Wednesday's Analysts' Upgrades and Downgrades

CHANGE IN RATINGS

Agnico-Eagle Mines (AEM Quote) downgraded at UBS to Neutral rating from Buy. However, price target lifts to $53 from $50 and 2008 EPS estimates rise to $1.34 from $1.30.

American Eagle (AEO Quote) downgraded at Merrill Lynch to Sell. Consensus earnings estimates are likely too high through 2008. Prefer ANF at current levels.

Amgen (AMGN Quote) upgraded at Merrill Lynch from Neutral to Buy. Worst issues are likely already behind the company, and even the worst-case scenario suggests limited downside potential.

Amgen upgraded at UBS to Neutral rating from Sell. Price target lifts to $61 from $50 and 2008 EPS estimate holds at $4.06.

Apache (APA Quote) upgraded at Goldman Sachs to Buy from Neutral based on Australia and Egypt production growth, greater production growth vs. previous periods, and Goldman's bullish view on crude oil. Also see minimal value to potential for reserve additions in Gulf of Mexico, and increased optimism in Canada shale potential. Target price raised to $100 from $92.

Cognizant (CTSH Quote) upgraded at Bernstein from Market Perform to Outperform. Stock is down 21% over the past month, and fears of a slowdown in spending from financial services customers has been overdone.

First Solar (FSLR Quote) coverage initiated at Goldman Sachs with a Buy rating. Believe solar sector will see continued positive earnings trends, news on continued/additional government support for solar, and increasing demand for solar shares relative to supply. Noted industry leading cost/watt manufacturing ability. Price target at $125.