Thursday's Analysts' Upgrades and Downgrades

CHANGE IN RATINGS

Alcoa (AA Quote) was upgraded at Friedman, Billings Ramsey to Outperform. Sell-off has eliminated any takeover premium, and the stock could still see $40 if it remains independent.

Americredit (ACF Quote) downgraded at Friedman, Billings Ramsey from Outperform to Market Perform. $24 price target. Expect the company to be hit by a more negative economic outlook.

Anthracite Capital (AHR Quote) upgraded at Jefferies to Buy rating from Hold. FY 2008 EPS estimates rise to $1.38 from $1.35, while price target drops to $10.14 from $12.50.

Chesapeake Energy (CHK Quote) downgraded at Wachovia to Market Perform from Outperform. Concerns rose following management's comments during a debt offering investor call that an equity offering was likely during the next 6-9 months.

Casual Male (CMRG Quote) downgraded at JP Morgan from Neutral to Overweight. Stock is up 24% over the past three days, and is already pricing in near-term margin gains.

Centene (CNC Quote) upgraded at Jefferies to Hold rating from Under Perform. FY 2008 EPS estimates rise to $1.60 from $1.55, and price target lifts to $19 from $18.60.

Cablevision Systems (CVC Quote) downgraded at Wachovia to Market Perform. Second quarter operational results were lower than expected. Management lowered full year guidance due to slower than expected growth from their digitized New York City households. Estimates reduced.

Delta Petroleum (DPTR Quote) downgraded at Merrill from Neutral to Sell. Company did not execute on its high potential exploration programs, and the stock is the most richly valued in the universe.