Thursday's Analysts' Upgrades and Downgrades

Intercontinental Exchange (ICE Quote) estimates cut at Goldman: 2008 estimates on ICE reduced to $5.40 from $5.53 at Goldman. Q4 results came in 2 cents below Goldman expectations. Key negative was declining rate per contract in futures. Positives include pent-up demand by algorithmic traders for OTC and NYBOT products and management's focus on non-organic growth initiatives. Maintained Buy rating.

Lazard (LAZ Quote) price target raised at Goldman: Goldman is upping its target on LAZ to $63 from $58 following strong earnings beat in Q4 results. See strong results in advisory and asset management incentive fees. 2007 estimates raised to $2.75 from $2.65. Maintained Buy rating.

Loopnet (LOOP Quote) estimates raised at Credit Suisse: Credit Suisse is raising its 2007 EPS estimates on LOOP to 40 cents from 36 cents following strong Q4 results. Raised target price to $19 from $18.

MedImmune (MEDI Quote) estimates slashed at Goldman: 2006 estimates on MEDI cut to $0.09 from $0.20 at Goldman. See concerns over Synagis and delay in FDA filing of Numax to the second half of 2007. Maintained Buy rating and $37 target.

XL Capital (XL Quote) estimates cut at Goldman: Goldman is reducing its 2007 estimates on XL by $0.50 to $8.80, due to management guidance for Financial Operations and Investment Affiliates income that was lower than forecasts. Maintained Neutral rating and $85 target.