Friday's Analysts' Upgrades and Downgrades

CHANGE IN RATINGS

Open Text (OTEX Quote) upgraded at Merrill from Sell to Neutral. Company posted solid quarterly results, though uncertainty about future growth remains.

Open Text numbers lowered at Jefferies. Price target dips to $25 from $26 and 2008 EPS estimates dropt to $1.77 form $1.80. Reiterates Hold rating.

PSS World Medical (PSSI Quote) upgraded at Baird from Neutral to Outperform. $23 price target. Recent one-time charges and business investments have masked the strength of core earnings.

QLogic (QLGC Quote) upgraded at Citigroup from Sell to Hold. $14 price target. Stock is already pricing in lower expected growth in the second half of the year.

Sears Holdings (SHLD Quote) downgraded at Bear Stearns to Peer Perform. Estimates also cut, as the fundamentals in the retail business continue to deteriorate. Stock also lacks near-term catalysts. $155 price target.

STOCK COMMENTS / EPS CHANGES

Ciena (CIEN Quote) numbers raised at UBS. Price target jumps to $35 from $30 and 2008 EPS estimates lift to $1.55 form $1.37. Reiterates Sell rating.

Dell (DELL Quote) 2007 estimates raised at Morgan Stanley by a nickel to $1.47 a share following better-than-expected Q2 results.

Dell price target raised at Goldman Sachs to $33 from $32 based on higher revenue and earnings expectations in 2007 and 2008. See company in early stages of turnaround and expect more layoffs, more cost efficiencies, and a more appealing product line to earnings growth. Maintained Buy rating.