Thursday's Analysts' Upgrades and Downgrades

Parker Hannifin(PH Quote) downgraded to Market Perform rating from Outperform, Wachovia said. However, 2007 EPS estimates raised to $6.80 from $6.50. 2008 EPS estimates also upped to $7.25 from $7.

Pactiv(PTV Quote) was downgraded to Market Perform, Wachovia said. Stock is up 65% over the psat year, and is already pricing in strong 2007 results.

Rare Hospitality(RARE Quote) was downgraded to Neutral, JP Morgan said. Company continues to face rising labor and beef costs, which could offset the recent restructuring efforts.

Safeco(SAF Quote) was downgraded from Market Perform to Underperform, Friedman Billings Ramsey said. Stock is up 24% since April, and the company's fundamentals are relatively weaker than its peers. $55 price target.

Sirius Satellite(SIRI Quote) was upgraded from Underperform to Peer Perform, Bear Stearns said. Stock appears oversold on Wednesday's comments out of the FCC. Even so, many hurdles remain ahead of a potential merger with XMSR.

Wachovia said it is upgrading Silgan Holdings(SLGN Quote) to Outperform based on rising food can prices and lower resin costs. See 21% discount to packaging sector narrowing over time. Valuation range of $50 to $51.

SRA International(SRX Quote) was downgraded from Overweight to Neutral, JP Morgan said. Offshore IT services companies should likely outperform the domestic Federal contractors over the next several quarters. Civilian agency budgets are down, and contract awards have been delayed.

Goldman said it is upgrading Teva Pharmaceuticals(TEVA Quote) to Buy from Neutral based on valuation. See improving business mix and passing of key macro concerns of 2006 helping drive shares furing 2007. Target price raised to $41 from $40.