Monday's Analysts' Upgrades and Downgrades

McClatchy (MNI Quote) downgraded at Wachovia: MNI was downgraded to Market Perform at Wachovia. Overall environment remains challenging, especially in the real estate business. Estimates also cut, even though the company has the best management in the business.

Micron (MU Quote) downgraded at Jefferies: MU downgraded at Jefferies from Buy rating to Hold. Price target drops to $15 from $21. FY2007 EPS estimates lowered to $0.63 from $0.71 on deteriorating memory pricing.

Maxim Integrated (MXIM Quote) upgraded at Jefferies: MXIM upgraded to Buy rating from Hold at Jefferies. Price target lifts to $38 from $31. However, FY 2007 EPS estimates lowered to $1.30 from $1.38.

Nova Chemicals (NCX Quote) upgraded at JP Morgan: NCX was upgraded from Underweight to Neutral at JP Morgan. Ethylene prices are stabilizing, and the company should trade along with its peers. 2007 estimate cut to $2.30 a share.

YRC Worldwide (YRCW Quote) downgraded at Credit Suisse: Credit Suisse is downgrading YRCW to Neutral from Outperform following recent run-up in share price. Raised target price to $46 from $40.50.

YRC Worldwide downgraded at Baird: YRCW was downgraded from Neutral to Underperform at Robert Baird. $40 price target. Valuation call. Company also faces near-term execution risk, as the company restructures its organization.

STOCK COMMENTS / EPS CHANGES

Illumina (ILMN Quote) price target increased at Goldman: Target on ILMN raised to $41 from $36 at Goldman. Company reported Q4 results that included better-than-expected sales, higher margins, and lower taxes. 2007 estimates lowered to $0.60 from $0.73 due to higher taxes. Maintained Neutral rating.

Southwestern Energy (SWN Quote) initiated at UBS: SWN initiated with Buy rating at UBS. Price target set at $49 with FY2007 EPS estimates at $3.35.