Thursday's Analysts' Upgrades, Downgrades

Change in Ratings

Dolby Laboratories(DLB Quote) upgraded at Morgan Stanley to equal-weight with a $39 price target. Stock is already pricing in a mild U.S. recession.

Juniper Networks(JNPR Quote) downgraded at Goldman Sachs to a neutral rating vs. a previous buy rating after transferring coverage to a new lead analyst. Note potential for broadening weakness in enterprise demand. Price target cut to $25 from $37.

QLogic(QLGC Quote) downgraded at Morgan Stanley to underweight from neutral based on decelerating revenue growth and potential loss of HBA market share. Note negative FC director business and concerns over long-term InfiniBand penetration.

Spirit Aerosystems(SPR Quote) upgraded at UBS to buy rating from neutral. Price target holds at $30 while fiscal year 2009 EPS estimates cut to $2.46 from $2.55.

Sempra Energy(SRE Quote) upgraded at UBS to buy rating from neutral. Price target lifts to $64 from $58.50 and fiscal year 2009 EPS estimates upped to $4.43 from $4.41.

Seagate Technology(STX Quote) downgraded at Baird to neutral. Industry conditions have continued to worsen through March, which will likely keep a lid on the stock. $22 price target.

Valero Energy(VLO Quote) upgraded at Deutsche from hold to buy with a $72 price target. Valuation call, as the stock is trading at a 30% discount to its NAV. Company should also be making money long after the more leveraged refiners are losing it.

Stock Comments/EPS Changes

Resources Global(RECN Quote) estimates cut at Deutsche Bank by 10 cents to $1.55 a share to reflect lower revenue estimate. Maintained buy rating.