Wednesday's Analysts' Upgrades and Downgrades

CHANGE IN RATINGS

Ann Taylor (ANN Quote) downgraded at UBS: UBS downgrades shares of ANN to Neutral from Buy. Lowers price target to $38 from $46.

AnnTaylor Stores (ANN Quote) downgraded at UBS: UBS is downgrading ANN to Neutral from Buy based on high investor expectations heading into next phase of turnaround, as well as merchandising issues and tough comparisons going into holiday season. Price target reduced to $38 from $46.

Jefferies upgrades Constellation Energy(CEG Quote): CEG upgraded to Buy from Hold at Jefferies. Price target raised to $76 from $66 and 2008 EPS estimates bumps up to $5.55 from $5.30

3Com (COMS Quote) downgraded at Bear: COMS was downgraded from Outperform to Peer Perform at Bear Stearns. Purchase of the Huawei JV adds risk to the stock.

Donaldson (DCI Quote) upgraded at Baird: DCI was upgraded to Neutral from Underperform at Robert Baird. Valuation call. $37 price target. Operating leverage is declining, and the some challenges loom in the Transportation segment for the second half of 2007.

Leap Wireless (LEAP Quote) coverage initiated at Goldman Sachs Goldman is initiating coverage on LEAP with a Buy rating due to growth profile in telecom space, with focus on niche segments. Expect company to successfully apply low-cost/quick-penetration gain formula in market launches. Target price at $75.

NYSE Group (NYX Quote) downgraded at JP Morgan: NYX was downgraded from Overweight to Neutral at JP Morgan. Company trading at 30 times expected 2008 earnings, and competition should begin to increase next year.