Thursday's Analysts' Upgrades, Downgrades

Change in Ratings

Blackbaud(BLKB) downgraded at Jefferies to underperform rating from buy. Price target cuts to $22 from $31 and fiscal year 2008 EPS estimates lowered to 96 cents from $1.01.

Cisco Systems(CSCO) downgraded at UBS to neutral rating from buy. Price target holds at $27 while fiscal year 2008 EPS estimates lowered to $1.40 from $1.41.

Magellan Health(MGLN) upgraded at Goldman Sachs to buy from neutral based on multiple catalysts for near-term upside, including new risk radiology benefit management contract, potential share buybacks and positive results in the specialty pharma business. Note solid fundamentals, valuation and no exposure to cyclical pressures weighing on managed care. Price target at $50.

Micron(MU) upgraded at Goldman Sachs to buy from neutral based on valuation and improved year-end outlook for DRAM fundamentals. See 2008 DRAM capex reductions to exceed original -40%-50% estimate. Price target at $6.

Plexus(PLXS) downgraded at Credit Suisse to neutral from outperform based on valuation and negative channel checks. Shares are up 20% in past month, and recent checks indicate softening backlog with Juniper post-May. Price target at $30.

Sappi(SPP) upgraded at Credit Suisse to outperform from neutral based on improving fundamentals in coated paper market. Note lower inventory levels and expect pricing to improve again in the second quarter. Price target raised to $17 from $14.

Wipro(WIT) downgraded at Goldman Sachs to sell from neutral, based on high valuation and expectations. See transitory risk into 2009. Price target cut to $10 from $12.

Stock Comments/EPS Changes

Monsanto(MON) estimates raised at Credit Suisse to $3.32 from $2.82 based on continued strength in glyphosate and corn seed profitability. Price target at $13.

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