target raised by Barclays Capital to $26.00. They have an “Equal Weight” rating on the company.

Swift Energy (SFY) had its price target lowered by MKM Partners from $52.00 to $46.00. They have a “Buy” rating on the company.

Seattle Genetics, Inc. (SGEN) had its price target lowered by UBS AG from $21.00 to $16.00. They have a “Neutral” rating on the company.

CIBC (CM) (UBSH) (ASBC) (BWS) (SWFT) (CBOE) Upgraded by Analysts

CIBC (NYSE: CM), Union First Market Bankshares Corp (NASDAQ: UBSH), Associated Banc-Corp (NASDAQ: ASBC), Brown Shoe Company, Inc. (NYSE: BWS), Swift Transportation (NASDAQ: SWFT) and CBOE Holdings, Inc (NASDAQ: CBOE) upgraded by analysts.

CIBC (NYSE: CM) was upgraded by analysts at to a “Buy” rating.

Union First Market Bankshares (UBSH) was upgraded by Stifel Nicolaus from a “Hold” rating to a “Buy” rating. They have a price target of $15.00 on the company.

Associated Banc-Corp (ASBC) was upgraded by Jefferies (NYSE:JEF) from a “Hold” rating to a “Buy” rating.

Brown Shoe Company, Inc. (BWS) was upgraded by BB&T from a “Hold” rating to a “Buy” rating.

Swift Transportation (SWFT) was upgraded by Capstone from a “Sell” rating to a “Hold” rating. They have a price target of $10.50 on the company.

CBOE Holdings, Inc (CBOE) was upgraded by Stifel Nicolaus from a “Sell” rating to a “Hold” rating.

Newpark (NR) (BBNK) (CBOE) (CRR) (PROV) (RES) (TAOM) Get New Coverage

Bridge Capital Holdings (NASDAQ: BBNK), CBOE Holdings, Inc (NASDAQ: CBOE), Carbo Ceramics (NYSE: CRR), Newpark Resources, Inc. (NYSE: NR), Provident Financial Holdings, Inc. (NASDAQ: PROV), RPC, Inc (NYSE: RES) and Taomee Holdings (NASDAQ: TAOM) get new coverage from analysts.

Raymond James (NYSE:RJF) initiated coverage on Bridge Capital Holdings (BBNK). They placed an “outperform” rating on the company.

BMO Capital Markets initiated coverage on CBOE Holdings, Inc (CBOE). They placed a “market perform” rating on the company.

Dahlman Rose initiated coverage on Carbo Ceramics (CRR). They placed a “Buy” rating and a price target of $215.00 on the company.

Dahlman Rose initiated coverage on Newpark Resources, Inc. (NR). They placed a “Buy” rating and a price target of $12.00 on the company.

Raymond James initiated coverage on Provident Financial Holdings, Inc. (PROV). They placed an “outperform” rating on the company.

Dahlman Rose initiated coverage on RPC, Inc (RES). They placed a “Hold” rating on the company.

Oppenheimer initiated coverage on Taomee Holdings (TAOM). They placed a “Perform” rating and a price target of $15.00 on the company.

Ratings on (BAP) (BCDS) (BECN) (BLKB) (CBOE) Reiterated

Ratings on Credicorp Ltd. (NYSE: BAP), BCD Semiconductor (NASDAQ: BCDS), Beacon Roofing Supply (NASDAQ: BECN), Blackbaud, Inc. (NASDAQ: BLKB) and CBOE Holdings, Inc (NASDAQ: CBOE) reiterated by analysts.

Bank of America (NYSE:BAC) reiterated a “neutral” rating on Credicorp Ltd. (BAP). They have a price target of $130.00 on the company.

Oppenheimer reiterated a “market perform” rating on BCD Semiconductor (BCDS).

Jefferies (NYSE:JEF) reiterated a “hold” rating on Beacon Roofing Supply (BECN). They have a price target of $22.00 on the company.

Jefferies reiterated a “hold” rating on Blackbaud, Inc. (BLKB). They have a price target of $28.00 on the company.

Keefe, Bruyette & Woods, Inc reiterated an “overweight” rating on of CBOE Holdings, Inc (CBOE). They have a price target of $25.00 on the company.

Price Targets on (CNW) (ARO) (CBOE) (CHSI) (CI) Updated

Analysts updated their price targets on Con-way Inc. (NYSE: CNW), Aeropostale, Inc. (NYSE: ARO), CBOE Holdings, Inc (NASDAQ: CBOE), Catalyst Health Solutions, Inc. (NASDAQ: CHSI) and CIGNA Co. (NYSE: CI) today.

Dahlman Rose raised their price target on Con-way Inc. (CNW) from $38.00 to $44.00. They have a “buy” rating on the company.

Goldman Sachs (NYSE:GS) cut their price target on Aeropostale, Inc. (ARO) to $20.00. They have a “sell” rating on the company.

Oppenheimer cut their price target on CBOE Holdings, Inc (CBOE) from $32.00 to $29.00. They have an “outperform” rating on the company.

FBR Capital raised their price target on Catalyst Health Solutions, Inc. (CHSI) from $62.00 to $68.00. They have an “outperform” rating on the company.

Oppenheimer raised their price target on CIGNA Co. (CI) from $52.00 to $54.00. They now have an “outperform” rating on the company.

CBOE Holdings (NASDAQ:CBOE) RPC Down on Volume Discounts

CBOE Holdings (NASDAQ:CBOE) has a "Sell" rating maintained on them by Ticonderoga, as RBC remains down because of volume discounts and a "shift away from the higher earning index options.'

Ticonderoga said, "CBOE reported November ADV of 4.4m, which represents a 2% sequential increase and a 5% YOY rise...RPC Outlook. For the three months ending in October, CBOE reported an RPC of $0.302, down from $0.306 posted in September. RPC is down due to greater levels of volume discounts and a mix shift away from the higher earning index options. For the quarter, we are forecasting RPC of $0.293...4Q10 Outlook. We are forecasting 4Q10 EPS of $0.26 versus consensus of $0.29. We are building in a 20% decline in December ADV, resulting in an overall 4Q10 ADV forecast of 4.11m. Given current activity levels, we believe estimates are likely to come in the $0.27-0.29 range depending on how December levels hold up."

CBOE closed Thursday at $24.34, gaining $0.43, or 1.80 percent. Ticonderoga has a price target on them of $20.