Thursday's Analysts' Upgrades, Downgrades

Change in Ratings

Blockbuster(BBI Quote) upgraded at JPMorgan from neutral to overweight, JPMorgan said. Fourth-quarter results should meet or beat consensus analyst estimates on March 6. Also believe there's upside potential for 2008 guidance.

Chemtura(CEM Quote) upgraded at Goldman Sachs to buy from neutral based on valuation and potential for additional earnings momentum. Note that fourth-quarter results were the first time CEM beat consensus estimates since 2006. Price target at $11.

Forest Laboratories(FRX Quote) downgraded at FBR from outperform to market perform. New analyst also set a $42 price target. Company will face an uphill battle bringing new products to the market.

Minerals Technology(MTX Quote) downgraded at Goldman Sachs to neutral from buy based on relative valuation. See progress in turnaround story but note multiple unprofitable growth projects (SYNSIL, Coating PCC, Filler Fiber) in recent years. Believe other names are more attractive currently. Maintained $77 price target.

National Cinemedia(NCMI Quote) upgraded at Morgan Stanley to equal-weight, with a $23 price target. Selloff on macro concerns and Loews competition appear overdone.

Varian(VARI Quote) upgraded at UBS to buy rating from neutral. Price target and fiscal-year 2008 EPS hold at $75 and $2.78, respectively.

Western Digital(WDC Quote) downgraded at UBS to neutral rating from buy. However, price target and fiscal-year 2008 EPS both raised to $36 and $3.97, respectively.

Stock Comments/EPS Changes

Boyd Gaming(BYD Quote) estimates cut at Deutsche Bank by 32 cents to $1.54 a share due to weak first-quarter guidance. Maintained buy rating.

Carter's(CRI Quote) numbers lowered at Morgan Stanley by 18%. Growth has clearly slowed, and margins have another 2% to 3% downside potential over the coming quarters. Underweight rating and new $17.50 price target.

Hertz(HTZ Quote) target price lowered at Deutsche Bank to $17 due to updated sum of the parts valuation. Maintained buy rating.

Magna International(MGA Quote) estimates raised at Deutsche Bank by 40 cents to $7.95 a share to reflect higher cost savings. Maintained hold rating.

Nortel(NT Quote) estimates cut at Morgan Stanley by 45% for both 2008 and 2009. Company seeing slowing demand and margin improvement has taken a step backwards. Equal-weight rating.

USEC(USU Quote) price target slashed at Goldman to $6.50 from $10 due to significantly higher American Centrifuge Project costs. Expect additional detail following completion of full project budget in the second quarter. Maintained neutral rating.