Friday's Analyst Upgrades, Downgrades

Changes in Ratings

First Horizon National(FHN) was upgraded to market perform at Keefe, Bruyette & Woods. It's a valuation call, based on an $18 price target.

Research In Motion(RIMM) was upgraded from peer perform to outperform at Bear Stearns. Expect high growth to continue into the new year, led by new products and new markets such as China and India. The stock can trade up to $150 to $170 in 2008.

IMS Health(RX) was upgraded from underperform to neutral at Robert Baird, with a $25 price target. Baird said to remain cautious on market trends, and said that headline risks persist.

Schering-Plough(SGP) was upgraded from equal-weight to overweight at Lehman. The stock is down nearly 10% over the past week, and the company remains on track to deliver above-average growth in 2008. Lehman set a $35 price target.

Stock Comments/EPS Changes

Bear Stearns(BSC) estimates were cut at Deutsche Bank. Deutsche said it is cutting its 2008 estimates on BSC by $2.15 to $9 a share to reflect weaker revenue in investment banking and fixed-income and equity trading. Deutsche lowered its target price on Bear Stearns to $104.

Cigna's(CI) target is raised at Morgan Stanley, which now sees Cigna reaching $62. Its multiple should expand back up to the industry average in 2008. Morgan Stanley gives Cigna an overweight rating.

FedEx(FDX) numbers are lowered at Morgan Stanley, which cut its estimates on FedEx through 2009. The company guided to slower volume and higher costs in the ground business. Morgan Stanley set an overweight rating and new $110 price target.