Friday's Analysts' Upgrades and Downgrades

CHANGE IN RATINGS

Brady Corp (BRC Quote) coverage initiated at Jefferies: Jefferies said it is initiating coverage on BRC with a Hold rating. See shares appropriately valued in light of pricing and cost pressures. No near-term catalysts. Price target at $37.

Chubb (CB Quote) downgraded at AG Edwards: CB was downgraded from Buy to Hold, AG Edwards said. Valuation call, especially as new accounting rules will reduce book value.

Chemed (CHE Quote) downgraded at Deutsche: CHE was downgraded from Buy to Hold, Deutsche Bank said. $35 price target. Company cut guidance once again, as its Medicare exposure continues to weigh on earnings.

Salesforce.com (CRM Quote) downgraded at Friedman, Billings: CRM was downgraded from Market Perform to Underperform, Friedman, Billings Ramsey said. Expectations into 2007 may be too high, after the company posted a solid July quarter. $26 price target.

W.W. Grainger (GWW Quote) coverage initiated at Goldman Sachs: Goldman said it is initiating coverage on GWW with a Neutral rating. See lack of near-term catalysts and strength in shares limiting upside. Target price at $66.

Hartford Financial (HIG Quote) downgraded at AG Edwards: HIG was downgraded from Buy to Hold, AG Edwards said. Valuation call, especially as new accounting rules will cut the company's book value by $2.15 a share.

Kraft (KFT Quote) downgraded at Morgan Stanley: Morgan Stanley downgrades Kraft from equal-weight to underweight, as it believes the company's new spin-off-delayed-induced valuation is too high.