Wednesday's Analysts' Upgrades and Downgrades

CHANGE IN RATINGS

Brooks Automation (BRKS Quote) was downgraded to Peer Perform at Bear Stearns. Stock is up 20% on the year, and has reached the $19 price target. Company should deliver strong first quarter results, but near-term catalysts already appear to be priced into the stock.

Compucredit (CCRT Quote) was downgraded to Underperform at Wachovia. Company missed first quarter expectations, and poor execution could continue to weigh on results even as credit appears to be stabilizing.

Citizens Communications (CZN Quote) was downgraded at Credit Suisse to Neutral from Outperform. Says potential upside is limited following solid Q1 results. Maintained $16 target price.

Delta Air Lines (DAL Quote) coverage initiated at Goldman with a Buy rating and $25 price target. See above average growth from more robust domestic-to-international capacity shift, and best-in-class unit costs and free cash flows, and less labor cost risk than other large legacies. Believe growth in international demand will benefit Delta disproportionately because it has more widebody aircraft available.

FLIR Systems (FLIR Quote) was downgraded to Neutral at JP Morgan. The US Army needs a new helicopter badly, which means that Textron will be busy, and likely farming more work out to FLIR.

IBM (IBM Quote) upgraded at Goldman Sachs to Buy from Neutral due to accelerated buyback program that will add 8 cents a share this year and over 20 cents in 2008. Upgrade comes less than a weak after stock downgraded on weak US spending and no near-term catalysts. Expect management commentary at May 17 analyst meeting.