Morgan Stanley's Equity Morning Summary

Upgrades:
Estacio Participacoes SA (SAO: ESTC3) 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 (NASDAQ: ADBE) downgraded to Equal from Overweight, price target remains at $42.

Boston Scientific (NYSE: 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 (NASDAQ: 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 (NASDAQ: 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 (NYSE: 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 (NYSE: ABT) rating at Overweight, price target lowered to $60 (from $63)

CareFusion Corp. (NYSE: CFN) rating at Overweight, price target lowered to $30 (from $32).

Covidien (NYSE: COV) rating at Overweight, price target lowered to $45 (from $47).

Microsoft Corporation (NASDAQ: 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 (NYSE: 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 (NYSE: SYK) rating at Overweight, price target lowered to $59 from $62.

Estimate/Price Target Changes Up/Down:
National Semiconductor (NYSE: NSM) rating at Equal, FY2011 estimates raised to $1.32 (from $1.29) and for FY2012 lowered to $1.23 (from $1.27).