Wednesday's Analysts' Upgrades and Downgrades

CHANGE IN RATINGS

Akamai (AKAM Quote) coverage initiated at Morgan Stanley with an equalweight rating and $39 rating.

Comcast (CMCSA Quote) downgraded at Goldman Sachs to Neutral from Buy following management's lowered guidance due to tougher macro conditions and competition. Note limited conviction in current estimates and deteriorating fundamental trends. Price target lowered to $22 from $25.

Fortress Investment Group (FIG Quote) initiated at Jefferies with Hold rating. Price target starts at $18.50 and 2008 eps estimates set at $1.30.

Fannie Mae (FNM Quote) downgraded to at Credit Suisse to Underperform from Neutral after company announced $7 billion preferred stock offering and cut its dividend. Also believes as credit costs rise the potential for derivative and subprime writedowns exist. Lowered target price to $25 from $50.

FPL Group (FPL Quote) downgraded at UBS to Neutral rating from Buy. However, price target lifts to $75 from $69 and FY 2008 eps estimates hold at $3.85

Freddie Mac (FRE Quote) downgraded at Credit Suisse to Underperform from Neutral. Believes lack of internal capital generation limits operational flexibility. Lowered target price to $22 from $25.

Intel (INTC Quote) upgraded at Weisel to Overweight. $33 price target. 2008 PC demand could exceed expectations, driven primarily by emerging markets. Estimates also raised.

Johnson Controls (JCI Quote) downgraded at Deutsche from Buy to Hold. $43.50 price target. All business lines are now facing a cyclical slowdown, which is worsened by the current credit crunch.