Friday's Analysts' Upgrades and Downgrades

Who made what calls.
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coverage initiated at Credit Suisse with an Outperform rating, based on company's position to benefit from trends in online ad spending. See U.S. online ad market growing at a 20%-plus annual rate from 2006 to 2010. Main risk for company is margin compression due to competition. Price target at $33.



upgraded at Robert Baird from Neutral to Outperform. $36 price target. Stock has pulled back, though the company's fundamentals remain intact. Cost reductions in the HVAC division, should also help earnings in the second half of the year.

DreamWorks Animation


upgraded at Goldman Sachs to Buy from Neutral based on more constructive view of next four films, which the firm believes will earn $110m per film vs. previous estimate of $90m. See improvements in international sales and benefits from new relationship with McDonald's. Price target at $36.



upgraded at JP Morgan from Neutral to Overweight. Company could miss March quarter expectations, but this is likely already priced into the stock. Business momentum should also improve in the second half of the year.

International Game Tech.

(IGT) - Get Report

upgraded at Prudential from Underweight to Neutral. $45 price target. Stock is down 15% since mid-January, and the Japanese upgrade cycle should kick in by the second half of the year.

Jabil Circuit

(JBL) - Get Report

downgraded at CIBC from Outperform to Sector Perform. Company cuts its fiscal third quarter guidance, and still cannot present full financials, because of the SEC options investigation.

Northrop Grumman

(NOC) - Get Report

upgraded at Wachovia to Market Perform. New analyst believes the stock already discounts its below-average organic growth outlook.



downgraded at UBS to Reduce rating from Neutral. Price target holds at $15 and FY2008 EPS estimates drop to $0.62 from $0.63.

State Street

(STT) - Get Report

upgraded at UBS to Buy rating from Neutral. Price target lifts to $78 from $75 and FY2007 EPS estimates hold at $3.78.

Urban Outfitters

(URBN) - Get Report

upgraded at Wachovia to Outperform. Turnaround is under way, according to recent discussions with management. Company can grow square footage by at least 20% annually over the next 8 years.




price objective lowered at Jefferies. New price target drops to $21.50 from $24.00. Reiterates Hold rating.

General Mills

(GIS) - Get Report

price target increased at Goldman to $64 from $61. Company reported Q3 that were 4 cents ahead of consensus estimates. 2007 estimates upped to $3.17 from $3.13. Maintained Neutral rating.


(NKE) - Get Report

price target raised at Goldman to $120 from $112, after company reported strong Q3 results. Future orders increased 9.0% while inventory grew a better-than-expected 7%. Maintained Buy rating.

Ross Stores

(ROST) - Get Report

target price raised at Credit Suisse to $40 from $33 based on higher expectations for operating margins. Believe dd's could prove to be a significant growth vehicle. Reiterated Outperform rating.