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Wednesday's Analysts' Upgrades and Downgrades

Change in Ratings

Benchmark Electronics (BHE) downgraded by Bear Stearns. Rating lowered to Peer Perform from Outperform. 2007 EPS estimates lowered to $1.73 from $1.81. Introduces 2008 EPS estimates of $1.86. Price target was removed.

Morgan Stanley upgrades Broadcom (BRCM) from equalweight to overweight with a $40 price target.

Ceradyne (CRDN) was upgraded from Underperform to Market Perform, Friedman Billings Ramsey said. Stock has come down 13% over the past month, and the 2008 defense budget should favor the company. $50 price target.

Cisco (CSCO) was upgraded from Neutral to Outperform, Robert Baird said. $32 price target. Growth rates are accelerating, and the current margins appear sustainable.

CSCO numbers raised at UBS. Price target upped to $33 from $32. 2007 EPS estimates bump up to $1.21 from $1.17. Reiterates Buy rating.

CommScope (CTV) initiated with Buy rating at Jefferies. Price target starts at $37.50. 2007 EPS estimates set at $1.95.

Goldman said it is upgrading Earthlink (ELNK) to Neutral from Sell based on valuation. Believe floor has emerged due to buybacks near $7, and potential for restructuring event such as LBO. Price target raised to $7 from $6.60.

Globalstar (GSAT) downgraded to Hold rating from Buy at Jefferies. Price target drops to $11.50 from $17.00. Revenue and EPS estimates for 2007 holds at $175.2 million and $0.39, respectively.

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