Friday's Analysts' Upgrades and Downgrades

CHANGE IN RATINGS

Brady Corp (BRC Quote) coverage initiated at Jefferies: Jefferies said it is initiating coverage on BRC with a Hold rating. See shares appropriately valued in light of pricing and cost pressures. No near-term catalysts. Price target at $37.

Chubb (CB Quote) downgraded at AG Edwards: CB was downgraded from Buy to Hold, AG Edwards said. Valuation call, especially as new accounting rules will reduce book value.

Chemed (CHE Quote) downgraded at Deutsche: CHE was downgraded from Buy to Hold, Deutsche Bank said. $35 price target. Company cut guidance once again, as its Medicare exposure continues to weigh on earnings.

Salesforce.com (CRM Quote) downgraded at Friedman, Billings: CRM was downgraded from Market Perform to Underperform, Friedman, Billings Ramsey said. Expectations into 2007 may be too high, after the company posted a solid July quarter. $26 price target. ...