Monday's Analysts' Upgrades and Downgrades

CHANGE IN RATINGS

Applebee's (APPB Quote) upgraded at UBS: APPB upgraded to Buy rating from Neutral at UBS. Price target lifts to $29 from $25. However, 2007 estimates lowered to $1.12 from $1.13 and 2008 estimates drop to $1.20 from $1.22.

Black & Decker (BDK Quote) downgraded at Baird: BDK was downgraded from Outperform to Neutral at Robert Baird. $84 price target. Retail sales data has been softening, leading to estimate cuts. Buyback activity should lend some near-term support to the shares.

Black & Decker (BDK Quote) numbers lowered at UBS: BDK is estimates lowered at UBS. 2006 EPS estimates drop to $6.54 from $6.90 and 2007 estimates lowered to $6.31 from $6.57. Reiterated Neutral rating.

Baker Hughes (BHI Quote) upgraded at Goldman Sachs: Goldman is upgrading BHI to Buy from Neutral based on relative valuation. This upgrade is in conjunction with Schlumberger downgrade, as SLB's premium relative to peers in at historic levels. Expect improvements in Baker Oil tools in 2007, and that low expectations and gradual improvements in operating performance should drive BHI shares going forward. Price target at $102. ...