Thursday's Analysts' Upgrades and Downgrades

CHANGE IN RATINGS

Allied Waste (AW Quote) downgraded at JP Morgan from Overweight to Neutral. Company has more cyclical leverage than its peers, plus the stock does not offer the downside support of a buyback program or a dividend.

Bucyrus (BUCY Quote) upgraded at Goldman Sachs to Buy from Neutral based on strong mining equipment order trends and limited vulnerability to US recession. Expect strong orders, backlog and 2008 outlook commentary when company reports earnings in mid-February. Price target raised to $99 from $88.

Cigna (CI Quote) upgraded at Lehman Bros. from Underweight to Equal-weight. $61 price target. Stock is already reflecting disappointing earnings growth, and buybacks or acquisitions could add to earnings.

Express Scripts (ESRX Quote) downgraded at Merrill from Buy to Neutral. Valuation call, as the stock is up 100% over the past year.

Eaton Vance (EV Quote) downgraded at Goldman Sachs to Sell from Neutral due to valuation and economic environment. See bank-loan NAVs and fund flows negatively impacted by deteriorating economic conditions. Price target reduced to $35 from $43.

Fortress Investment Group (FIG Quote) downgraded at Goldman Sachs to Neutral from Buy due to market conditions. See zero earnings contribution from private equity realizations in the near-term. Price target cut to $16 from $21.

Garmin (GRMN Quote) upgraded at Morgan Stanley from Underweight to Equal-weight. Gross margins concerns remain, but the company should benefit in the near term form seasonal trends. Investors should continue to avoid the stock, but no longer short it.