Friday's Analysts' Upgrades and Downgrades

Change in Ratings

Deutsche Bank downgrades Alltel(AT Quote) to hold, as it believes the firm's valuation is too rich.

Bear Stearns upgrades Eaton Corporation(ETN Quote) to outperform on strong outlook for 2008.

Goldman said it is upgrading Federated Investors(FII Quote) to Buy from Neutral based on valuation. See management improving equity flows in 2007. Dovish Fed or steeper yield curve would also bode well for company's money market business. Target price raised to $42.29 from $36.47.

Wachovia upgrades International Securities Exchange(ISE Quote) to outperform, as it believes market-share gains from the penny pilot program will make up for lackluster volumes.

Morgan Stanley upgrades Coca-Cola(KO Quote) from equalweight to overweight and raises price target to $56.

UBS said it is upgrading New Century Financial(NEW Quote) to Buy from Neutral. Believes most of bad news is priced-in and liquidity likely OK for now. Lowered target price to $17 from $27.50.

UBS said it is upgrading Pan American Silver(PAAS Quote) to Buy from Neutral following strong fourth-quarter results and positive guidance. Raised target price to $35 from $31.

Credit Suisse said it is downgrading RLI(RLI Quote) to Underperform from Neutral based on valuation and increased competition. Maintained $56 target price.

UBS said it is upgrading TCF Financial(TCB Quote) to Buy from Neutral based on favorable risk/reward and possible sale. Raised target price to $32 from $29.

Bear Stearns upgrades Thoratec(THOR Quote) to outperform as it believes the approval and launch of HeartMate II offers potential for growth.