Friday's Analysts' Upgrades and Downgrades

Stock Comments/EPS Changes

Price target on Amgen(AMGN Quote) increased to $82 from $80, Goldman said. Fourth quarter results included strong sales of Epogen, Aranesp, Neupogen, Enbrel and Vectibix. See strong sales trends, higher expenses but lower tax rate going forward. Maintained Buy rating.

Air Products(APD Quote) estimates raised, Jefferies said. Price target lifts to $85 from $80. 2007 EPS estimates rise to $4.10 from $3.95. Reiterates Buy rating.

Goldman said it is upping its target on Baxter(BAX Quote) to $55 from $50 following strong Q4 results. Operational improvements included gross margins of 47.6%. See realistic chance for 11% to 13% earnings growth in 2007. Maintained Buy rating.

Franklin Resources(BEN Quote) estimates raised at UBS. Price target lifts to $138 from $130. 2007 eps estimates rise to $6.18 from $6.61. Reiterates Buy rating.

CBS(CBS Quote) initiated with Buy rating, UBS said. Price target set at $38 with 2007 EPS estimates at $1.77.

Cypress Semiconductor(CY Quote) estimates raised, Jefferies said. Price target lifts to $18 from $16. 2007 EPS estimates rise to $0.71 from $0.68. Reiterates Hold rating.

Express Scripts(ESRX Quote) initiated with Hold rating at Jefferies. Price target starts at $77 and 2007 EPS estimates set at $3.95.

Goldman said it is raising its 2007 estimates on Lockheed Martin(LMT Quote) to $6.05 from $5.85 after company posted strong Q4 results. Company upped guidance for 2007 to reflect more favorable pension assumptions and better operating efficiencies. Maintained Buy rating. Lockheed Martin estimates raised, Jefferies said. Price target lifts to $95 from $89. 2007 eps estimates rise to $6.00 from $5.90. Reiterates Hold rating.