Wednesday's Analysts' Upgrades and Downgrades

CHANGE IN RATINGS

Affymax (AFFY Quote) coverage initiated at Morgan Stanley: Morgan Stanley initiates coverage of Affymax with an overweight rating and $47 price target.

Advanced Micro (AMD Quote) downgraded at Friedman, Billings: AMD was downgraded from Market Perform to Underperform at Friedman, Billings Ramsey. $10 price target. Company said that the situation was far worse than previously expected. AMD has also lost its technical advantage, and is facing a CapEx crunch in 2007.

Advanced Micro estimates cut at Prudential: Prudential is cutting its 2007 estimates on AMD from 42 cents a share to a loss of $1.01 a share due to expectations of very aggressive pricing environment.

Advanced Micro price target cut at Goldman: Goldman is slashing its target on AMD to $12 from $16 after company reported weak Q4 results. Disappointments included gross margins of 39.7% and higher R&D and interest expenses. Believe business model is structurally flawed. Maintain Sell rating. ...