Wednesday's Analysts' Upgrades and Downgrades

Change in Ratings

Brady(BRC Quote) was downgraded to Market-weight at Thomas Weisel. Company may not be able to invest capital into the business to deliver sustainable margin expansion. Estimates also cut below consensus.

Rating on Citigroup(C Quote) was raised to Buy at Banc of America. Bar has been set low after years of underperformance, and continues to drive growth through cost-cutting.

Morgan Stanley resumes coverage of Freeport McMoran(FCX Quote) with an overweight rating and $78 price target.

JM Smucker(SJM Quote) was upgraded from Underweight to Neutral at Prudential. $48 price target. Top peanut butter competitor is struggling, and the stock is already pricing in higher input costs.

Stock Comments/EPS Changes

Accenture(ACN Quote) estimates lifted at UBS. 2007 EPS estimates lift to $1.90 from $1.86 and price target holds at $43. Reiterates Buy rating.

2007 estimates on ACN increased to $1.92 from $1.85 at Goldman. Second-quarter results indicate that demand for consulting and outsourcing services remains positive. See higher sales and lower taxes in the second half of 2007. Maintained Buy rating and increased price target to $45.

Cynosure(CYNO Quote) target raised at Jefferies. New price objective rises to $34 from $30 and 2007 EPS estimates hold at $0.96. Reiterates Buy rating.

Goldman said it is adding Altria(MO Quote) to its Conviction Buy List based on key upcoming catalysts, including upward 2008 estimate revisions following Friday's Kraft(KFT Quote) distribution, improving trends in international tobacco in coming quarters, approval of PM International spin-off around late-summer, and increased leverage once PMI is spun off. Price target at $76.

Credit Suisse is cutting its 2007 estimates on Smurfit-Stone(SSCC Quote) to $0.20 from $0.45 primarily to reflect higher fiber costs. Raising 2007 capital expenditures forecast to $350 million from $325 million. Maintained Neutral rating.