Friday's Analysts' Upgrades and Downgrades

Change in Ratings

Check Point(CHKP Quote) was downgraded from Market Perform to Underperform, Friedman Billings Ramsey said. Current quarter should be strong, but the stock is up more than 40% over the past six months. $19 price target.

Celera(CRA Quote) was upgraded from Market Perform to Outperform, Piper Jaffray said. $16 price target. ABT alliance will ultimately pay off, and the current 2007 consensus estimates appear beatable.

Morgan Stanley upgrades Enbridge Energy Partners(EEP Quote) to equalweight from underweight.

Fortune Brands(FO Quote) was downgraded from Overweight to Neutral, JP Morgan said. Stock is up 20% since the end of June, though there's downside risk to the company's near-term earnings.

Goldman said it is resuming coverage on International Paper(IP Quote) with a Neutral rating. Company recently completed restructuring and divestitures and has specific plans for proceeds. See limted upside for shares, with investor focus on margin improvement plan. Price target at $34.

Level 3(LVLT Quote) initiated at UBS with Neutral rating. Price target set at $7.00. Forecasts FY07 EPS loss of ($0.72).

Lubrizol(LZ Quote) was downgraded to Neutral, JP Morgan said. Valuation call, as the stock has dramatically outperformed its peers over the past two years. Maintaining estimates.

3M(MMM Quote) coverage reinstated with a Neutral rating, Goldman said. Company completed sale of Specialty Pharma group. 2007 estimates reduced by $0.15 to $4.90, to account for divestiture. Price target at $86.