Wednesday's Analysts' Upgrades, Downgrades

Change in Ratings

Cal Dive(DVR Quote) upgraded at JPMorgan from neutral to overweight. GOM business is stabilizing, and continued international growth should drive investor interest ahead of hurricane season.

KLA-Tencor(KLAC Quote) downgraded at Oppenheimer from perform to underperform with a $32 price target. Channel checks indicate a downward spiral in the company's inspection business.

Kroger(KR Quote) downgraded at JPMorgan from neutral to underweight. Company is also running at peak sales and earnings potential. Prefer Whole Foods(WFMI Quote), Safeway(SWY Quote) and Ruddick(RDK Quote) at current levels.

Level 3(LVLT Quote) downgraded at Jefferies to hold rating from buy. Price target cut to $2.25 from $4 and 2008 EPS estimates lowered to negative 38 cents from negative 36 cents.

Nokia(NOK Quote) upgraded at Oppenheimer to outperform, with a $40 price target. Stock has been weak, but channel checks suggest that demand remains strong.

Ruddick upgraded at JPMorgan from neutral to overweight. Recent meetings with management confirm that the company's growth prospects remain intact.

VF Corp.(VFC Quote) upgraded at Weisel to overweight, with a $96 price target. Domestic business should perform well, despite the challenging retail environment. The company also has an attractive international growth outlook.

Werner Enterprises(WERN Quote) downgraded at Bear to underperform, with a $15.50 price target. Company will struggle to meet near-term expectations, given higher fuel costs.

Stock Comments/EPS Changes

Boeing(BA Quote) target lowered at Merrill. Shares of BA now seen reaching $100 a share. 787 will be delivered later than expected, and may only sell 15 planes in 2009, compared with the 45 expected. Buy rating.

Caterpillar(CAT Quote) price target raised at Goldman to $66 from $60 based on raised sales guidance. Management raised its 2010 sales target to "approaching $60 billion" from previous $52.5 target. Maintained neutral rating.

Cephalon(CEPH Quote) numbers cut at UBS to $84 from $90 and 2008 EPS estimates slashed to $5.39 from $5.72. Reiterates buy rating.

Liberty Entertainment(LMDIA Quote) coverage initiated at Deutsche Bank with a buy rating and $29 target price.

Boston Beer(SAM Quote) 2008 estimates raised at Deutsche Bank by 15 cents to $1.85 a share to reflect higher guidance. Maintained hold rating.