Wednesday's Analysts' Upgrades and Downgrades

CHANGE IN RATINGS

Adams Respiratory (ARXT Quote) downgraded at Merrill Lynch to Neutral. ARXT shares are up 11% year-to-date and may mark time for now. The investor sentiment has improved significantly, and the long-awaited FDA decision of removing Mucinex DM and D competitors from the market has occurred. Investors should await more news regarding the stock before buying at current price level.

Borders (BGP Quote) downgraded at Goldman Sachs to Sell from Neutral based on valuation and decreased likelihood of buyout by BKS following FTC's ruling regarding Whole Foods and Wild Oats. Target lowered to $19 from $20.

Boyd Gaming (BYD Quote) downgraded at Thomas Weisel from Overweight to Market-weight. Valuation call, as the recent jump in land prices may be overdone, given the company's long-term operating strategy. $50 price target.

Gilead (GILD Quote) downgraded at Credit Suisse to Neutral from Outperform based on limited upside relative to high expectations on the company. Have bullish view on ambrisentan launch and see positive trends for HIV segment. Price target raised to $89 from $84.

Johnson Controls (JCI Quote) upgraded at Credit Suisse to Outperform from Neutral based on better outlook for building efficiency business, which should deliver 10%-15% top-line growth over next 3 years. Price target raised to $135 from $110.

Moody's (MCO Quote) upgraded at Morgan Stanley from equalweight to overweight, and moves price target to $85.