Thursday's Analysts' Upgrades and Downgrades

EMC upgraded at Goldman Sachs: Goldman is upgrading EMC to Buy from Neutral following the company's announcement that it will spin out 10% of VMware subsidiary. Analysis concludes that VMware is worth $5.80, while rest of EMC worth $11.05. Price target raised to $17 from $14.50.

FMC Corp (FMC Quote) downgraded at Oppenheimer: Oppenheimer is downgrading FMC to Neutral from Buy due to lower guidance and achievement of price target. Guidance indicates lower-than-expected price hikes in soda ash and higher energy/mineral costs. 2007 estimates cut to $5.86 from $6.32. Price target removed.

Global Payments (GPN Quote) upgraded at Suntrust: GPN was upgraded from Neutral to Buy at Suntrust Robinson Humphrey. $52 price target. Stock has sold off sharply, but the struggling money transfer business should stabilize in the coming quarters.

Heidrick & Struggles (HSII Quote) upgraded at Merrill: HSII was upgraded from Neutral to Buy at Merrill Lynch. Company posted strong fourth quarter results, led by the acquired Highland assets. 2007 estimate also raised to $2.65 a share. $55 price target.

LifePoint Hospitals (LPNT Quote) upgraded at Jefferies: LPNT upgraded to Buy rating from Hold at Jefferies. Price target rises to $42.50 from $35 and 2007 eps estimates bump up to $2.49 from $2.46.

Pacer International (PACR Quote) downgraded at Bear Stearns: Bear Stearns downgrades Pacer International from peer perform to underperform.

Pacer International downgraded at Baird: Robert W. Baird downgraded Pacer to neutral given weaker core operating results and a difficult near-term domestic freight environment.

Protective Life (PL Quote) downgraded at Wachovia: PL was downgraded to Market Perform at Wachovia. Company posted poor fourth-quarter results, with declining growth across the board. Investment spreads are also narrowing.

Quest Software (QSFT Quote) upgraded at JP Morgan: QSFT was upgraded to Overweight at JP Morgan. Company is landing more big deals and is a major beneficiary of the Vista launch.