Thursday's Analysts' Upgrades and Downgrades

Change in Ratings

Continental Air(CAL Quote) was upgraded from Underweight to Neutral at JPMorgan. Also taking the stock off the Focus List, as the stock has reached near-term targets.

CompuCredit(CCRT Quote) upgraded to Market perform from underperform at Wachovia. Price valuation range remains at $27 to $30, and 2007 EPS estimates hold at $3.00.

Morgan Stanley upgrades H&R Block(HRB Quote) from underweight to equalweight with a $21 price target.

Lehman Brothers(LEH Quote) upgraded to Market outperform from Market perform at Wachovia. Price valuation range remains at $84 to $86, and 2007 EPS rise to $7.15 to $7.13.

CIBC is upgrading Proctor & Gamble(PG Quote) to Sector Outperformer from Sector Performer based on belief that investor fears of top-line slowdown are unfounded. Shares currently trade at discount to historical absolute and relative P/E multiples based on 2008 estimate. Target price at $76.

Rowan(RDC Quote) was upgraded from Underperform to Market Perform at Bernstein. Current price discounts the normalized value across the jackup fleet. Overall outlook for the rig market remains pessimistic.

Credit Suisse is upgrading Sappi Limited(SPP Quote) to Outperform from Neutral based on valuation and exposure to South Africa. Raised target price to $19 from $17.