Tuesday's Analysts' Upgrades and Downgrades

CHANGE IN RATINGS

Arris (ARRS Quote) downgraded at Friedman, Billings Ramsey from Outperform to Market Perform. $15 price target. CCBL purchase will likely dilute near-term earnings, which should hang over the stock for the next few quarters.

Briggs & Stratton (BGG Quote) upgraded at Robert Baird from Underperform to Neutral. $29 price target. Stock is down 20% since earnings, and the stock is already beginning to reflect lower consumer spending.

Corn Products (CPO Quote) downgraded at BB&T from Buy to Hold. Stock is up about 18% over the past six weeks, and high corn costs are offsetting strong byproduct pricing.

Dean Foods (DF Quote) downgraded at Bear Stearns from Overweight to Market-weight. Earnings could rebound in 2008, though conventional milk costs remain high. Estimates also lowered.

Denbury Resources (DNR Quote) downgraded at Merrill Lynch from Buy to Neutral. Stock is up four times more than its peers, and the company faces higher near-term execution risk.

EMC (EMC Quote) initiated at Jefferies with Buy rating. Price target starts at $25 with 2008 eps estimates at $1.02.

Heidrick & Struggles (HSII Quote) upgraded at Merrill Lynch from Sell to Neutral. Stock is down about 25% this month, and is already pricing in slower economic growth. New dividend also confirms the company's financial health.

InterActiveCorp (IACI Quote) upgraded at Merrill Lynch from Neutral to Buy. Company looks attractive at 7 times expected 2008 EBITDA, and buybacks should add materially to earnings. Sum of the parts valuation leads to a $35 price target.