Wednesday's Analysts' Upgrades and Downgrades

OSI Pharma (OSIP Quote) downgraded at Bear: OSIP was downgraded from Outperform to Peer Perform, Bear Stearns said. Macugen sales came in well below expectations, and the company's newsflow pipeline is light over the next couple of quarters.

SAIC (SAI Quote) rated new Neutral at UBS: UBS said it is initiating coverage on SAI with a Neutral rating. Cites size does matter but so does valuation. Sets $21 target price.

Shutterfly (SFLY Quote) estimates raised at JP Morgan: JP Morgan raises estimates for Shutterfly after the company reported 3rd quarter numbers that were well ahead of consensus.

Shutterfly (SFLY Quote) coverage initiated at Jefferies: Jefferies said it is initiating coverage on SFLY with a Buy rating and $16 target. See loyal customer base and premium pricing ability in competitive market.

Telephone & Data (TDS Quote) downgraded at Merrill: TDS was downgraded from Buy to Neutral, Merrill Lynch said. $72 price target. Current valuation appears full, and prefer USM at current levels.

Teva Pharma (TEVA Quote) downgraded at JP Morgan: TEVA was downgraded from Overweight to Neutral, JP Morgan said. Company posted strong third quarter, but lacks potential catalysts for 2007. Would not put new money into the stock at current levels.

Teva Pharma (TEVA Quote) downgraded at Wachovia: TEVA was downgraded from Outperform to Market Perform, Wachovia said. Company facing tough comps in 2007, and transition with the new CEO will likely not be easy.

Teva Pharma (TEVA Quote) target reduced at Goldman: Goldman said it is lowering its price target on TEVA to $40 from $42 due to limited visibility into 2007. 2007 estimates trimmed 5 cents to $2.16. Maintain Neutral rating.

Toll Brothers (TOL Quote) downgraded at Wachovia: TOL was downgraded to Market Perform, Wachovia said. Fourth quarter results came in well below expectations, and the company is not immune to pricing problems. Estimates also cut.

Urban Outfitters (URBN Quote) upgraded at CIBC: CIBC upgrades Urban Outfitters to sector outperform with a $24 price target, based on improvements at the company's Anthropologie stores.

Whole Foods (WFMI Quote) upgraded at JP Morgan: WFMI was upgraded from Neutral to Overweight, JP Morgan said. 41% pullback presents an opportunity to start buying the stock.