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Friday's Analysts' Upgrades and Downgrades

Who made what calls.
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CHANGE IN RATINGS

BMC Software

(BMC)

upgraded at Cowen from Underperform to Neutral. Cash flow growth should finally be able to catch up to earnings growth in the coming quarters. Risks remain, but the stock already reflects this.

Northwest Airlines

(NWACQ)

rated new Equal-weight at Morgan Stanley with a $27 price target. Valuation call, even though the company has emerged from bankruptcy with a competitive business model, improved balance sheet and the most favorable labor contracts.

NYSE

(NYX)

upgraded at Goldman Sachs to Neutral from Sell based on limited downside relative to price target. Believe recent consolidation should support shares, though slower growth at Euronext and market share pressure remain concerns. Maintained $80 price target.

RF Micro

(RFMD)

upgraded at Jefferies to Buy rating from Hold. Price target rises to $9 from $7 and 2008 eps estimates lift to $0.24 from $0.22.

TheStreet Recommends

Regal Entertainment

(RGC)

upgraded at Thomas Weisel from Market-weight to Overweight. $30 price target. 3-D movie opportunity could boost cash flow by 15%, though second quarter consensus estimates appear too high.

Syntel

(SYNT) - Get Syntel, incorporated Report

downgraded at Deutsche Bank from Buy to Hold. $36 price target. Stock is up more than 10% since its secondary offering, Higher rupee could also cut into earnings.

STOCK COMMENTS / EPS CHANGES

Aflac

(AFL) - Get Aflac Incorporated Report

target boosted at Morgan Stanley. Now seen reaching $58 a share. Upcoming analyst meeting could provide the next catalyst. Claims trends and the business mix remain favorable, which should boost margins in the coming quarter. Overweight rating.

Barnes & Noble

(BKS) - Get Barnes & Noble, Inc. Report

2007 estimates raised at Goldman to $1.92 from $1.82 after company beat Q1 earnings expectations. Combination of stronger sales and tight expense control drove upside. Maintained Neutral rating.