Analysts' Upgrades, Downgrades: Yahoo!

Change in Ratings

NYSE Euronext(NYX Quote) upgraded at Deutsche from hold to buy with an $86 price target. Company is finally making some progress with its merger, and estimates are still moving higher, even though trading volume may disappoint.

Sara Lee(SLE Quote) upgraded at Wachovia to market perform. Stock now looks fairly valued, following disappointing fiscal third-quarter results.

Vasco Data Security(VDSI Quote) upgraded at Jefferies to buy rating from hold. Price target and fiscal year 2008 EPS estimates hold at $13 and 63 cents, respectively.

Aqua America(WTR Quote) downgraded at Wachovia from outperform to market perform. Valuation call, as earnings in the first half of the year have been disappointing. Estimates also cut.

Yahoo!(YHOO Quote) downgraded at Citigroup from hold to sell with a $26 price target.

Stock Comments/EPS Changes

Cephalon(CEPH Quote) numbers lowered at UBS. Price target dips to $82 from $84 and fiscal year 2009 EPS estimates cut to $5.43 from $5.52. Reiterates buy rating.

Disney(DIS Quote) price target raised at Goldman to $39 from $35 based on strong second-quarter results that included margin expansion across all segments except Consumer Products. Note solid results at ESPN despite concerns over advertising growth. Maintained buy rating.

Vulcan Materials(VMC Quote) numbers lowered at UBS. Fiscal year 2008 EPS estimates cut to $6.20 from $6.30 while price target holds at $110. Reiterates neutral rating.