Analysts' Upgrades, Downgrades: Emulex

Change in Ratings

Abiomed (ABMD Quote) initiated as a Buy at Bank of America with a $30 price target.

C.R. Bard (BCR Quote) initiated as Neutral at BofA with $100 price target.

CardioNet (BEAT Quote) initiated as a Buy at BofA with a $43 price target.

Brady (BRC Quote) downgraded at Thomas Weisel to Underweight. While the company should exceed near-term earnings expectations, the handset and consumer electronics markets will likely become more volatile in the coming months. $39 price target.

Comverge (COMV Quote) downgraded at Goldman Sachs to Neutral from Buy following disappointing Q2 results. See too much uncertainty in achieving profitability despite compelling theme of modernizing electricity grid. Price target cut to $7.50 from $16.

Covidien (COV Quote) initiated as a Buy at BofA with a $59 price target.

Emulex (ELX Quote) upgraded at Goldman Sachs to Buy from Neutral based on improved outlook for enterprise spending in second half of 2008 and lowered expectations following June quarter. Target raised to $16.50 from $11.50.

Longs Drug Stores (LDG Quote) upgraded at Credit Suisse to Neutral from Sell after the company entered into an agreement to be acquired by CVS Caremark (CVS Quote). Raised target price to $71.50 from $42.

Molex (MOLX Quote) upgraded at Credit Suisse to Neutral from Underperform based on company's strong margin guidance. Raised target price to $26 from $25.

National Instruments (NATI Quote) downgraded at Weisel from Market-weight to Underweight. Risk/reward is less favorable at current levels, with sales growth decelerating. $35 price target.