Wednesday's Analysts' Upgrades and Downgrades

CHANGE IN RATINGS

Alaska Comm. (ALSK Quote) downgraded at Merrill: ALSK was downgraded from Buy to Neutral, Merrill Lynch said. Company trades at a premium to its rural telecom peers, and is indicating a 6.5% yield for 2007.

Global Crossing (GLBC Quote) added to Buy List at Goldman Sachs: Goldman said it is adding GLBC to its Conviction Buy List due to increased confidence in positive operating momentum. See upcoming catalysts, including achievement of positive EBITDA results in Q3, $30-$40 in EBITDA for Q4, and favorable position in M&A in sector that is consolidating. Price target at $25.

Gap (GPS Quote) upgraded at Morgan Stanley: Morgan Stanley said it is upgrading GPS to overweight from Underweight citing confidence in apparel offerings, new merchandise and marketing initiatives. Sets target price of $23.

Emdeon (HLTH Quote) downgraded at Piper: Piper said it is downgrading HLTH to a Market Perform rating as stock is now at value of parts of the business.

Kinetic Concepts (KCI Quote) target raised at Jefferies: KCI price target raised to $41 from $35, Jefferies said. Believe upcoming quarter will be in-line with estimates and that one institutional account is increasing exposure. Reiterated Buy rating.

Pentair (PNR Quote) downgraded at CIBC: PNR was downgraded from Outperform to Sector Perform, CIBC said. Estimates also cut to match the company's new guidance. Latest warning clouds visibility of an operational turnaround.