Friday's Analysts' Upgrades, Downgrades

Change in Ratings

Affiliated Computer Services (ACS) upgraded at Jefferies to buy rating from hold. Price target upped to $63 from $50 and fiscal year 2008 EPS estimates lift to $3.17 from $3.12.

Allergan (AGN) downgraded at Jefferies to hold rating from buy. Price target dips to $62 from $78 and fiscal year 2008 EPS estimates hold at $2.55.

Apria Healthcare (AHG) upgraded at Jefferies to hold rating from under perform. Price target holds at $20 and fiscal year 2009 EPS estimates dip to $1.90 from $2.05.

Assurant (AIZ) downgraded at Goldman Sachs to neutral from buy based on tougher comps and increased vulnerability to catastrophe risk, ahead of hurricane season. Note stock's strong performance since October, driven by increases in specialty property policies. Price target lowered to $75 from $77.

DryShips (DRYS) coverage initiated at Credit Suisse with an outperform rating and $110 price target. Expect 90% earnings growth in 2008, followed by 10% growth in 2009. See spot charter rates pushing higher due to strong commodity demand and limited fleet growth.

Embarq (EQ) upgraded at Deutsche from hold to buy with a $64 price target. Company has a stable outlook, and presents investors with attractive free cash flow and dividend yields.

Investment Tech. Group (ITG) downgraded at KBW to market perform. Company had a strong first quarter, but will struggle to keep outperforming throughout the year.

Sun Microsystems (JAVA) downgraded at Bear from outperform to peer perform. Estimates also cut, as the company missed conservative targets last quarter.

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