Thursday's Analysts' Upgrades and Downgrades

Conoco Phillips (COP Quote) price target cut at Goldman: Goldman is cutting its target on COP to $76 from $83 after company reported disappointing year-end reserve data. Believe data supports long-term strength in oil prices, and that Conoco fundamentals remain strong. Maintain Buy rating.

Genentech (DNA Quote) price target raised at Goldman: Goldman is upping its target on DNA to $102 from $95 due to strong sales of Lucentis, Rituxan and Avastin. Company guidance was above both Goldman and consensus estimates. Maintained Buy rating.

Guitar Center (GTRC Quote) estimates cut at Piper: Piper is cutting its 2007 estimates on GTRC to $2.74 a share due to lower expectations for top-line growth following weak Q4 sales. Maintained Outperform rating.

j2 Global (JCOM Quote) numbers lowered: JCOM numbers lowered at Jefferies. Price target drops to $27 from $28. 2007 eps estimates lowered to $1.50 from $1.57. Reiterates Hold rating.

Urban Outfitters (URBN Quote) numbers raised at Piper: Piper is raising its target price on URBN from $17 to $28 to reflect improved earnings outlook. Maintained Market Perform rating.

Waters (WAT Quote)numbers raised at UBS: WAT numbers raised at UBS. Price target jumps to $57 from $52. 2007 eps estimates lift to $2.60 from $2.54. Reiterates Neutral rating.