Friday's Analysts' Upgrades and Downgrades

Change in Ratings

Amazon (AMZN Quote) upgraded at Piper Jaffray to market perform with a $36 price target.

Amazon was downgraded from Outperform to Underperform at Bear Stearns. Gross margin fell for a fourth-straight quarter, and the stock should struggle in 2007.

Avid Tech(AVID Quote) was downgraded from Overweight to Underweight at JPMorgan. Company delivered another disappointing quarter and will have to lower prices to try and retake market share.

Rating on Dominion Resources(D Quote) was upgraded from Market Perform to Outperform at Wachovia. Also raising estimates ahead of the E&P sale, which will help the company clean up its balance sheet.

Duke Energy(DUK Quote) downgraded to Hold rating from Buy at Jefferies. Price target and 2007 EPS estimates maintained at $20.75 and $1.15, respectively.

Electronic Arts(ERTS Quote) was upgraded from Sell to Hold at Deutsche Bank. $50 price target. Hardware demand remains sluggish for the next generation consoles, but the company is taking market share and implementing cost controls.

FedEx(FDX Quote) was upgraded from Hold to Buy at Deutsche Bank. $130 price target. Stock offers growth at a reasonable price. Company should earn $7.15 a share in 2007.

Gilead Sciences(GILD Quote) was downgraded from Outperform to Market Perform at Wachovia. Valuation call, as the company should still be able to post double-digit annual sales and earnings growth through the end of the decade.

Starwood Hotels(HOT Quote) was upgraded from Hold to Buy at AG Edwards. Company reported a strong quarter, and the company looks attractively valued against its peers. New brands are gaining traction, and the company should gain market share over the next several quarters.