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Thursday's Analysts' Upgrades and Downgrades

Change in Ratings

Credit Suisse said it is raising its 2007 EPS estimates on Apple (AAPL) to $3.84 from $3.66 following strong 1Q results. Maintained Outperform rating and $120 target price.

Apple numbers raised at UBS. Price target lifts to $124 from $118. FY 2007 EPS estimates upped to $3.20 from $2.84. Reiterates Buy rating.

Apple was downgraded from Overweight to Neutral, JP Morgan said. Suggest that investors take profits, despite seemingly strong quarter. Mac shipments fell short of expectations, and iPod sales remain seasonal.

Goldman said it is increasing its target on Apple to $110 from $102 after strong December quarter results. See iPhone making significant contribution during calendar 2008. Maintained Buy rating.

Avaya (AV) downgraded to Neutral rating from Buy at UBS. Price target and 2007 EPS estimates hold at $15 and $0.67, respectively.

Blackbaud (BLKB) upgraded from Hold rating to Buy at Jefferies. Price target and 2007 EPS estimates remain at $29 and $0.86.

CACI (CAI) numbers lowered at Jefferies. Price target drops to $45 from $55. 2007 EPS estimates lowered to $2.51 from $2.85. Reiterates Hold rating.

CACI was downgraded from Neutral to Underweight, JP Morgan said. Company warned of lower earnings yesterday, which confirms the expected slowdown in domestic Government IT services.

Wachovia upgrades Cablevision (CVC) to outperform, as it believes Cablevision is the cheapest of the U.S. cable stocks. Raises valuation range from $36-$38.

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