Friday's Analysts' Upgrades and Downgrades

CHANGE IN RATINGS

Aegaen Marine (ANW Quote) initiated at Jefferies with a Buy rating. Price target starts at $42 with 2008 EPS estimates at $1.72.

Avery Dennison (AVY Quote) downgraded at Baird from Outperform to Neutral. $64 price target. Visit with management confirms near-term concerns of lower high-end clear film sales and surprise weakness in Europe.

American Express (AXP Quote) downgraded at Merrill Lynch from Buy to Neutral. Estimates also cut, because of slower expected US growth.

Church & Dwight (CHD Quote) initiated at UBS with Neutral rating. Price target starts at $48 with 2008 EPS estimates at $2.68. ...