Tuesday's Analysts' Upgrades and Downgrades

Lazard (LAZ Quote) upgraded at Goldman Sachs: Goldman is upgrading LAZ to Buy from Neutral, based on valuation and position to capitalize on robust global M&A trends. Main catalyst is company converting large backlog into revenues over next 12 months. Price target at $58.

NCR (NCR Quote) upgraded at Baird: NCR was upgraded from Neutral to Outperform at Robert Baird. $52 price target. Teradata spin-off creates a compelling value opportunity.

Sprint Nextel (S Quote) downgraded at Credit Suisse: Credit Suisse is downgrading S to Neutral from Outperform following pre-announcement of lower subscriber growth. Sees continued pressure in 2007. Lowered target price to $20 from $23.

Sprint Nextel downgraded at CIBC: Rating on S was lowered from Outperform to Sector Perform at CIBC. Company will have to spend even more to improve its marketing and network quality. Stock also trades at a premium to T.

Sprint Nextel downgraded at Deutsche: Rating on S was cut from Hold to Sell at Deutsche Bank. $14 price target. Estimates also cut, to reflect the company's new disappointing 2007 outlook. $14 price target.

Sprint Nextel price target lowered at Goldman: Target on S decreased to $20 from $22 at Goldman. Company announced inline Q4 metrics but provided disappointing 2007 guidance. See weak 2007 margins driven by dilution from mix shift and incremental investments. Valuation remains attractive. Maintained Buy rating.