Thursday's Analysts' Upgrades and Downgrades

CHANGE IN RATINGS

Associated Banc-Corp (ASBC Quote) was downgraded from Neutral to Sell at Merrill Lynch. Estimates also cut, to reflect higher loss assumptions and a less aggressive buyback program.

Broadridge (BR Quote) was downgraded from Overweight to Neutral at JP Morgan. Company posted a strong quarter, but may lose ETFC as a customer and event-driven fees may decline in the coming quarters.

Cathay General (CATY Quote) was downgraded to Sell at Merrill Lynch. Estimates also cut, as the company will likely see higher non-performing loans and negative loan repricing.

Countrywide Financial (CFC Quote) was upgraded to Market Perform at Wachovia. Company still has some near-term earnings risk, but the capital infusion should prevent a liquidity catastrophe.

Countrywide Financial was upgraded to Market Perform at Friedman, Billings Ramsey. $22 price target. Equity infusion from BAC helps solve a lot of near-term problems.

Cullen/Frost Bankers (CFR Quote) was downgraded from Neutral to Sell at Merrill Lynch. Estimates also cut, as the company's balance sheet is not prepared for the Fed to lower interest rates.

Cooper (COO Quote) initiated with Hold rating at Jefferies. Price target starts at $48 with 2008 eps estimates at $2.85.

City National (CYN Quote) was downgraded from Neutral to Sell at Merrill Lynch. Estimates also cut through 2009, because of potential Fed easing.

Entergy (ETR Quote) upgraded at Morgan Stanley from equalweight to overweight and moves price target from $99 to $110.