Thursday's Analysts' Upgrades and Downgrades

CHANGE IN RATINGS

Amgen (AMGN Quote) upgraded at Bear: AMGN was upgraded to Outperform at Bear Stearns. Fears of CERA launch are already priced in. $77 price target.

Duke Energy (DUK Quote) downgraded at Merrill: DUK downgraded to Neutral rating from Buy at Merrill Lynch. Following the completion of Spectra Energy spin-off, Merrill believes that the company is fairly valued at these levels. New EPS estimates stand at $1.20 for 2007 and $1.25 for 2008.

Energy East (EAS Quote) downgraded at Merrill: Merrill Lynch downgrades Energy East to sell based on valuation and increased regulatory risk.

First Solar (FSLR Quote) rated new Outperfrom at Credit Suisse: Credit Suisse is initiating coverage on FSLR with an Outperfrom rating based on strong demand for PV modules. Sets $32 target price.

Genzyme (GENZ Quote) upgraded at Baird: GENZ was upgraded from Neutral to Outperform at Robert Baird. $75 price target. Near-term competitive pressure on Renagel should be offset by the Renvela approval expected later this year.

Health Net (HNT Quote) upgraded to Buy at Merrill: HNT upgraded to Buy rating from Neutral at Merrill Lynch. 2007 EPS estimates lift to $3.65 from $3.45. Price target set at $55.

Hyperion Solutions (HYSL Quote) downgraded at Merrill: Merrill Lynch downgrades shares of Hyperion Solutions to neutral based on near term headwinds as the company enters a seasonally soft March quarter.

Imclone (IMCL Quote) upgraded at Merrill: IMCL was upgraded from Sell to Neutral at Merrill Lynch. Erbitux sentiment may have turned too negative, relative to the potential for positive phase-III clinical data.