Thursday's Analysts' Upgrades and Downgrades

Jabil (JBL Quote) downgraded at Morgan Stanley: Morgan Stanley downgrades Jabil to equalweight as it believes Jabil will struggle to make consensus numbers for this year due to declining margins.

Move (MOVE Quote) upgraded at JP Morgan: JP Morgan is upgrading MOVE to Neutral from Underweight. Believes new structure and upcoming product enhancements will drive revenue and operating leverage.

Nymex (NMX Quote) rated new Sell at Merrill: NMX was initiated with a Sell rating at Merrill Lynch. Stock has already doubled since its IPO, and trades at a premium valuation to its peers. Company can earn $2.05 a share in 2007.

Sovereign Bancorp (SOV Quote) downgraded at Bear: SOV was downgraded from Peer Perform to Underperform at Bear Stearns. Stock is already pricing in a sale of the company, which will likely not materialize. Recent initiatives will also dilute earnings.

Smurfit-Stone (SSCC Quote) downgraded at Prudential: Prudential downgrades Smurfit-Stone to underweight as it believes cost inflation should offset cost initiatives more than previously thought.

Wachovia (WB Quote) upgraded at Credit Suisse: Credit Suisse is upgrading WB to Outperform from Neutral based on valuation. Raised target price to $64 from $61.

Zimmer (ZMH Quote) upgraded at Wachovia: ZMH was upgraded to Outperform at Wachovia. 2007 guidance could prove conservative, and the company could gain market share from BMET in the near term.

STOCK COMMENTS / EPS CHANGES

Chattem(CHTT Quote) estimates increased at Goldman: Goldman is raising its 2007 estimates on CHTT to $2.87 from $2.29 after company acquired five JNJ brands - Act, Unisom, Cortizone, Kaopectate, and Balmex. Maintained Neutral rating. Price target increased to $50.50 from $48.