Thursday's Analysts' Upgrades and Downgrades

CHANGE IN RATINGS

Automatic Data (ADP Quote) upgraded at Weisel: ADP was upgraded from Market-weight to Overweight at Thomas Weisel. Stock is down 8% versus the market since last reporting earnings, though the company's fundamental outlook remains favorable.

Chubb (CB Quote) upgraded at AG Edwards: CB was upgraded to Buy at AG Edwards. $59 price target. The company's personal line is likely not suffering the same fate as ALL. Estimates also raised.

CH Robinson (CHRW Quote) downgraded at Credit Suisse: Credit Suisse is downgrading CHRW to Neutral from Outperform based on valuation. Stock was up more than 20% yesterday. Raised target price to $54 from $50.

CH Robinson numbers raised at UBS: CHRW numbers raised at UBS. 2008 EPS estimates raised to $2.00 from $1.98. Price target raised to $61 from $56. Reiterates Buy rating.

Celestica (CLS Quote) numbers lowered at Jefferies: CLS numbers lowered at Jefferies. Lowers 2007 EPS estimates to $(0.12) from $0.69. Lowers price target to $6.25 from $8.25. Reiterates Hold rating.

Celestica downgraded at UBS: CLS downgraded at UBS. Rating lowered to Reduce from Neutral. Cuts 2007 EPS estimates to $(0.11) from $0.62. Cuts 2008 EPS estimates to $0.30 from $0.75. Reduces price target to $5.70 from $9.00.

The Cooper Companies (COO Quote) upgraded at Bear Stearns: COO upgraded at Bear Stearns. Rating raised to Peer Perform from Underperform. Reiterates 2007 EPS estimates of $2.55 and 2008 EPS estimates of $2.88. Reiterates $47.70 target price.

Dell (DELL Quote) upgraded at JP Morgan: DELL was upgraded from Underweight to Neutral at JP Morgan. Return of Michael Dell allows the company to begin the long, difficult road to recovery.

Dell upgraded at Merrill Lynch: Merrill Lynch upgrades Dell to buy with a $31 price target.

Gilead Sciences (GILD Quote) estimates raised at Jefferies: GILD estimates raised at Jefferies. 2008 EPS estimates raised to $2.91 from $2.88. 2009 EPS estimates raised to $3.48 from $3.43. Reiterates 2007 EPS estimates of 2007, target price of $77 and Buy rating.

Gilead Sciences upgraded at CIBC: CIBC upgrades Gilead Sciences to sector outperform, as it believes the company's HIV franchise and new products should drive strong LT growth.

Gilead Sciences estimates raised at Goldman: Goldman is upping its 2007 estimates on GILD to $2.70 from $2.60 after company beat Q4 estimates. Growth driven by strong HIV sales, Hepsera upside, royalty upside and solid margins. Maintained Buy rating.

Harte-Hanks (HHS Quote) downgraded at Baird: HHS was downgraded from Outperform to Neutral at Robert Baird. $30 price target. Recent slowdown in the Shoppers segment could hang over the stock for the next few quarters.

Eli Lilly (LLY Quote) upgraded at Prudential: LLY was upgraded from Neutral to Overweight at Prudential. $62 price target. Company should deliver steady, above-average growth over the next four years, thanks to its low generic exposure.

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