Analysts' Upgrades and Downgrades

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Friday's Analysts' Upgrades and Downgrades

TSC Staff

Change in Ratings

Amazon (AMZN Quote) upgraded at Piper Jaffray to market perform with a $36 price target.

Amazon was downgraded from Outperform to Underperform at Bear Stearns. Gross margin fell for a fourth-straight quarter, and the stock should struggle in 2007.

Avid Tech(AVID Quote) was downgraded from Overweight to Underweight at JPMorgan. Company delivered another disappointing quarter and will have to lower prices to try and retake market share.

Rating on Dominion Resources(D Quote) was upgraded from Market Perform to Outperform at Wachovia. Also raising estimates ahead of the E&P sale, which will help the company clean up its balance sheet.

Duke Energy(DUK Quote) downgraded to Hold rating from Buy at Jefferies. Price target and 2007 EPS estimates maintained at $20.75 and $1.15, respectively.

Electronic Arts(ERTS Quote) was upgraded from Sell to Hold at Deutsche Bank. $50 price target. Hardware demand remains sluggish for the next generation consoles, but the company is taking market share and implementing cost controls.

FedEx(FDX Quote) was upgraded from Hold to Buy at Deutsche Bank. $130 price target. Stock offers growth at a reasonable price. Company should earn $7.15 a share in 2007.

Gilead Sciences(GILD Quote) was downgraded from Outperform to Market Perform at Wachovia. Valuation call, as the company should still be able to post double-digit annual sales and earnings growth through the end of the decade.

Starwood Hotels(HOT Quote) was upgraded from Hold to Buy at AG Edwards. Company reported a strong quarter, and the company looks attractively valued against its peers. New brands are gaining traction, and the company should gain market share over the next several quarters.

Goldman is upgrading Murphy Oil(MUR Quote) to Buy from Neutral following management comments that the company would consider M&A opportunities in order to become less reliant on high-risk exploration. Kikeh field in deepwater Malaysia should ramp up later this year. Goldman also sees oil prices going above $60/bbl this year. Price target raised to $60 from $55.

PPL(PPL Quote) was downgraded to Market Perform at Wachovia. Stock has outperformed its peers over the past year. Estimates also cut, following the company's fourth-quarter earnings miss.

ResMed(RMD Quote) was upgraded to Outperform at Wachovia. Company should see strong growth from its VPAP product, and is also benefiting from the weak dollar. Estimates raised through 2008.

Prudential upgraded Valero(VLO Quote) to Overweight and raises target from $61 to $65.

Stock Comments/EPS Changes

Alliant Techsystems(ATK Quote) numbers raised at Jefferies. Price target jumps to $97 from $87 and 2007 EPS estimates rise to $5.20 from $5.05. Reiterates Buy rating.

Credit Suisse is raising its target price on Alliant Techsystems to $85 from $83 based on strong Q4 results and outlook. Maintained Neutral rating.

2007 estimates on Boston Scientific(BSX Quote) cut to $0.60 from $0.80 at Goldman. See earnings quality and gross margins below expectations but believe positive newsflow in 2007 will bolster shares. Catalysts include improving defib market and stabilization in DES penetration. Price target raised to $23 from $21 and reiterated Buy rating.

Goldman is upping its target on Celgene(CELG Quote) to $59 from $50 based on expectations for $1.43 of EPS in 2008. 2007 estimates lowered 5 cents to $0.91 due to higher expenses. Maintained Neutral rating.

Target on Clorox(CLX Quote) increased to $71 from $68 at Goldman. Solid second-quarter results result in 2007 estimates moving up a penny to $3.21. Maintained Neutral rating.

2007 estimates on Comcast(CMCSA Quote) cut to $1.10 from $1.40 at Goldman. Higher-than-expected revenue, EBITDA, and RGU guidance offset by capital expenditures and resulting in lower free cash flow. Maintained Buy rating and $51 target.

Cognizant Technology(CTSH Quote) numbers raised at Jefferies. Price target jumps to $100 from $86, and 2008 EPS estimates initiated at $2.84. Reiterates Buy rating.

Intuitive Surgical(ISRG Quote) numbers raised at Jefferies. Price target lifts to $108 from $100, and 2007 EPS estimates rise to $3.03 from $2.74. Reiterates Hold rating.

Millipore(MIL Quote) numbers raised at UBS. Price target lifts to $85 from $80, and 2007 EPS estimates rise to $3.40 from $3.30. Reiterates Buy rating.

Credit Suisse is lowering its 2007 EPS estimates on Under Armour(UA Quote) by 5 cents to $1.00 following slight miss in Q4 results. Maintained $65 target price.

Goldman is raising its 2007 estimates on Valero to $8.32 from $7.90 following standout fourth-quarter earnings. Management focusing strategy on improving profitability vs. other refiners and returning excess cash to shareholders. Price target increased to $60 from $58 and maintained Neutral rating.