Thursday's Analysts' Upgrades and Downgrades

CHANGE IN RATINGS

Broadcom (BRCM) upgraded at UBS: BRCM upgraded to Buy rating from Neutral at UBS. Maintains current price target and 2007 EPS estimates at $38 and $1.02, respectively.

eBay (EBAY) upgraded at Piper: eBay upgraded from Underperform to Market Perform at Piper Jaffray. $30 price target. Last quarter beat because of forex gains, which are not sustainable. Even so, near-term earnings will be stronger for multiple reasons.

eBay price target raised at Goldman: Goldman is increasing its target on EBAY to $40 from $38 due to accelerating year-over-year revenue growth. Q4 results showed accelerating trends, 29% total revenue growth and 32% incremental margin. Reiterated Buy rating.

eBay numbers raised at Jefferies: EBAY numbers raised at Jefferies following strong Q4 results. Price target rises to $51 from $45. 2007 EPS estimates bump up to $1.29 from $1.24. Reiterates Buy rating.

Emmis Communications (EMMS) initiated at Morgan Stanley: Morgan Stanley initiates coverage of Emmis Communications at equalweight with a $10 price target.

General Dynamics (GD) downgraded at AG Edwards: GD was downgraded from Buy to Hold at AG Edwards. Stock has run up toward $80, and long lead times in the combat vehicle unit could push some results out toward 2008.

Louisiana-Pacific (LPX) downgraded at Prudential: LPX was downgraded from Overweight to Neutral at Prudential. $25 price target. Estimates also cut, to reflect new lows in OSB prices.

Norfolk Southern (NSC) downgraded at Credit Suisse Credit Suisse is downgrading NSC to Neutral from Outperform following weaker-than-expected Q4 results. Lowered target price from $57 to $53.

Trident Microsystems (TRID) upgraded at Prudential: Prudential is upgrading TRID to an Overweight rating as issues such as inventories, gross margins, and options are being resolved.

Varian (VARI) upgraded at Baird: VARI was upgraded from Neutral to Outperform at Robert Baird. $55 price target. Stronger sales growth has led to leverage gains in two key areas. Company also using its free cash flow to buy back stock.