Thursday's Analysts' Upgrades, Downgrades

Change in Ratings

American Int'l. Group(AIG Quote) downgraded at Morgan Stanley to equal-weight with a $50 price target. Expect at least three times the amount of CDS losses than the company is predicting. Estimates also cut.

Anixter International(AXE Quote) downgraded at Merrill from buy to neutral. Estimates also cut, because of the risk to future nonresidential construction activity.

Central European Distribution(CEDC Quote) initiated at Jefferies with a buy rating and $66 price target. 2008 EPS estimates are $2.15.

Charles River(CRL Quote) upgraded at Goldman Sachs to buy from neutral based on attractive preclinical positioning, upcoming margin gains in 2008 and relative valuation. Price target raised $2 to $73.

Federated Investors(FII Quote) downgraded at UBS to neutral from buy. Target price lowered to $44 from $46. Reiterates 2008 EPS estimates of $2.62.

Humana(HUM Quote) upgraded at UBS to neutral from sell. 2008 EPS estimates lowered to $4.06 from $5.55 and price target lowered to $46 from $62.

Leap Wireless(LEAP Quote) upgraded at Wachovia from underperform to market perform. Company is launching into new markets, and should benefit from Sprint's(S Quote) troubles.

Pharmaceutical Product Development(PPDI Quote) downgraded at Goldman to neutral from buy based on premium valuation, limited potential for margin expansion, and see catalysts as already reflected in shares. Note 25% gain since added to Goldman's buy list in Feb. 2007. Price target lowered to $51 from $55.

Stock Comments/EPS Changes

American Eagle(AEO Quote) numbers cut at Morgan Stanley to $18. Estimates also cut, to reflect increased markdown activity. Equal-weight rating.

Anworth Mortgage(AHN Quote) 2008 estimates raised at Deutsche Bank by 17 cents to $1.05 a share following strong fourth-quarter results. Maintained buy rating.

Continental Airlines(CAL Quote) numbers lowered at Morgan Stanley. Strong near-term passenger traffic may not be sustainable, and the company will continue to see high fuel costs. Overweight rating and new $20 price target.

Energy East(EAS Quote) numbers lowered at Jefferies. 2008 EPS estimates lowered to $1.45 from $1.52. Price target lowered to $20 from $20.50. Reiterates underperform rating.

OptionsXpress(OXPS Quote) price target cut at Goldman to $28.50 from $34 following weak February results that included a 16% sequential decline in DARTS. Maintained buy rating.

Sigma Designs(SIGM Quote) target price cut at Deutsche Bank from $75 to $43 to reflect lower earnings forecast. Maintained buy rating.

Sigma Designs numbers lowered at UBS. Fiscal 2009 estimates lowered to $2.20 from $2.79. Price target lowered to $48 from $75. Reiterates buy rating.

UnitedHealth(UNH Quote) numbers lowered at UBS. 2008 EPS estimates lowered to $3.85 from $3.96. Price target lowered to $52 from $68. Reiterates buy rating.