Thursday's Analysts' Upgrades and Downgrades

F5 Networks(FFIV Quote) was upgraded from Market-weight to Overweight, Thomas Weisel said. Growth is accelerating in the core markets, and the BigIP product is also gaining momentum. Estimates also raised.

Health Management(HMA Quote) was downgraded to Underperform, Raymond James said. Company warned of lower fourth quarter results, and the valuation appears lofty, despite the balance sheet recapitalization.

J.C. Penney(JCP Quote) was upgraded to Overweight, JP Morgan said. Stock also added to the Focus List, with a $104 price target. Recent meeting with management suggests that margins could move higher on the back of the increased private label mix.

Lam Research(LRCX Quote) was downgraded from Outperform to Peer Perform, Bear Stearns said. Company warned of a shipment delay, and would wait for a pullback to $45 before buying the stock.

CIBC said it is downgrading Lam Research to Sector Performer based on valuation. Sees 10%-20% stock correction based on a retrenchment in DRAM orders.

Morgan Stanley initiates coverage of McClatchy(MNI Quote) with an equalweight rating and a $40 price target.

Goldman said it is downgrading Mylan Labs(MYL Quote) to Neutral from Buy based on greater opportunity seen in other names (Teva). See attractive valuation and support from oxybutynin ER and fentanyl. Target price at $25.

Credit Suisse said it is upgrading Open Text(OTEX Quote) to Outperform from Neutral. Believes restructuring plan will improve margins near-term. Raised target price to $28 from $19.