Thursday's Analysts' Upgrades and Downgrades

CHANGE IN RATINGS

Aecom Tech (ACM Quote) downgraded at Merrill from Buy to Neutral. Stock is up 84% since its May IPO. Company has strong organic growth prospects, but less operating leverage than other E&C names.

Clear Channel Outdoor (CCO Quote) downgraded at Bear from Outperform to Peer Perform. Expect in-line third quarter, but the poor housing market could hurt local advertising heading into 2008.

Carrizo Oil & Gas (CRZO Quote) downgraded at Suntrust to Neutral. $50 price target. Valuation call.

Downey Financial (DSL Quote) downgraded at Friedman, Billings Ramsey from Market Perform to Underperform. $40 price target. Credit trends are eroding much faster than expected. Estimates also cut.

eBay (EBAY Quote) downgraded at Deutsche from Hold to Sell. $33 price target. Company is facing volume and margins pressures. Estimates also cut.

eBay price target higher at Goldman to $51 from $43 based on continuing business momentum and stable growth in revenues, GMV, and operating income. See potential for multiple expansion due to greater visibility into long-term growth profile. Maintained Buy rating.

E*Trade Financial (ETFC Quote) downgraded at Deutsche from Buy to Hold. $14 price target. Estimates also cut, to reflect asset write-downs are more expected home equity losses. Stock lacks near-term catalysts.

Gramercy Capital (GKK Quote) initiated at UBS with Buy rating. Price target starts at $29 with 2008 eps estimates set at $3.25.

Highwoods Properties (HIW Quote) initiated at UBS with Neutral rating. Price target starts at $38 with 2008 eps estimates set at $2.65.