Friday's Analysts' Upgrades and Downgrades

CHANGE IN RATINGS

Amerigroup (AGP Quote) downgraded at Goldman Sachs to Neutral from Buy based on valuation and less attractive risk/reward. Shares are up 46% since June 18 upgrade. Note limited room for multiple expansion, as shares already trade at a premium to most peers. Price target at $40.

Auxillium Pharma (AUXL Quote) initiated at Morgan Stanley with an overweight rating and $36 price target.

Clearwire (CLWR Quote) downgraded at Wachovia to Market Perform. Stock has bounced 23% on takeover speculation, which is unlikely to materialize.

Expedia (EXPE Quote) upgraded at Citigroup from Hold to Buy. Stock has pulled back 18%, which discounts the company's online advertising potential. $38 price target.

FedEx (FDX Quote) downgraded at Baird from Outperform to Neutral. $113 price target. Ongoing domestic freight should continue to slow and affect near-term earnings.

Hawaiian Electric (HE Quote) upgraded at Baird to Outperform from Neutral based on valuation. Believes earnings will materially improve reflecting recently-granted rate relief. Sets $27 target price.

Health Net (HNT Quote) upgraded at Goldman Sachs to Buy from Neutral based on valuation. Shares have lowest P/E multiple in peer group and have potential for recovery and 13%-15% EPS growth next year. Price target at $58.

Hewlett Packard (HPQ Quote) upgraded at Morgan Stanley from equalweight to overweight with a $60 price target.

JC Penney (JCP Quote) upgraded at Credit Suisse to Neutral from Underperform. Cites after bad quarter, market is beginning to discount more appropriate expectations for sales and margins. Maintained $42 target price.