Tuesday's Analysts' Upgrades and Downgrades

CHANGE IN RATINGS

Aquantive (AQNT Quote) upgraded at Oppenheimer: AQNT was upgraded from Neutral to Buy, Oppenheimer said. $28 price target. Recent pullback presents a buying opportunity, as the company remains leveraged to the strong online advertising market.

Ashland (ASH Quote) downgraded at JP Morgan: ASH was downgraded from Overweight to Neutral, JP Morgan said. Shares appear fully valued, though the private-market price could be as high as $75. Company will likely pay more special dividends.

American Express (AXP Quote) downgraded at AG Edwards: AXP was downgraded from Buy to Hold, AG Edwards said. $60 price target. Valuation call, plus the outlook for consumer spending and credit quality is murky.

Centene (CNC Quote) downgraded at Goldman Sachs: Goldman said it is downgrading CNC to a Sell rating from Neutral based on valuation. Believe price no longer reflects underlying risk of earnings shortfall. Target price at $22.

ConocoPhillips (COP Quote) upgraded at Deutsche: COP was upgraded from Hold to Buy, Deutsche Bank said. $80 price target. Company will likely pare back capex spending in 2007, and focus its excess cash flow toward buying back stock.

UBS downgrades shares of Hershey (HSY Quote): HSY downgraded to a Neutral rating from Buy, UBS said. Lowers 2007 EPS estimates to $2.66 from $2.71 and drops price target to $56.00 from $60.00.

Kyphon (KYPH Quote) upgraded at Morgan Stanley: Morgan Stanley upgrades Kyphon from underweight to equalweight after its recent purchase of SFMT.

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