Analysts' Upgrades, Downgrades

Change in Ratings

Archer-DanielsADM downgraded at Merrill from buy to neutral. Estimates also raised, though negative ethanol sentiment could hang over the stock for the time being.

BlackstoneBX downgraded at Merrill from buy to neutral. Estimates also cut, to reflect negative private-equity return and lower advisory revenue.

CBSCBS upgraded at Citigroup from sell to hold, with a $23 price target. Remain cautious on the national advertising outlook, but the dividend yield helps to limit downside potential.

CBS downgraded at Wachovia to market perform. Challenging advertising environment and acquisition growth strategy leave the company with limited near-term upside potential.

Genesee & WyomingGWR downgraded at Merrill from neutral to sell. Valuation call, with the stock trading at a 70% premium to its historical average valuation. Estimates also cut, as the company is being hurt by fuel costs.

LearLEA downgraded at Citigroup from buy to hold with a $34 price target. Stock has outperformed the S&P 500 by 19% year to date, and estimates are being cut to reflect lower North American light-truck demand.

Rock-TennRKT added to JPMorgan Focus List with a $43 price target. See attractive entry point considering strong results at Southern Container and improving free cash flow in second half of 2008. Maintained overweight rating.

SohuSOHU downgraded at Oppenheimer to perform rating from outperform. Price target holds at $73 while fiscal year 2008 EPS estimates rise to $2.47 from $2.12.

SavvisSVVS downgraded at Jefferies to hold rating from buy. Price target slashed to $20 from $30 and fiscal year 2008 EPS drops to minus 42 cents from break even.