Wednesday's Analysts' Upgrades and Downgrades

CHANGE IN RATINGS

Ann Taylor (ANN Quote) downgraded at UBS: UBS downgrades shares of ANN to Neutral from Buy. Lowers price target to $38 from $46.

AnnTaylor Stores (ANN Quote) downgraded at UBS: UBS is downgrading ANN to Neutral from Buy based on high investor expectations heading into next phase of turnaround, as well as merchandising issues and tough comparisons going into holiday season. Price target reduced to $38 from $46.

Jefferies upgrades Constellation Energy(CEG Quote): CEG upgraded to Buy from Hold at Jefferies. Price target raised to $76 from $66 and 2008 EPS estimates bumps up to $5.55 from $5.30

3Com (COMS Quote) downgraded at Bear: COMS was downgraded from Outperform to Peer Perform at Bear Stearns. Purchase of the Huawei JV adds risk to the stock. ...