Tuesday's Analysts' Upgrades and Downgrades

Change in Ratings

Abercrombie & Fitch (ANF Quote) was upgraded from Neutral to Overweight, Prudential said. $89 price target. It appears that business remains strong in January, and comparisons become very easy beginning in February.

CDW (CDWC Quote) was downgraded to Market Weight from Overweight, said Thomas Weisel. 2007 EPS estimates set at $3.98.

Cephalon (CEPH Quote) was upgraded from Neutral to Overweight, JP Morgan said. Higher Provigil sales and a positive launch for Fentora should drive near-term growth.

Freidman Billings Ramsey downgrades Cognos (COGN Quote) to market perform from outperform as the shares have surpassed its $45 price target. Cisco (CSCO Quote) was downgraded from Overweight to Neutral, Prudential said. Stock has caught up with higher expectations, leaving little room for upside surprises in 2007.

Cisco was downgraded from Buy to Neutral, Bank of America said. $30 price target. See limited near-term upside, as margins have likely already peaked.

DJO (DJO Quote) was downgraded to Market Perform, Wachovia said. Company lacks catalysts for 2007, and will likely make fewer acquisitions. Stock also appears fully valued at 21 times expected 2008 earnings.

Darden Restaurants (DRI Quote) was upgraded from Neutral to Overweight, JP Morgan said. Company held an upbeat analyst meeting next week, and should be able to post soild sales and earnings growth over the next several quarters. FedEx (FDX Quote) was upgraded from Neutral to Overweight, JP Morgan said. Stock is trading at the low end of its recent valuation range, and solid economic growth plus lower fuel prices should support near-term earnings.

ITT (ITT Quote) was downgraded to Market Perform from Outperform at FBR. All EPS estimates for 2007 and 2008 maintain current levels at $3.38 and $3.90, respectively. Price target also holds at $61.