Monday's Analysts' Upgrades and Downgrades

CHANGE IN RATINGS

Adobe Systems (ADBE Quote) upgraded at Oppenheimer: Oppenheimer upgrades Adobe Systems from neutral to buy and establishes a 12 month price target of $43.

Boston Scientific (BSX Quote) downgraded at Bear: BSX was downgraded to Peer Perform at Bear Stearns. Company's prospects do not appear as attractive as its peers.

Boyd Gaming (BYD Quote) downgraded at Wachovia: BYD was downgraded to Market Perform at Wachovia. Weakness should continue in the company's key markets, and new capacity will not come online for several quarters.

Ciena (CIEN Quote) upgraded to Outperform at Credit Suisse: Credit Suisse is upgrading CIEN to Outperform from Neutral. Cites strong competitive position and expects above industry average growth. Raised target price to $36 from $29.25.

Disney (DIS Quote) upgraded at CIBC: DIS was upgraded from Underperform to Sector Perform at CIBC. $40 price target. Studio is cutting costs and the consumer outlook is improving.

Express Scripts (ESRX Quote) upgraded at Jefferies: ESRX upgraded to Buy rating from Hold at Jefferies. Price target jumps to $90 from $77. 2007 EPS estimates rise to $4.16 from $3.95 and 2008 EPS estimates rise to $4.96 from $4.59.

Nordstrom (JWN Quote) upgraded at AG Edwards: AG Edwards upgrades Nordstrom from hold to buy and sets $68 price objective.

Kraft Foods (KFT Quote) upgraded at UBS: KFT upgraded to Neutral rating from Reduce at UBS. Price target bumps up to $34 from $33. FY 2007 and 2008 EPS estimates hold at $1.93 and $2.08, respectively.

King Pharma (KG Quote)upgraded at Morgan Stanley Morgan Stanley upgrades King Pharma from equalweight to overweight, and moves price target from $20 to $23.

RH Donnelley (RHD Quote) upgraded at JP Morgan: RHD was upgraded from Neutral to Overweight at JP Morgan. Company should realize several positive catalysts over the next several quarters, including positive ad sales growth and the refinancing of high-coupon debt.