Thursday's Analysts' Upgrades and Downgrades

CHANGE IN RATINGS

American Eagle (AEOS Quote) upgraded at AG Edwards: AEOS was upgraded from Hold to Buy at AG Edwards. Company has the most popular products in the business, and should continue to generate above-average growth for the next several quarters. $41 price target.

AMR (AMR Quote) downgraded at Goldman Sachs: Goldman is downgrading AMR to Neutral from Buy based on valuation and likely waning momentum into 2008 labor talks and fleet replacements. Shares are up 20% since late November. Price target at $40.

Charles River Lab (CRL Quote) upgraded at Jefferies: CRL upgraded to Buy rating from Hold at Jefferies. Price target jumps to $56 from $44. 2007 EPS estimates shade up to $2.47 from $2.46.

JetBlue (JBLU Quote) upgraded at Goldman Sachs: Goldman is upgrading JBLU to Buy from Neutral and adding to the America's Buy List. See margin growth drivers in new E190s vs. legacy carrier RJs, maturation of new markets added in 2006, revenue management initiatives, and option value from new international code shares. Price target at $16.

Nationwide Financial (NFS Quote) upgraded at Bear: NFS was upgraded from Underperform to Peer Perform at Bear Stearns. $55 price target. Company's capital flexibility should drive earnings and return on equity in the coming years.

Nymex (NMX Quote) upgraded at JP Morgan: NMX was upgraded from Underweight to Neutral at JP Morgan. Management is leveraging its global brand and cost-cutting could drive better-than-expected earnings.

Network Appliance (NTAP Quote) upgraded at Friedman, Billings: NTAP was upgraded to Outperform at Friedman, Billings Ramsey. $46 price target. Company posted another strong quarter of free cash flow.

Office Depot (ODP Quote) upgraded at Bear: ODP was upgraded to Outperform at Bear Stearns. Company trades at a discount to its peers and should be able to achieve its lower earnings guidance. $43 price target.

Office Depot price target cut at Goldman: Goldman is cutting its target on ODP to $39 from $44 due to higher capex, lingering profit challenges in Delivery and a murky start to the year in retail. 2007 estimates lowered to $2.30 from $2.43. Maintained Neutral rating.