Tuesday's Analysts' Upgrades and Downgrades

Goldman said it is reducing its 2007 estimates on SanDisk (SNDK Quote) to $0.95 from $1.30 after company analyst meeting. See weak near-term fundamentals, including 55% declines in ASPs this year. Key issue is continuing oversupply. Gross margins guided lower to 12%-23% and operating margins guided down to -8% to 4%. Maintained buy rating and $46 target.

Target on XM Satellite (XMSR Quote) cut to $14 from $15.30, Goldman said. Company guidance for 2007 came in weak regarding subs, revenue and profitability. XM now targets 9 million to 9.2 million subs in 2007. Maintained Neutral rating.