Thursday's Analysts' Upgrades and Downgrades

CHANGE IN RATINGS

Bristol-Myers (BMY Quote) upgraded at UBS from Neutral at UBS. Price target lifts to $30 from $27 and 2007 EPS estimates hold at $1.26.

Cleco (CNL Quote) upgraded at Goldman Sachs to Buy from Neutral, saying that the market is not properly valuing the company's likely divestiture of the Acadia merchant plant and an 80% increase in the utility rate base with new Rochester plant. Also see long-term free cash flow potential once Rodemacher is complete in late 2009 and rate base growth in Louisiana. Target price at $30.

Hanesbrand (HBI Quote) coverage initiated at Morgan Stanley with an overweight rating and $33 price target.

Martha Stewart Omnimedia (MSO Quote) upgraded at Morgan Stanley from underweight to equalweight.

Omnicare (OCR Quote) downgraded at Jefferies to Hold rating from Buy, Jefferies said. 2007 EPS estimates lowered to $2.74 from $2.95 and price target holds at $44.

STOCK COMMENTS / EPS CHANGES

AFLAC (AFL Quote) target price raised at Credit Suisse to $50 from $46. Cites strength in balance sheet but concerns of a sales slump in Japan could hurt EPS. Maintained Neutral rating.

AK Steel (AKS Quote) price target raised at Goldman to $19 from $16 based on labor agreement at Middleton, OH plant. Believe company will benefit from fewer work rules and job classifications, as well as productivity increases. See shares as more than fully valued. Maintained Sell rating.

PetSmart (PETM Quote) target price raised at Credit Suisse to $32 from $26 citing strong 2007 guidance and significant earnings drivers. Maintained Neutral rating.