Friday's Analysts' Upgrades and Downgrades

Who made what calls.
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CHANGE IN RATINGS

Allied Capital

(ALD)

initiated at Morgan Stanley: Morgan Stanley initiates Allied Capital with an overweight rating and a $39 price target.

Avery Dennison

(AVY) - Get Report

downgraded at JP Morgan: AVY was downgraded from Overweight to Neutral at JP Morgan. Stock also cut from the focus list, as the stock now looks fully valued.

Ciena

(CIEN) - Get Report

upgraded at Deutsche: CIEN was upgraded from Hold to Buy at Deutsche Bank. $36 price target. Stock offers best upside potential in the group. Deal exposure helps to offset consolidation among customers.

DRS Technologies

(DRS)

upgraded at Morgan Stanley: Morgan Stanley upgrades DRS Technologies to equalweight from underweight and gives the company a $55 price target.

Encana

(ECA) - Get Report

downgraded at Citigroup: ECA downgraded from Buy to Sell at Citigroup. $47 price target. Company guided to lower 2007 production growth, and the stock has already enjoyed a solid run.

Ecolab

(ECL) - Get Report

downgraded at Goldman Sachs: Goldman Sachs downgrades ECL to Neutral and removes from Americas Buy list on valuation concerns.

Forward Air

(FWRD) - Get Report

downgraded at Baird: FWRD was downgraded from Outperform to Neutral at Robert Baird. $35 price target. Difficult external environment is weighing on the company's ability to achieve earnings goals.

International Rectifier

(IRF)

downgraded at UBS: IRF downgraded to Neutral rating from Buy at UBS. Maintains price target at $43.50 and 2007 estimates at $2.26.

Lowe's

(LOW) - Get Report

upgraded at Bear: LOW was upgraded to Outperform at Bear Stearns. $39 price target. Expect earnings to hit an inflection point in the second half of 2007. $39 price target.

Monsanto

(MON)

upgraded at Goldman Sachs: Goldman Sachs upgrades MON to Buy from Neutral and adds to Americas Buy list.

Patterson-UTI

(PTEN) - Get Report

downgraded at Morgan Stanley: Morgan Stanley downgrades Patterson-UTI to sell, as fundamentals in the US land drilling market return to more normal conditions.

SunTrust

(STI) - Get Report

downgraded at FBR: FBR downgrades SunTrust Banks to underperform on valuation, with a price target of $79.

Temple-Inland

(TIN)

upgraded at Deutsche: TIN was upgraded from Hold to Buy at Deutsche Bank. $55 price target. Assets hold long-term value, ultimately worth as much as $70.

Weyerhaeuser

(WY) - Get Report

upgraded at Deutsche Bank: Morgan Stanley upgrades Weyerhaeuser from hold to buy, and raises price target from $55 to $80.

STOCK COMMENTS / EPS CHANGES

Adobe

(ADBE) - Get Report

numbers raised at UBS: ADBE numbers raised at UBS. Price target lifts to $50 from $46 and 2008 EPS estimates rise to $1.46 from $1.44. Reiterates Buy rating.

Adobe

(ADBE) - Get Report

numbers raised at Jefferies: ADBE numbers raised at Jefferies. Price target lifts to $50 from $45 and 2008 EPS estimates bump up a penny to $1.76. Reiterates Buy rating.

AMD

(AMD) - Get Report

numbers raised at Jefferies: AMD numbers raised at Jefferies. Price target lifts to $22 from $19 and 2007 EPS estimates bump up to $1.09 from $0.97. Reiterates Hold rating.

Bear Stearns

(BSC)

price target raised at Goldman Sachs: BSC estimates raised at Goldman. New target set at $182 from $155. 2007 EPS estimates rise to $16.05 from $14.70 and 2008 estimates rise to $17.40 from $15.70. Reiterates Neutral rating.

Ciena

(CIEN) - Get Report

numbers raised at UBS: CIEN numbers raised at UBS. Price target lifts to $27 from $24. 2007 EPS estimates rise to $1.17 from $0.97. Reiterates Reduce rating.

Charles River Labs

(CRL) - Get Report

numbers raised at Jefferies: CRL numbers raised at Jefferies. Price target rises to $44 from $42. 2007 EPS estimates lift to $2.46 from $2.40. Reiterates Hold rating.

Lehman Brothers

(LEH)

numbers raised at Goldman Sachs: LEH numbers raised at Goldman. Price target lifts to $87 from $78.50. 2007 EPS estimates rise to $7.55 from $7.25 and 2008 estimates rise to $8.30 from $7.80. Reiterates Neutral rating.

Research in Motion

(RIMM)

target price raised at Credit Suisse: Credit Suisse is raising its target price on RIMM to $75 from $65. Cites solid momentum but expectations are high. Maintained Underperform rating.

Thermo Fisher

(TMO) - Get Report

numbers raised at UBS: TMO numbers raised at UBS. Price target lifts to $56 from $52. Reiterates Buy rating.