Analysts' Upgrades, Downgrades: Biogen

CHANGE IN RATINGS

Alcoa (AA Quote) downgraded at Friedman, Billings Ramsey to Underperform. $8.50 price target. Stock has doubled since the March lows, and the aluminum market appears to have excess supply.

Akamai Technologies (AKAM Quote) initiated at JPMorgan. Initiated with a Hold rating. Introduces $21 price target and 2009 EPS estimates of $1.70.

Biogen (BIIB Quote) downgraded at Deutsche Bank. Rating lowered to Hold from Buy. Maintains $55 price target and 2009 EPS estimates of $4.11.

Cognizant Technology (CTSH Quote) upgraded at Wachovia from Underperform to Market Perform. Valuation call relative to its peers, even though there's a cautious outlook for the industry. ...