Friday's Analysts' Upgrades and Downgrades

CHANGE IN RATINGS

Aegaen Marine (ANW Quote) initiated at Jefferies with a Buy rating. Price target starts at $42 with 2008 EPS estimates at $1.72.

Avery Dennison (AVY Quote) downgraded at Baird from Outperform to Neutral. $64 price target. Visit with management confirms near-term concerns of lower high-end clear film sales and surprise weakness in Europe.

American Express (AXP Quote) downgraded at Merrill Lynch from Buy to Neutral. Estimates also cut, because of slower expected US growth.

Church & Dwight (CHD Quote) initiated at UBS with Neutral rating. Price target starts at $48 with 2008 EPS estimates at $2.68.

Calamos Asset Management (CLMS Quote) upgraded at Credit Suisse to Outperform from Neutral based on improved fund performance and net flow expectations. Raised target price to $29 from $27.

Fifth Third Bancorp (FITB Quote) upgraded to Market Perform at Keefe, Bruyette & Woods. $35 price target. Valuation has fallen in-line with peers, but estimates were also cut because of rising credit costs.

Fluor (FLR Quote) downgraded at Citigroup from Buy to Hold. $137 price target. Valuation call. Company has done well despite declining natural gas prices.

FMC Technologies (FTI Quote) initiated at Jefferies with a Buy rating. Price target starts at $62 with 2008 EPS estimates at $2.75.

Georgia Gulf (GGC Quote) upgraded at Credit Suisse to Neutral from Underperform as stock essentially reached its target price -- dropping more than 20% since May. Maintained $14 target.

Imclone (IMCL Quote) downgraded at Friedman, Billings Ramsey to Market Perform. $45 price target. Expect lower lung cancer sales for Erbitux, following doctor feedback to recent data.