Friday's Analysts' Upgrades and Downgrades

Change in Ratings

Applebee's International(APPB Quote) downgraded by UBS. Rating changed to Neutral from Buy. Reiterates $29 price target.

Avon(AVP Quote) was upgraded from Underweight to Neutral, Prudential said. $43 price target. Not too late to participate in the company's earnings turnaround. Estimates also raised.

Expedia(EXPE Quote) was downgraded to Sector Perform, CIBC said. Company is generating lower free cash flow, and appear fully valued near $22.

Goldman Sachs said it is upgrading Coca-Cola(KO Quote) to Buy from Neutral on continuing operating strength despite challenges in key profit centers. See robust growth in emerging markets and believe sustained results will help close the P/E multiple gap versus other high-quality global consumer staples stocks. Price target raised to $56 from $53.

Morgan Stanley initiates coverage of Lyondell Chemical(LYO Quote) with an overweight rating and a $38 price target.

Montpelier Re Holdings(MRH Quote) downgraded by CSFB. Downgraded to Neutral from Outperform. 2007 EPS estimates reduced to $2.45 from $3.00. Introduced 2008 EPS estimates of $2.45. Target price reduced to $19.50 from $22.

Navigant Consulting(NCI Quote) was downgraded from Outperform to Market Perform, Piper Jaffray said. $23 price target. Company facing higher compensation costs and margins should fall in 2007.

Goldman said it is upgrading Pepsi(PEP Quote) to Buy from Neutral based on expected EBIT acceleration in the second half of 2007. See improvement from Gatorade to drive profit acceleration alongside continuing strength at Frito Lay and international sales. Target raised to $73 from $71.

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