Wednesday's Analysts' Upgrades and Downgrades

Energizer (ENR Quote) downgraded at Suntrust: ENR was downgraded from Buy to Neutral at Suntrust Robinson Humphrey. Valuation call, as the stock is up 20% on the year and has reached the $85 price target. Estimates also raised through 2008.

General Motors (GM Quote) coverage resumed at Morgan Stanley: Morgan Stanley resumes coverage of General Motors with an equalweight rating a $30 price target.

Kyphon (KYPH Quote) upgraded at Bear: KYPH was upgraded from Peer Perform to Outperform at Bear Stearns. $53 price target. St. Francis deal helps to diversify the business, and gives the company one of the higher gross margins in the industry.

Micron Technology (MU Quote) upgraded at Credit Suisse: Credit Suisse is upgrading MU to Outperform from Neutral. Cites compelling risk/reward at current price. Maintained $18 target price.

Occidental (OXY Quote) upgraded at Goldman Sachs: Goldman is upgrading OXY to Buy from Neutral based on valuation. View recent selloff as buying opportunity due to company's superior free cash flow and low E&P cost structure. A move back to $60/bbl by oil would also help OXY, which is highly leveraged to oil prices. Target price at $52.

QLogic (QLGC Quote) downgraded at Baird: QLGC was downgraded from Outperform to Neutral at Robert Baird. $22 price target. Company lowered forward guidance, and investors should wait for a better entry point in the storage leader.

Tenet Health (THC Quote) downgraded at Raymond James: THC was downgraded from Market Perform to Underperform at Raymond James. The stock already appears fully valued, and should continue to experience lower managed care volumes in the coming quarters.