Friday's Analysts' Upgrades and Downgrades

CHANGE IN RATINGS

Ciena (CIEN Quote) upgraded at Jefferies to Hold rating from Underperform. Price target jumps to $29 from $24.50 and 2007 EPS estimates rise to $0.92 from $0.82.

CarMax (KMX Quote) rated new Neutral at Credit Suisse. Sees long-term growth potential but cautious on decelerating gross profit and tough comparisons. Sets $55 target price.

Hertz (HTZ Quote) upgraded at JP Morgan from Neutral to Overweight. Company will continue to cut costs, and 2008 may be conservative by as much as 25%.

Intuit (INTU Quote) upgraded at CIBC from Sector Perform to Outperform. $35 price target. Business is not cyclical, and TurboTax should perform ahead of expectations this year.

Limited Brands (LTD Quote) numbers lowered at Jefferies. Price target drops to $31 from $34 and 2007 EPS estimates lowered to $1.82 from $1.98. Reiterates Hold rating.

Moody's (MCO Quote) upgraded at Bear to Outperform. $80 price target. Stock is down 13% over the past three weeks, and any sub-prime fears have already been priced in.

NCI Building Systems (NCS Quote) upgraded at UBS to Neutral rating from Reduce. Price target holds at $53 and 2007 EPS estimates lowered to $4.10 from $4.40.

Zale(ZLC Quote) upgraded at Merrill to Neutral, Merrill Lynch said. Fundamentals remain weak, but the jewelry retailer has dropped enough that it may become a takeover target.

STOCK COMMENTS / EPS CHANGES

America International Group (AIG Quote) estimates raised at Credit Suisse. It is raising its 2007 EPS estimates on AIG to $6.35 from $6.15 based on new share repurchase program. Maintained Outperform rating.

BJ's Wholesale (BJ Quote) target price raised at Goldman to $35 from $31. Believe management shake-up could spark initiatives that could spark turnaround. See margins expanding due to closing of underperforming pharmacies and ProFoods, lowering SKU counts and better merchandise presentation, and improving treasure hunt and membership acquisition/retention. Maintained Neutral rating.

Ciena (CIEN Quote) estimates raised at Goldman. It is upping its 2008 estimates on CIEN to $1.56 from $1.38 based on bandwidth growth. Believe selloff is overdone. Maintained Buy rating and $42 price target.