Wednesday's Analysts' Upgrades and Downgrades

CHANGE IN RATINGS

Affymax (AFFY Quote) coverage initiated at Morgan Stanley: Morgan Stanley initiates coverage of Affymax with an overweight rating and $47 price target.

Advanced Micro (AMD Quote) downgraded at Friedman, Billings: AMD was downgraded from Market Perform to Underperform at Friedman, Billings Ramsey. $10 price target. Company said that the situation was far worse than previously expected. AMD has also lost its technical advantage, and is facing a CapEx crunch in 2007.

Advanced Micro estimates cut at Prudential: Prudential is cutting its 2007 estimates on AMD from 42 cents a share to a loss of $1.01 a share due to expectations of very aggressive pricing environment.

Advanced Micro price target cut at Goldman: Goldman is slashing its target on AMD to $12 from $16 after company reported weak Q4 results. Disappointments included gross margins of 39.7% and higher R&D and interest expenses. Believe business model is structurally flawed. Maintain Sell rating.

Advanced Micro downgraded at Credit Suisse: Credit Suisse is downgrading AMD to Underperform from Neutral. Cites continued pressures in CPU sector and competition. Lowers target price to $13 from $21.

BorgWarner (BWA Quote) upgraded at DeutscheBank: DeuscheBank is upgrading BWA to Buy from Hold based on projected accelerating growth as auto manufacturers intensify focus on fuel economy. See strong, diversified backlog and more benign production environment driving shares. Price target at $78.

Continental Air (CAL Quote) downgraded at JP Morgan: CAL was downgraded to Underweight at JP Morgan. Company is the most expensive stock in the group, and also has the highest costs. Stock also added to the focus list, with a $35 price target.

Coach (COH Quote) downgraded at Credit Suisse: Credit Suisse is downgrading COH to Neutral from Outperform based on valuation. Stock is up over 60% over last 6 months. Raised target price to $49.

City National (CYN Quote) downgraded at SunTrust: CYN downgraded to Neutral rating from Buy at SunTrust. 2007 EPS estimates drop to $4.85 from $5.12.

EMC (EMC Quote) upgraded at Bear: EMC was upgraded from Peer Perform to Outperform at Bear Stearns. $16 price target. Company exceeded expectations for a second straight quarter, and has a strong position in some key growing markets.