Analysts' Upgrades, Downgrades: Chevron

Change in Ratings

Agilent(A Quote) price target raised at Goldman to $38 from $37, based on better-than-expected quarterly results and positive guidance. Note that company provided revenue and earnings guidance for two forward quarters (historically only one quarter). Maintained neutral rating.

Atwood Oceanics(ATW Quote) initiated at UBS with a buy rating and $125 price target. 2008 EPS estimates introduced at $6.57.

Cellcom(CEL Quote) upgraded at Jefferies to buy from neutral. 2008 EPS estimates raised to $2.70 from $2.15. Price target raised to $40 from $33.

Chevron(CVX Quote) upgraded at UBS to buy from neutral. 2008 EPS estimates raised to $12.94 from $9.53. Price target raised to $115 from $100.

Diamond Offshore(DO Quote) initiated at UBS with a buy rating and $160 price target. 2008 EPS estimates introduced at $10.00.

Ensco International(ESV Quote) initiated at UBS with a buy rating and an $85 price target. Introduces 2008 EPS estimates of $8.13.

Hercules Offshore(HERO Quote) initiated at UBS with a neutral rating and $35 price target. Introduces 2008 EPS estimates of $1.46.

Longs Drug Stores(LDG Quote) initiated at UBS with a buy rating and $55 price target. Introduces fiscal 2009 EPS estimates of $3.07.

Noble Corporation(NE Quote) initiated at UBS with a buy rating and $81 price target. 2008 EPS estimates set at $6.06.

Price International(PDE Quote) initiated at UBS with a neutral rating and $49 price target. Introduces 2008 EPS estimates of $4.94.

Plains Exploration & Production(PXP Quote) upgraded at UBS to buy from neutral. 2008 EPS estimates raised to $14.68 from $12.66. Price target raised to $80 from $75.