Analysts' Upgrades, Downgrades: Amgen

Change in Ratings

Aflac(AFL Quote) upgraded at Merrill Lynch to Neutral from Underperform.. Challenges within the financial sector have highlighted the value of AFL as they generate an ROE in the 20s without meaningful risk. 2008 EPS lower to $3.98 from $4.00 based upon the expectation of a weaker yen/dollar exchange rate.

Amgen(AMGN Quote) upgraded at Weisel to Overweight from Market Weight. $71 price target. AMGN has announced positive results from its Phase III placebo for postmenopausal osteoporosis. It should be noted that conclusions are difficult to draw from AMGN's press release as reduction in fracture rates were not cited.

Best Buy(BBY Quote) upgraded at Bank of America to Buy from Neutral. $46 price target. Market share gains should offset industry weakness for BBY. 2008 earning estimate increased to $3.31 from $3.21 and 2009 to $3.66 from $3.50.

Chattem(CHTT Quote) upgraded at JPMorgan to Overweight from Neutral. The large pullback within the stock is based upon concerns over slow revenue growth and has created a prime entry point given JPMorgan's view that revenue growth will rebound.

Clorox(CLX Quote) downgraded at Goldman Sachs to Sell from Neutral based on increased risk of weak earnings due to commodity inflation and slowing sales growth in core categories. Price target lowered to $54 from $57.

Dick's Sporting Goods(DKS Quote) upgraded at Goldman Sachs to Buy from Neutral based on long-term potential and premier growth profile vs. peers. Note poor visibility but likelihood that smaller competitors will fold amid current weak conditions for sporting goods retailers. Price target at $22.