Friday's Analysts' Upgrades and Downgrades

CHANGE IN RATINGS

Atlantic Tele-Networks (ATNI Quote) downgraded at UBS to Neutral rating from Buy. However, price target lifts to $40 from $35 and FY2008 EPS estimates bump to $2.09 from $2.06.

BigBand Networks (BBND Quote) downgraded at Jefferies to Hold rating from Buy. Price target slashed to $7 from $16.50 and FY2008 EPS estimates drop to $0.30 from $0.50.

Cullen/Frost Bankers (CFR Quote) upgraded at Keefe, Bruyette & Woods to Outperform. Estimates cut because of the interest rate cut, but the company has a solid balance sheet and the stock appears inexpensive.

Chipotle (CMG Quote) downgraded at Citigroup from Buy to Hold. Valuation call, based on a $120 price target. Even so, estimates are also being raised as the company's fundamental growth strategy continues to be successful.

Conseco (CNO Quote) upgraded at Friedman, Billings Ramsey to Outperform. $19 price target. Estimates also raised, based on management's call for lower LTC losses.

Cognos (COGN Quote) upgraded at Goldman Sachs to Buy from Neutral based on improved outlook, business momentum and cost controls. Note valuation below peers. Price target pushed to $48 from $42.

CRA International (CRAI Quote) upgraded at William Blair from Market Perform to Outperform. Valuation call, even after the company posted disappointing earnings last quarter.

First Horizon (FHN Quote) downgraded at Keefe, Bruyette & Woods from Market Perform to Underperform. Estimates also cut, as the company is struggling to cut costs fast enough to weather the current credit crunch. $23 price target.