Analysts' Upgrades, Downgrades: Adobe

Change in Ratings

Adobe(ADBE Quote) upgraded at Jefferies to hold rating from underperform. Price target raised to $43 from $31 and fiscal year 2008 EPS estimates lift to $1.87 from $1.85.

Basic Energy(BAS Quote) downgraded at UBS to neutral rating from buy. Price target and fiscal year 2008 EPS estimates hold at $29 and $3.85, respectively.

Exelon(EXC Quote) downgraded at Citigroup from buy to hold with a $91 price target. The stock is now approaching its fair value and is at a premium to its integrated utility peers.

Flowers Foods(FLO Quote) downgraded at Merrill to neutral. Valuation call, as the stock is up 25% over the past 12 months.

Frontier Oil(FTO Quote) upgraded at Bear Stearns from underperform to peer perform. FTO is one of the better-positioned refiners that will be able to endure this period of margin weakness. Until fundamental conditions improve there is limited upside in FTO and other refining stocks share prices.

J.B. Hunt(JBHT Quote) upgraded at Merrill from hold to buy with a $37.25 price target. Merrill believes JBHT will post above average growth led by continued double-digit growth of the intermodal market, and expected tightening of the TL market from increasing bankruptcies.

MetLife(MET Quote) upgraded at Merrill from hold to buy with a $78 price target. Analysts suggest almost 35% return potential for MET over the next 12 months, and the stock is trading at only 1.3 times its current book value.

Quest Software(QSFT Quote) added to Buy List at Goldman based on increased confidence in near-term earnings. Note reduced operating expenses. Price target raised to $21 from $17.50.