Friday's Analysts' Upgrades, Downgrades

Change in Ratings

Airgas(ARG Quote) downgraded at Deutsche to hold, with a $50 price target. Estimates also cut, because of higher energy prices and slower expected growth across the board.

El Paso(EP Quote) upgraded at Goldman Sachs to buy from neutral based on higher energy price forecasts. See attractive entry point considering stock's 6.6% decline over last two weeks. Price target raised to $20 from $19.

HB Fuller(FUL Quote) downgraded at Deutsche to hold. Earnings will be hurt by slowing growth, higher oil prices and a likely U.S. recession. $23 price target.

Global Industries(GLBL Quote) upgraded at Jefferies to buy from hold. Price target lowered to $24 from $28. Maintains 2008 EPS estimates of $1.45.

Orbitz Worldwide(OWW Quote) downgraded at Goldman Sachs due to weaker-than-expected domestic results and lack of near-term catalysts. Note increasingly competitive landscape and potential for slowing consumer spending. Target at $6.

PPG Industrie (PPG Quote) downgraded at Deutsche Bank to a hold rating on likely U.S. recession.

Rock-Tenn(RKT Quote) upgraded at JPMorgan from neutral to overweight, JPMorgan said. Estimates also raised, as the Southern Container acquisition should add to earnings.

Urban Outfitters(URBN Quote) upgraded at Morgan Stanley from underweight to equal-weight. Sales are turning around faster than expected.

Valspar(VAL Quote) downgraded at Deutsche to hold. Estimates also cut, as the company's earnings could be hurt by slower growth and higher energy costs.

Stock Comments/EPS Changes

Energy Conversion Devices(ENER Quote) numbers raised at Jefferies. Price target raised to $35 from $33. 2008 EPS estimates raised from negative 36 cents to negative 12 cents. Maintains buy rating.

Herbalife(HLF Quote) numbers raised at Jefferies. 2008 EPS estimates raised to $3.35 from $3.30. Price target raised to $66 from $64. Reiterates buy rating.

KB Home(KBH Quote) price target raised at UBS to $22 from $19. Maintains 2008 EPS estimates of negative $2.00 and neutral rating.

Marvell Technology(MRVL Quote) estimates raised at Deutsche Bank by 10 cents to 44 cents a share due to solid fourth-quarter and outlook. Maintained buy rating.

National Semiconductor(NSM Quote) 2008 EPS estimates raised at UBS to $1.25 from $1.15. Maintains neutral rating and $21 price target.

Sunpower(SPWR Quote) price target lowered at Jefferies to $110 from $170. Reiterates buy rating and 2008 EPS estimates of $2.13.

Waters(WAT Quote) price target lowered at UBS to $68 from $75. Maintains 2008 EPS estimates of $3.17 and neutral rating.

Wachovia(WB Quote) 2008 EPS estimates lowered at UBS to $3.50 from $3.55. Price target lowered to $39 from $40. Maintains buy rating.