Friday's Analysts' Upgrades and Downgrades

Goldman is upgrading Murphy Oil(MUR Quote) to Buy from Neutral following management comments that the company would consider M&A opportunities in order to become less reliant on high-risk exploration. Kikeh field in deepwater Malaysia should ramp up later this year. Goldman also sees oil prices going above $60/bbl this year. Price target raised to $60 from $55.

PPL(PPL Quote) was downgraded to Market Perform at Wachovia. Stock has outperformed its peers over the past year. Estimates also cut, following the company's fourth-quarter earnings miss.

ResMed(RMD Quote) was upgraded to Outperform at Wachovia. Company should see strong growth from its VPAP product, and is also benefiting from the weak dollar. Estimates raised through 2008.

Prudential upgraded Valero(VLO Quote) to Overweight and raises target from $61 to $65.

Stock Comments/EPS Changes

Alliant Techsystems(ATK Quote) numbers raised at Jefferies. Price target jumps to $97 from $87 and 2007 EPS estimates rise to $5.20 from $5.05. Reiterates Buy rating.

Credit Suisse is raising its target price on Alliant Techsystems to $85 from $83 based on strong Q4 results and outlook. Maintained Neutral rating.

2007 estimates on Boston Scientific(BSX Quote) cut to $0.60 from $0.80 at Goldman. See earnings quality and gross margins below expectations but believe positive newsflow in 2007 will bolster shares. Catalysts include improving defib market and stabilization in DES penetration. Price target raised to $23 from $21 and reiterated Buy rating.