Analysts' Upgrades, Downgrades: Biogen

CHANGE IN RATINGS

Alcoa (AA) downgraded at Friedman, Billings Ramsey to Underperform. $8.50 price target. Stock has doubled since the March lows, and the aluminum market appears to have excess supply.

Akamai Technologies (AKAM) initiated at JPMorgan. Initiated with a Hold rating. Introduces $21 price target and 2009 EPS estimates of $1.70.

Biogen (BIIB) downgraded at Deutsche Bank. Rating lowered to Hold from Buy. Maintains $55 price target and 2009 EPS estimates of $4.11.

Cognizant Technology (CTSH) upgraded at Wachovia from Underperform to Market Perform. Valuation call relative to its peers, even though there's a cautious outlook for the industry.

Healthways (HWAY) downgraded at Goldman to Sell from Neutral. Potential in-sourcing risk from national plan clients, pricing pressure and selling challenges, and signs of competition led to the decrease in ratings. Increased price target to $10 from $9.

JCPenney (JCP) upgraded at Morgan Stanley from Equal-weight to Overweight. $35 price target. Valuation call, as gross margin could exceed expectations in the second half of the year.

KB Home (KBH) upgraded at Credit Suisse to Neutral from Underperform. Cites a slower decline of orders, achieving 21.7 sales per community, and a successful shift to its "Open Series" of homes. Maintained price target of $13.

SolarWinds (SWI) coverage initiated upon with a Buy at Goldman. Compelling valuation and being the leading vendor of mid-market network management software forecasts many growth opportunities. Established price target at $18.

SolarWinds (SWI) rated new Overweight at Morgan Stanley. $20 price target. Company has 20% annual earnings growth potential.