Analysts' Upgrades, Downgrades

CHANGE IN RATINGS

Cabot Oil & Gas COG initiated at UBS with a Buy rating and $73 price target. 2008 EPS estimates are $5.79.

Campbell Soup CPB upgraded at Merrill from Neutral to Buy. $39 price target. Earnings growth should be driven by recent price increases. Estimates also raised, on expectation the company will buy back stock into the summer.

Cepheid CPHD upgraded by UBS. Rating raised to Buy from Neutral. Price target lowered to $29 from $31. 2008 EPS estimates lowered to -$0.21 from -$0.17.

Denbury Resources DNR initiated at UBS. Initiated with a Buy rating, $42 price target and 2008 EPS estimates of $3.23.

Esterline Technologies ESL downgraded at CSFB. Rating lowered to Neutral from Outperform. Maintains 2008 EPS estimates of $3.16 and $58 price target.

Forest Oil FST upgraded at UBS. Rating raised to Buy from Neutral. Price target raised to $72 from $44. 2008 EPS estimates raised to $11.34 from $7.46.

Gaylord Entertainment GET upgraded at Bear from Peer Perform to Outperform. Dropping the La Cantera purchase should remove a big overhang from the stock. $36 price target.

Human Genome Sciences HGSI downgraded at Citigroup from Buy to Hold, Citi. $8 price target. Swap of Syncria royalties for full rights to train adds further risk to the model. Also dashes M&A hopes.

Petrohawk Energy HK initiated at UBS. Initiated with a Buy rating, $35 price target and 2008 EPS estimates of $3.25.

International Flavors & Fragrances IFF downgraded at JP Morgan. Rating lowered to Underweight from Neutral. Maintains 2008 EPS estimates of $2.95.

International Paper IP downgraded at Credit Suisse to Neutral. Company just made an expensive acquisition that reflects a dramatic shift in its business model.

Illinois Tool Works ITW downgraded at Credit Suisse from Outperform to Neutral. $57 price target. 2009 earnings estimate also cut, based on lower economic expectations.

Omniture OMTR upgraded at Citigroup from Hold to Buy. $30 price target. The stock has fallen 45% from its highs, and the risk/reward once again appears attractive.

Procter & Gamble PG downgraded at Deutsche from Buy to Hold. $74 price target. Short-term growth is slowing, especially in beauty products.

PetroQuest PQ initiated at UBS. Initiated with a Neutral rating, $20 price target and 2008 EPS estimates of $5.09.

Plains Exploration PXP initiated at UBS. Initiated with a Neutral rating, $68 price target and 2008 EPS estimates of $10.13.

Reynolds American RAI upgraded at Goldman Sachs to Neutral due to recent weakness and lower consensus earnings expectations. See potential for share buybacks and dividend increase this year. Target at $67.

Regions Financial RF upgraded at Citigroup from Sell to Hold. $21 price target. Estimates cut because of credit and net interest margin concerns, but this is already priced into the stock.

Swift Energy SFY upgraded at UBS. Rating raised to Buy from Neutral. Price target raised to $58 from $49. 2008 EPS estimates lowered to $16.25 from $17.80.

UST UST downgraded at UBS. Rating lowered to Neutral from Buy. Price target lowered to $57 from $63. 2008 EPS estimates lowered to $3.64 from $3.71.

Venoco VQ upgraded at Jefferies to Buy from Hold due to valuation and increased confidence in production growth target of 5%-10%. Price target raised to $18 from $14.

US Steel X downgraded at Citigroup from Buy to Hold. $160 price target. Estimates raised, but the stock is already pricing in higher margins based on the run in steel prices.