Thursday's Analysts' Upgrades, Downgrades

Change in Ratings

Chicago Bridge & Iron(CBI) downgraded at Citigroup from buy to hold with a $44 price target. Company added little to its backlog, and both sales and margins fell short of expectations.

Endo Pharma(ENDP) downgraded at Baird from outperform to neutral with a $31 price target. New management team will likely bring a major revamp in the product line and pipeline. Stock is unlikely to outperform during this transition.

First Solar(FSLR) downgraded at Oppenheimer from outperform to perform. Valuation call. Stock has limited upside potential, until First Solar Electric ramps sales.

Garmin(GRMN) downgraded at Merrill from buy to neutral. Estimates cut through 2009, because of uncertainty in the PND market.

Hovanian(HOV) downgraded at UBS to sell rating from neutral. Price target and fiscal year 2008 EPS estimates hold at minus $5.15 and $8.75.

PharmaNet Development(PDGI) downgraded at Jefferies to hold rating from buy at Jefferies. Price target slashed to $15 and fiscal year 2008 EPS estimates cut to 8 cents from $1.55.

Yum! Brands(YUM) downgraded at UBS to neutral rating from buy. Price target and fiscal year 2008 EPS estimates hold at $1.90 and $43, respectively.

Stock Comments/EPS Changes

General Motors(GM) price target raised at Goldman to $24 from $22 based on first-quarter earnings that beat estimates. Note strong international results and favorable foreign exchange effects. Maintained neutral rating.

International Paper(IP) target lowered at Goldman to $30 from $32 following weak first-quarter results. Higher-than-expected cost inflation sapped profits by $90 million compared to previous quarter. Maintained neutral rating.

Reynolds American(RIA) price target lowered at Goldman to $62 from $67 due to lower cigarette volumes, negative operating leverage and higher spending at Conwood. Maintained neutral rating.

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