Thursday's Analysts' Upgrades and Downgrades

CHANGE IN RATINGS

ACCO Brands (ABD Quote) downgraded at Deutsche: ABD was downgraded from Buy to Hold at Deutsche Bank. $26 price target. Estimates also lowered, as a potential earnings recovery has been pushed out to 2008.

AK Steel (AKS Quote) downgraded at JP Morgan: AKS was downgraded from Overweight to Neutral at JP Morgan. Recent insider selling suggests an acquisition is not likely to materialize in the near term. Stock is also already pricing in solid first quarter results.

Autonation (AN Quote) downgraded at Morgan Stanley: Morgan Stanley downgrades Autonation from equalweight to overweight.

Apollo Group (APOL Quote) upgraded at Merrill: APOL was upgraded from Neutral to Buy at Merrill Lynch. $55 price target. Company is still in the early stages of a turnaround and trades at a significant discount to its peers. ...