Friday's Analysts' Upgrades and Downgrades

CHANGE IN RATINGS

Autodesk (ADSK Quote) downgraded at Citigroup from Buy to Hold. $52 price target. Valuation call, as the stock is up 29% since the end of March. Company also lacks near-term catalysts.

Celanese (CE Quote) downgraded at Goldman Sachs to Neutral from Buy based on valuation and uncertainty regarding Clear Lake facility. Shares are up 92% since added to Buy list on November 27. See uncertainty regarding the timing of the restart of company's Clear Lake facility, potentially affecting 2008 earnings. Maintained $45 price target.

Clearwire (CLWR Quote) downgraded at Jefferies to Hold rating from Buy after recent Sprint news. Price target is raised to $34 form $22 and FY 2008 eps estimates upped to loss of ($4.52) from ($4.75).

Danaher (DHR Quote) downgraded at Bear Stearns to Peer Perform based on valuation. The stock appears fairly valued given its forecast of 5%+ organic growth and earnings growth of 17% in 2007 and 12% in 2008.

Exelon (EXC Quote) downgraded at Citigroup from Buy to Hold. Valuation call, as the stock has rallied in anticipation of the Illinois settlement. $85 price target.

Huntington Bancshares (HBAN Quote) upgraded at Merrill Lynch from Sell to Neutral. Valuation call, and 2008 estimates are below the consensus.

Hershey (HSY Quote) downgraded at Bear Stearns from Outperform to Peer Perform. Company cut guidance for the fourth time in nine months, and lacks visibility for the end of the year.

Intuitive Surgical(ISRG Quote) upgraded at Bear Stearns from Peer Perform to Outperform. Company should be able to sustain above-average revenue growth and operating leverage. $250 price target.

ITT (ITT Quote) downgraded at JP Morgan to Neutral. Stock trades at a premium and is already pricing in strong near-term earnings.