NEW YORK (CNN/Money) - Credit Suisse First Boston and Merrill Lynch weighed in on chip makers before the opening bell Friday, raising fiscal forecasts for National Semiconductor, but lowering profit estimates on industry leader Intel.

Credit Suisse raised its 2003 fiscal forecast for National Semiconductor (NSM: Research, Estimates) to a profit of 11 cents a share from a loss of 9 cents and its 2004 estimate to 59 cents a share from a loss of 9 cents. The firm also increased its price target to $13 a share from $11. Merrill Lynch also increased its 2004 forecast for the chip maker to 63 cents a share from 55 cents. Shares of National Semi rose 43 cents to $16.60 Thursday.

CSFB lowered its 2003 profit estimate for Intel (INTC: Research, Estimates) to 60 cents a share from 62 cents and its 2004 forecast to 77 cents a share from 80 cents a day after the company lowered the high end of its first-quarter guidance. Merrill Lynch also dropped its 2004 estimate on the chip maker by a penny to 86 cents a share from 87 cents. Shares of Intel fell 28 cents to $16.70 Thursday.

Merrill lowered its 2004 and 2005 earnings estimate for defense contractor Raytheon (RTN: Research, Estimates), citing details received on non-cash pension expenses. J.P. Morgan also cut Raytheon's 2004 earnings outlook to $1.70 a share from $1.90. Shares of Raytheon slipped $1.49 to $25.42 Thursday.

The firm cut its first-quarter estimate on aluminum maker Alcoa (AA: Research, Estimates) to 15 cents a share from 20 cents, citing higher energy and scrap costs, among other issues. Shares of Alcoa fell 79 cents to $19.22 Thursday.

Merrill also dropped its 2003 and 2004 profit forecasts for Pepsi Bottling (PBG: Research, Estimates) and slashed its price objective to $23 a share from $33. Shares of Pepsi Bottling rose 15 cents to $18.35 Thursday.

J.P. Morgan upgraded Identix (IDNX: Research, Estimates) to "underweight" from "neutral," saying the firm thinks the company remains a front-runner for forensic quality fingerprint-based biometrics systems for the U.S. entry/exit program, and the Saudi Arabian national ID card system. Shares of Identix fell 43 cents to $3.27 Thursday.