Friday's Analysts' Upgrades and Downgrades

Change in Ratings

Credit Suisse said it is downgrading BJ Services(BJS Quote) to Neutral from Outperform based on valuation and uncertainty related to North American spending trends. Lowered target price to $37 from $56.

Goldman said it is downgrading Continental Airlines(CAL Quote) to Sell from Neutral based on slowing revenue, margin and earnings momentum. See valuation as stretched given weak fundamentals and less potential for oil-induced lift. Price target at $37.

Crown Castle(CCI Quote) rating reinstated at Neutral, Goldman said. See favorable industry backdrop and upside ahead, but prefer AMT in the sector. Price target at $43.

GATX(GMT Quote) upgraded to Buy rating from Hold at Jefferies. 2007 eps estimate bumps up to $3.12 from $3.11 and price target remains at $50.

Goldman said it is reinstating coverage on Level 3(LVLT Quote) with a Neutral rating with the close of the Broadwing transaction. Believe main issue is now integrating recent acquisitions. Price target at $5, but believe significant posibility for additional positive catalysts.

McGraw-Hill (MHP Quote) upgraded to Buy from Neutral, Goldman said. See accelerating earnings growth, continued favorable progress in business mix, and potential margin upside driving shares higher. Earnings growth in 2007 to come from margin upside in education and information/media segments. Price target raised to $76 from $66.

Goldman said it is reinstating its rating on AT&T(T Quote) with a Buy. See earnings momentum with several levers, including cingular margin expansion, accelerated BellSouth synergies, and growth in enterprise. Price target at $42.