Wednesday's Analysts' Upgrades, Downgrades

Change in Ratings

Aflac(AFL Quote) downgraded at UBS to neutral rating from buy. However, price target lifts to $73 from $72 and 2008 EPS estimates rise to $4.67 from $4.53.

Crocs(CROX Quote) downgraded at JPMorgan from overweight to neutral, JPMorgan said. There's risk to first-quarter guidance, because of weak U.S. sales.

Dick's Sporting Goods(DKS Quote) downgraded at UBS to neutral rating from buy. Price target cut to $29 from $35 while fiscal year 2009 EPS estimates hold at $1.45.

Expeditors(EXPD Quote) downgraded at UBS to neutral rating from buy. Price target and fiscal year 2008 EPS estimates hold at $48 and $1.41, respectively.

Forest Oil(FST Quote) upgraded at Jefferies to buy rating from hold. Price target jumps to $63 from $50 while 2008 EPS estimates dip to $2.60 from $2.66.

Philip Morris(PM Quote) coverage initiated at Goldman Sachs with a buy rating based on healthy top-line growth, margin improvement driven by cost savings and balance sheet strength. Believe premium valuation to tobacco peers is warranted. Price target at $60.

State Street(STT Quote) downgraded at KBW from outperform to market perform. Company facing difficult comparisons in the second half of the year. $90 price target.

UST(UST Quote) downgraded at Goldman Sachs to neutral from buy based on limited upside relative to tobacco peers (Altria(MO Quote) and Philip Morris). Remain constructive on stock as premium brand trends remain strong and company steps up share repurchases. Price target at $62.