Wednesday's Analysts' Upgrades and Downgrades

Morgan Stanley (MS Quote) estimates raised at Goldman: Goldman is increasing its 2007 estimates on MS to $7.60 from $7.00 based on a strong finish in 2006 and planned spinoff of Discover. Q4 included $0.27 tax benefit and strength in debt trading and underwriting. Price target raised to $94 from $83. Maintained Buy rating.

Palm (PALM Quote) estimates cut at Piper: Piper is cutting its 2008 estimates on PALM by 12 cents to 80 cents a share due to disappointing guidance and expense ramp. Maintained Market Perform rating.

Rite Aid (RAD Quote) target price raised at Credit Suisse: Credit Suisse is raising its target price on RAD to $6.50 from $5.50 based on better-than-expected synergies from Eckerd deal. Maintained Outperform rating.

UST (UST Quote) target raised at Goldman: Price target on UST increased to $52 from $51 at Goldman. See benefits from lower tax rate and extra shipping day in 2007. Encouraged by continued robust category growth and management's decision to be less reliant on net pricing going forward. Maintain Sell rating.