Thursday's Analysts' Upgrades, Downgrades

Change in Ratings

Blackbaud(BLKB Quote) downgraded at Jefferies to underperform rating from buy. Price target cuts to $22 from $31 and fiscal year 2008 EPS estimates lowered to 96 cents from $1.01.

Cisco Systems(CSCO Quote) downgraded at UBS to neutral rating from buy. Price target holds at $27 while fiscal year 2008 EPS estimates lowered to $1.40 from $1.41.

Magellan Health(MGLN Quote) upgraded at Goldman Sachs to buy from neutral based on multiple catalysts for near-term upside, including new risk radiology benefit management contract, potential share buybacks and positive results in the specialty pharma business. Note solid fundamentals, valuation and no exposure to cyclical pressures weighing on managed care. Price target at $50.

Micron(MU Quote) upgraded at Goldman Sachs to buy from neutral based on valuation and improved year-end outlook for DRAM fundamentals. See 2008 DRAM capex reductions to exceed original -40%-50% estimate. Price target at $6. ...