Analysts' Upgrades, Downgrades: Cisco

Change in Ratings

Ciena(CIEN Quote) downgraded at Credit Suisse to underperform from outperform due to restrained capex environment. Cites significant risk in company's guindace. Lowered target to $17 from $35.

Cisco(CSCO Quote) downgraded at Credit Suisse to neutral from outperform. Sees near - to intermediate-term concerns based on reduced capex from one or more major carriers. Lowered target to $24 from $31.

CSX(CSX Quote) upgraded at Merrill to buy from neutral. $71 price target. Due to better cost controls, 2008 EPS is increasing to $3.55 from $3.53.

MGM Mirage(MGM Quote) downgraded at Merrill to underperform from neutral. $24 price target. Downgrade is due to increasing uncertainty that is surrounding the company's ability to secure financing for CityCenter and complete the condo sales consistent with historical levels.

Walgreen's(WAG Quote) upgraded at Credit Suisse to outperform from neutral. Cites management has finally begun aligning corporate strategy with key stock performance drivers. Target price is $42.

Stock Comments /EPS Changes

Adtran(ADTN Quote) numbers raised at Jefferies to $1.35 from $1.25. Price target raised to $24.50 from $22.50. Maintains Hold rating.

Adtran(ADTN Quote) estimates raised at Morgan Stanley by 5% and 2% to $1.35 and $1.57 based on higher sales and better than expected gross margins.

Adtran(ADTN Quote) numbers raised at UBS to $1.31 from $1.26. Price target raised to $26.00 from $24.50. Maintains Neutral rating.

Altera(ALTR Quote) EPS estimates raised at Morgan Stanley by 13 cents and 1 cent to $1.15 and $1.26 with higher revenues offset by partially by higher R&D and interest expense. $26 price target