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Wednesday's Analysts' Upgrades and Downgrades

CHANGE IN RATINGS

American Oriental (AOB) initiated at Jefferies with Buy rating. Price target starts at $20 with FY 2008 eps estimates set at $0.81.

Aon (AOC) upgraded at Goldman Sachs to Buy from Neutral based on earnings growth and lack of exposure to mortgage crisis. See 13% earnings growth in 2008, with modest topline growth as company benefits from MMC's problems. Price target at $56.

Credicorp (BAP) initiated at Morgan Stanley with an overweight rating and $97 price target.

BB&T (BBT) upgraded at Oppenheimer from Sell to Neutral. Remain cautious on the group, but the company has an attractive balance sheet and sports an attractive dividend yield.

Circuit City (CC) downgraded at JP Morgan from Overweight to Neutral. The company will likely struggle for the next couple of quarters and a turnaround would require deep pockets, potentially from a strategic partner.

Dick's Sporting Goods (DKS - Get Report) upgraded at Citigroup from Hold to Buy. Valuation call, as private label initiatives should help boost margins. $37 price target.

Dick's Sporting Goods target raised at Goldman to $32 from $31. Q3 earnings came in above expectations, showing market share momentum, unique product offerings, and better inventory control. Maintained Neutral rating.

Gorman-Rupp (GRC) downgraded at Friedman, Billings Ramsey from Market Perform to Underperform. There is downside risk potential to 2008 earnings. $32 price target.

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