Thursday's Analysts' Upgrades, Downgrades

Change in Ratings

AppleAAPL upgraded at Morgan Keegan from underperform to market perform. Earnings growth is slowing, but the company is not seeing any weakness in the U.S. 2008 earnings estimate also raised to $5.15 a share.

Allegheny TechnologiesATI downgraded at Goldman to neutral from buy due to near-term concerns over Boeing 787 delays. Also noted risks connected to competitive pressure in alloys, lack of pricing power in stainless steel and margin deterioration in HPM segment. Price target trimmed to $92 from $105.

Level 3 CommunicationsLVLT upgraded at Merriman to neutral. Company posted good first-quarter results, and the stock is already pricing in liquidity risks.

Take-Two InteractiveTTWO downgraded at Citigroup from buy to hold with a $30 price target. Risk/reward is even at current levels, as Electronic ArtsERTS will likely win out in its acquisition bid.

XM SatelliteXMSR downgraded at Citigroup from buy to hold. New analyst believes that SiriusSIRI is a better buy at current levels, with a 70% probability of the deal going through.

Stock Comments/EPS Changes

AlconACL numbers raised at Jefferies. Price target raised to $174 from $166. 2008 EPS estimates raised to $6.45 from $6.30. Maintains buy rating.

AllstateALL estimates lowered at UBS. 2008 EPS estimates lowered to $5.40 from $5.80. Maintains neutral rating and $51 price target.

Air ProductsAPD numbers raised at Jefferies. 2008 EPS estimates raised to $5.00 from $4.85. Price target raised to $108 from $98. Maintains Hold rating.

Air Products 2008 EPS estimates raised at UBS to $5.02 from $4.92. Maintains buy rating and $115 price target.