Thursday's Analysts' Upgrades and Downgrades

Eli Lilly price target lowered at Goldman: Target on LLY moved to $62 from $64 at Goldman. New target based on P/E relative to sector. See improving capital discipline and improving cash flow picture driving shares in 2007. Maintained Buy rating.

Stryker (SYK Quote) upgraded at Weisel: SYK was upgraded from Market-weight to Overweight at Thomas Weisel. Orthopedic market is cyclical and set to accelerate in the near term.

UPS (UPS Quote) upgraded at Merrill Lynch: Merrill Lynch upgrades UPS to neutral from sell, as the company's earnings multiple now approaches Merrill's fair value estimate.

U.S. Steel Corp. (X Quote) upgraded by Bear Stearns: X upgraded by Bear Stearns. Rating raised to Outperform from Peer Perform. 2007 EPS estimates raised to $8.20 from $6.70. 2008 EPS estimates raised to $9.20 from $7.85. Initiates $106 price target.

STOCK COMMENTS / EPS CHANGES

Airgas (ARG Quote) estimates raised at Jefferies: ARG estimates raised at Jefferies. 2007 EPS estimates increased to $1.98 from $1.97. Reiterates 2008 EPS estimates of $2.35. Reiterates price target of $48 and Buy rating.

Airgas numbers raised at UBS: ARG numbers raised at UBS. 2007 EPS estimates increased to $2.00 from $1.96. 2008 EPS estimates raised to $2.30 from $2.25. Price target raised to $46 from $45. Reiterates Neutral rating.

Allegheny Technologies (ATI Quote) numbers raised at Jefferies: ATI numbers raised at Jefferies. 2007 EPS estimates increased to $7.00 from $6.10. Introduced 2008 EPS estimates of $7.80. Raised price target to $100 from $64. Reiterates Hold rating.

Boeing (BA Quote) estimates raised at Jefferies: BA estimates raised at Jefferies. 2008 EPS estimates raised to $5.90 from $5.70. Reiterates 2007 EPS estimates of $4.85, price target of $100 and Buy rating.

Boeing estimates upped at Goldman: Goldman is increasing its 2008 estimates on BA to $5.80 from $5.40 due to higher expected deliveries and slightly stronger margin. Price target bumped to $85 from $82 but maintained Neutral rating.

Foundry Networks (FDRY Quote) estimates raised at Jefferies: FDRY estimates raised at Jefferies. 2007 EPS estimates raised to $0.62 from $0.60. 2008 EPS estimates raised to $0.72 from $0.70. Reiterates price target of $17.50 and Buy rating.

Fiserv (FISV Quote) numbers raised at Jefferies: FISV numbers raised at Jefferies. 2007 EPS estimates increased to $2.86. 2008 EPS estimates introduced at $3.20. Price target raised to $52. Reiterates Hold rating.

Google (GOOG Quote) numbers raised at Jefferies: GOOG numbers raised at Jefferies. 2007 EPS estimates increased to $14.66 from $14.59. Raised target price to $600 from $520. Reiterates Buy rating.

Google price target increased at Goldman: Goldman is raising its target on GOOG to $620 from $595 based on expected upward revisions to revenue/earnings and continued demand for search and display advertising that should benefit from better inventory (YouTube) and content agreements with Sony, MTV, and Warner Music. Maintained Buy rating.