Tuesday's Analysts' Upgrades and Downgrades

CHANGE IN RATINGS

Allegheny Energy (AYE Quote) upgraded at Jefferies to Buy rating from Hold. Price target lifts to $61 from $56, and FY 2008 EPS estimates jump to $2.70 from $2.45.

Dolby (DLB Quote) was upgraded to Overweight at JP Morgan. Recent pullback creates an attractive buying opportunity, as the company can generate 14% sales CAGR over the next 4 years.

Energy East (EAS Quote) upgraded at Goldman Sachs to Neutral from Sell following announcement that company will be acquired by Iberdrola S.A. Transaction will allow Iberdrola to monetize tax credits it generates from wind generation in U.S.

Edison International (EIX Quote) upgraded at Jefferies to Buy rating from Hold. Price target lifts to $62 from $56, and FY 2008 EPS estimates jump to $3.95 from $3.45. ...