Analysts' Upgrades, Downgrades: DryShips

CHANGE IN RATINGS

Arch Coal (ACI Quote) downgraded at Goldman to Neutral from Buy after lagging to its industry peers. Lowered price target to $21 from $23.

Amazon (AMZN Quote) upgraded at Susquehanna to positive with a $100 price target. The company has proven its ability to execute well despite the difficult economy and tough currency comparisons, gaining share and demonstrating strong operating efficiencies. Amazon continues to over deliver relative to cautious guidance and consensus forecasts. Thus, PEG remains 1.2x long-term EPS growth, in line with previous target. Raising EPS growth rate to 30% from prior target of 25%, in line with EPS forecasts post recession.

Air Products (APD Quote) upgraded at KeyBanc. Rating raised to Buy from Hold. Introduces $80 price target. Maintains 2009 EPS estimates of $4.00.

Peabody Energy (BTU Quote) upgraded at Goldman to Buy from Neutral. The co. has a unique exposure to Asia seaborne metallurgical coal markets via its Australian assets with great upside potential for earnings in 2009. Raised price target to $45 from $41.

Chattem (CHTT Quote) downgraded at Jefferies from Buy to Hold. $72 price target. Scanner data decelerated in March, and the stock is near the price target.

DryShips (DRYS Quote) upgraded at Credit Suisse to Outperform from Neutral. Cites that the recent surge in oil prices should help secure contacts and that many investors are ignoring their rig assets. Increased price target to $8 from $5.

Dreamworks (DWA Quote) initiated at Weisel. Initiated with an Overweight rating and $35 price target.