Thursday's Analysts' Upgrades and Downgrades

CHANGE IN RATINGS

Arbitron (ARB Quote) upgraded at Bear: ARB was upgraded from Peer Perform to Outperform at Bear Stearns. Company is making progress in its PPM rollout, which should help drive the stock.

CACI International (CAI Quote) downgraded at Wachovia: CAI was downgraded to Market Perform at Wachovia. Sudden departure of the CFO increases concern about the company's near-term direction.

Gol Airlines (GOL Quote) coverage resumed at Morgan Stanley: Morgan Stanley resumes coverage of Gol Airlines with an overweight rating and a $37 price target.

Level 3 (LVLT Quote) rated new Outperform at Credit Suisse: Credit Suisse is initiating coverage on LVLT with an Outperform rating. Believes company will continue to see strong demand driven by higher data usage. Sets $7.50 target price. ...