Analysts' Upgrades, Downgrades: OMX

Change In Ratings

Canadian Natural(CNQ Quote)resources upgraded at RBC to outperform rating from sector perform at RBC. Price target lowered to $110 from $115 while FY09 eps estimates upped to $6.30 from $6.14. Reiterates Above Average Risk qualifier.

Corning(GLW Quote) upgraded at Merrill from neutral to buy. Stock is down 27% of late, which is more than pricing in any decline in demand from LCD customers. $26 price target.

Norfolk Southern(NSC Quote) upgraded at JP Morgan from Neutral to Overweight. Company has larger exposure to a tightening truckload market and coal exports, and should exceed consensus earnings expectations.

Nexen(NXY Quote) downgraded at RBC to sector perform rating from outperform at RBC. Price target lowered to $43 from $48 while FY09 eps estimates upped to $4.92 from $4.85. Reiterates Average Risk qualifier.

Office Max(OMX Quote) upgraded at Credit Suisse to outperform from neutral based on valuation. Stock is down 70% from its 52-week high and sees little additional downside. Maintained $15 target price.

Petroquest(PQ Quote) upgraded at UBS with the rating raised to buy from neutral. Raises 2008 EPS estimates to $5.95 from $5.05 and target price to $30 from $25.

Gibraltar Industries(ROCK Quote) downgraded at Goldman Sachs to sell from neutral due to weak end markets and margin compression. See weakness in auto and residential construction markets overriding positive effect of high steel prices. Price target cut to $12 from $13.

Stock Comments / EPS Changes

Freddie Mac(FRE Quote) numbers lowered at UBS with 2008 EPS estimates lowered to -$3.70 from -$0.30. Price target lowered to $10 from $28. Maintains Neutral rating.