Thursday's Analysts' Upgrades and Downgrades

CHANGE IN RATINGS

Associated Banc-Corp (ASBC Quote) was downgraded from Neutral to Sell at Merrill Lynch. Estimates also cut, to reflect higher loss assumptions and a less aggressive buyback program.

Broadridge (BR Quote) was downgraded from Overweight to Neutral at JP Morgan. Company posted a strong quarter, but may lose ETFC as a customer and event-driven fees may decline in the coming quarters.

Cathay General (CATY Quote) was downgraded to Sell at Merrill Lynch. Estimates also cut, as the company will likely see higher non-performing loans and negative loan repricing.

Countrywide Financial (CFC Quote) was upgraded to Market Perform at Wachovia. Company still has some near-term earnings risk, but the capital infusion should prevent a liquidity catastrophe. ...