Thursday's Analysts' Upgrades and Downgrades

CHANGE IN RATINGS

Caremark Rx (CMX Quote) downgraded at Wachovia: CMX was downgraded to Market Perform at Wachovia. Company reported strong quarter, but performance now tied to CVS. See better value in MHS, at current levels.

Dominion (D Quote) downgraded at Jefferies: Jefferies is downgrading D to Underperform from Hold based on valuation. Estimate $7 per share of cash dilution from sale of company's E&P business. Price target cut to $68 from $74.

Dell (DELL Quote) upgraded at Goldman Sachs: Goldman is upgrading DELL to Neutral from Sell as more disciplined pricing and attention to sales mix will enable company to beat estimates. Price target raised to $26.50 from $21.

Intermec (IN Quote) upgraded at Baird: IN was upgraded from Neutral to Outperform at Robert Baird. $27 price target. Despite product transition issues, the end-market demand picture looks strong. Company is also cutting costs and buying back stock.

Intel (INTC Quote) downgraded at Merrill Lynch: Merrill Lynch downgrades Intel from buy to neutral, and lowers 2007 earnings estimates. Merrill sees weak demand and persistent excess capacity keeping a lid on the stock.

Lockheed Martin (LMT Quote) upgraded at UBS: UBS is upgrading LMT to Neutral from Reduce. Believes company is at fair value after recent pullback. Maintained $91 target price.

Landstar (LSTR Quote) downgraded at Bear: LSTR was downgraded from Outperform to Peer Perform at Bear Stearns. Stock is with 7% of its all-time high, and trucking fundamentals appear to be deteriorating.