Analysts' Upgrades, Downgrades: Qwest

Change in Ratings

American Electric (AEP Quote) downgraded at JPMorgan Chase from Overweight to Neutral. Stock lacks potential near-term catalysts, and will likely continue to underperform in the coming quarters.

Atmos Energy (ATO Quote) downgraded at Wachovia to Market Perform. Natural gas marketing continues to be a drag on earnings, and the stock is already pricing in any potential future pipeline business.

Brinker (EAT Quote) downgraded at Goldman to Sell from Neutral based on earnings risk and recent bounce in the stock price. Lowered target to $18 from $20.

Consolidated Edison (ED Quote) downgraded at JP Morgan from Neutral to Underweight. Investors will likely favor names in this group that offer higher growth potential.

Emulex (ELX Quote) upgraded at Citigroup from Sell to Buy. $16 price target. Company is facing favorable comparisons and clearing its channel inventory. Underlying business also improving for key ESP customers. Finally, a large buyback will likely be executed by the end of the month.

Pride International (PDE Quote) upgraded at Wachovia to Outperform. Valuation call, while earnings should benefit from recent contract wins and higher mat-supported jackup day rates.

Qwest Communications (Q Quote) upgraded at Citigroup from Hold to Buy. $6 price target. Company likely to see operational and financial restructuring in the coming quarters. In the meantime, enterprise revenue has been improving.

QLogic (QLGC Quote) downgraded at Citigroup from Buy to Hold. $20 price target. Expect increased priced competition, and the company faces tougher comps in the coming quarters.

South Jersey Industries (SJI Quote) downgraded at Wachovia to Market Perform. Casino delays in Atlantic City and Las Vegas have created uncertainty around the company's major thermal energy projects.