Friday's Analysts' Upgrades and Downgrades

CHANGE IN RATINGS

Affymetrix (AFFX Quote) upgraded at UBS to Buy rating from Neutral. Price target lifts to $33 from $29 and 2008 EPS estimates dip to $0.40 from $0.50.

Disney (DIS Quote) upgraded at UBS to Buy rating from Neutral. Price target and 2008 EPS estimates hold at $39 and $2.15, respectively.

Exelon (EXC Quote) downgraded at Deutsche from Buy to Hold. Valuation call, based on a $91 price target.

GSI Commerce (GSIC Quote) downgraded at Jefferies to Hold rating from Buy. Price target dips to $26 from $30 and 2008 EPS estimates lowered to $0.29 from $0.37.

Jetblue Airways (JBLU Quote) upgraded at Bear to Peer Perform. Valuation remains high, but the capital injection carries little dilution and gives the company more flexibility to try and turn its business around.

Jack in the Box (JBX Quote) upgraded at Wachovia to Outperform. Valuation call. At 12.5 times expected 2008 earnings, the company is trading well below the peer average of 19.7.

Macerich (MAC Quote) upgraded at Goldman Sachs to Buy from Neutral based on defensive profile, attractive internal growth and pipeline of development projects. Note that retail REITs should outperform on a relative basis in weaker economic environment. Price target at $80.

Murphy Oil (MUR Quote) downgraded at Goldman Sachs to Neutral from Buy due to relative valuation. With shares reaching $78 target, see better risk/reward among refiners like Marathon Oil and integrated oils. Believe fundamentals will remain strong. Maintained $78 target.