Analysts' Upgrades and Downgrades

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Thursday's Analysts' Upgrades, Downgrades

TheStreet.com Ratings Staff

Change in Ratings

AppleAAPL upgraded at Morgan Keegan from underperform to market perform. Earnings growth is slowing, but the company is not seeing any weakness in the U.S. 2008 earnings estimate also raised to $5.15 a share.

Allegheny TechnologiesATI downgraded at Goldman to neutral from buy due to near-term concerns over Boeing 787 delays. Also noted risks connected to competitive pressure in alloys, lack of pricing power in stainless steel and margin deterioration in HPM segment. Price target trimmed to $92 from $105.

Level 3 CommunicationsLVLT upgraded at Merriman to neutral. Company posted good first-quarter results, and the stock is already pricing in liquidity risks.

Take-Two InteractiveTTWO downgraded at Citigroup from buy to hold with a $30 price target. Risk/reward is even at current levels, as Electronic ArtsERTS will likely win out in its acquisition bid.

XM SatelliteXMSR downgraded at Citigroup from buy to hold. New analyst believes that SiriusSIRI is a better buy at current levels, with a 70% probability of the deal going through.

Stock Comments/EPS Changes

AlconACL numbers raised at Jefferies. Price target raised to $174 from $166. 2008 EPS estimates raised to $6.45 from $6.30. Maintains buy rating.

AllstateALL estimates lowered at UBS. 2008 EPS estimates lowered to $5.40 from $5.80. Maintains neutral rating and $51 price target.

Air ProductsAPD numbers raised at Jefferies. 2008 EPS estimates raised to $5.00 from $4.85. Price target raised to $108 from $98. Maintains Hold rating.

Air Products 2008 EPS estimates raised at UBS to $5.02 from $4.92. Maintains buy rating and $115 price target.

Bed, Bath & BeyondBBBY numbers raised at UBS. 2008 EPS estimates raised to $2.20 from $2.10. Price target raised from $32 to $40. Maintains buy rating.

BiogenBIIB target raised at Goldman based on increased earnings expectations and strong Avonex sales. Note continued concern over long term safety of Tysabri. Maintained neutral rating.

ChipotleCMG 2008 EPS estimates lowered at Jefferies to $2.64 from $2.68. Maintains buy rating and $130 price target.

Citrix SystemsCTXS 2008 EPS estimates lowered at Jefferies to $1.58 from $1.61. Maintains price target of $32 and neutral rating.

Citrix Systems numbers lowered at UBS. 2008 EPS estimates lowered to $1.14 from $1.38. Price target lowered to $35 from $37. Maintains neutral rating.

EquinixEQIX numbers raised at Jefferies. 2008 EPS estimates raised to 31 cents from 27 cents. Price target raised to $130 from $120. Maintains buy rating.

General DynamicsGD 2008 EPS estimates raised at Jefferies to $5.90 from $5.80. Maintains $102 price target and buy rating.

Lam ResearchLRCX numbers cut at Morgan Stanley through 2009. Company realizing higher cost, largely because of the SEZ acquisition. Overweight rating and new $53 price target.

Level 3 Communications price target raised, estimates lowered at Jefferies. Price target raised to $3.25 from $2.25. 2008 EPS estimates lowered to -39 cents from -38 cents. Maintains hold rating.

McDonald'sMCD 2008 EPS estimates raised at UBS to $3.36 from $3.23. Maintains buy rating and $67 price target.

Proctor & GamblePG numbers lowered at UBS. 2008 EPS estimates lowered to $3.86 from $3.92. Price target lowered to $80 from $90. Maintains buy rating.

Parker HannafinPH numbers raised at Jefferies. Price target raised to $75 from $68. 2008 EPS estimates raised to $5.57 from $5.24. Maintains hold rating.

Pulte HomesPHM 2008 EPS estimates lowered at UBS to -$1.68 from -$1.55. Maintains price target of $8 and sell rating.

PraxairPX numbers raised at Jefferies. Price target raised to $107 from $103. 2008 EPS estimates raised to $4.25 from $4.15. Maintains buy rating.

StarbucksSBUX price target cut at Goldman to $18 from $20 after company pre-released weak second-quarter earnings. See limited visibility regarding improvements in fundamentals and potential for increasing competition from MCD. Maintained neutral rating.

Schering-PloughSGP numbers raised at Morgan Stanley. SGP now seen reaching $22 a share. Estimates also raised, to reflect the company's new expense leverage. Overweight rating.

SunTrustSTI numbers lowered at UBS. 2008 EPS estimates lowered to $3.70 from $5.00. Price target lowered to $54 from $66. Maintains neutral rating.

Steel DynamicsSTLD 2008 EPS estimates raised at Jefferies to $3.20 from $2.62. Maintains $31 price target and hold rating.

Steel Dynamics numbers raised at Morgan Stanley. STLD shares now seen reaching $44. Estimates also increased, to reflect the accretive Omnisource acquisition. Overweight rating.

Teledyne TechnologiesTDY numbers raised at Jefferies. 2008 EPS estimates increased to $3.10 from $2.95. Price target raised to $63 from $60. Maintains buy rating.

TupperwareTUP removed from Focus List at JPMorgan. Valuation call, as the stock has reached the $46 price target. Overweight rating.

XL CapitalXL numbers lowered at UBS. 2008 EPS estimates lowered to $7.95 from $9.05. Price target lowered to $64 from $66. Maintains buy rating.

XilinxXLNX 2008 EPS estimates lowered at UBS to $1.44 from $1.52. Maintains buy rating and $27 price target.