Monday's Analysts' Upgrades and Downgrades

CHANGE IN RATINGS

Ariba (ARBA Quote) upgraded at Cowen from Underperform to Outperform. 2007 should prove to be the earnings trough, and the company trades at a discount to its peers.

Beckman Coulter (BEC Quote) downgraded to Peer Perform at Bear Stearns. Stock is up 21% on the year, and approaching the $75 price target. Above-average sales growth is already priced in.

Circuit City (CC Quote) rating reinstated at Goldman Sachs. It is removing the Not Rated designation from CC and reinstating the stock with a Neutral rating. Cut its 2008 estimates to ($0.38) from $0.22, noting that pressure on financial results should abate. Company appears more open to pulling back aggressive investment posture, but see challenges in macro headwinds, peaking TV cycle, and competitive pressure from Best Buy. Price target at $11.

Cree (CREE Quote) downgraded at Morgan Keegan to Market Perform. Stock looks overbought on takeover rumors, that may prove unfounded.

Cubic (CUB Quote) downgraded at BB&T to Underweight. Stock is trading at a hefty premium to its peers, and looks overbought compared to the underlying fundamentals.

EMC (EMC Quote) upgraded at Citigroup from Hold to Buy. $23 price target. Company has attractive long-term growth prospects. Estimates also raised, following coverage restriction.

EMC upgraded at Bear from Peer Perform to Outperform. $26.50 price target. Stock looks cheap on a sum-of-the-parts valuation.