Wednesday's Analysts' Upgrades and Downgrades

Change in Ratings

Autodesk(ADSK Quote) upgraded to Outperform rating, Robert W. Baird said. Price target holds at $46 and full-year 2008 EPS estimates lowered to $1.80 from $1.85.

American Express(AXP Quote) upgraded to Outperform rating from Market perform, Friedman Billings Ramsey said. Price target and 2007 EPS estimates remain unchanged at $67 and $3.36, respectively.

Boeing(BA Quote) was upgraded to Neutral, JPMorgan said. Stock has underperformed its peers since June, and the outlook for the aerospace cycle remains strong.

BEA Systems(BEAS Quote) was upgraded from Underperform to Peer Perform, Bear Stearns said. Valuation call, based on the company's steady cash flow.

Ciena(CIEN Quote) was upgraded from Neutral to Overweight, JPMorgan said. Optical market continues to recover faster than expected. Estimates also raised.

Fannie Mae (FNM Quote) was upgraded from Underperform to Market Perform, Friedman Billings Ramsey said. $55 price target. Company has built up capital levels, but fundamentals remain soft.

L-3 Communications(LLL Quote) was upgraded from Underweight to Neutral, JPMorgan said. Stock underperformed over the past year and now appears more attractive based on its free cash flow yield.

Lockheed Martin(LMT Quote) was downgraded from Neutral to Underweight, JPMorgan said. Defense stocks could be challenged in 2007, and LMT appears the most vulnerable. Growth could peak this year, and the company has already gained 56% since early 2006.

Real Networks(RNWK Quote) upgraded to Hold rating from Underperform at Jefferies. Price target and 2007 EPS estimates hold at $8 and $0.21, respectively.