Thursday's Analysts' Upgrades and Downgrades

CHANGE IN RATINGS

Allied Waste (AW Quote) downgraded at JP Morgan from Overweight to Neutral. Company has more cyclical leverage than its peers, plus the stock does not offer the downside support of a buyback program or a dividend.

Bucyrus (BUCY Quote) upgraded at Goldman Sachs to Buy from Neutral based on strong mining equipment order trends and limited vulnerability to US recession. Expect strong orders, backlog and 2008 outlook commentary when company reports earnings in mid-February. Price target raised to $99 from $88.

Cigna (CI Quote) upgraded at Lehman Bros. from Underweight to Equal-weight. $61 price target. Stock is already reflecting disappointing earnings growth, and buybacks or acquisitions could add to earnings.

Express Scripts (ESRX Quote) downgraded at Merrill from Buy to Neutral. Valuation call, as the stock is up 100% over the past year. ...