Friday's Analysts' Upgrades and Downgrades

Who made what calls.
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CHANGE IN RATINGS

Anadarko Petroleum

(APC) - Get Report

was upgraded from Hold to Buy at Citigroup. Stock looks undervalued, and several catalysts should be realized in the coming months. $62 price target.

Genentech

(DNA)

upgraded at Deutsche from Hold to Buy. $95 price target. Stock is at a 52-week low, and positive data should be coming out of the pipeline over the coming quarters.

Genworth

(GNW) - Get Report

upgraded at Morgan Stanley from equalweight to overweight with a $42 price target.

Nordstrom

(JWN) - Get Report

was upgraded to Outperform at Bear Stearns. $60 price target. Recent movement in the stock does not measure up to the retailer's sales and earnings growth.

Southwestern Airlines

(LUV) - Get Report

upgraded at Morgan Stanley from equalweight to overweight, and moves price target from $14 to $15.

McDonald's

(MCD) - Get Report

upgraded at Deutsche Bank to Buy from Hold. Company is well-aligned with key consumer trends in the U.S. and is experiencing significant momentum overseas along with sizable share buybacks. $61 price target.

National Semiconductor

(NSM)

upgraded at UBS to Buy rating from Neutral. Price target jumps to $47 from $43 and 2008 EPS estimates lift a penny to $1.30.

National Semiconductor numbers raised at Jefferies. Price target lifts to $28 from $25 and 2008 EPS estimates rise to $1.09 from $1.03. Reiterates Hold rating.

Nortel Networks

(NT)

rated new Underperform at Credit Suisse. Cites consensus estimates are overly aggressive and double-digit operating margins are unlikely. Sets $19 target price.

Panera Bread

(PNRA)

downgraded at Deutsche Bank to Hold from Buy. The company's top-line and margin pressures appear unlikely to abate any time soon. No near-term catalyst for the stock. $54 price target.

Tellabs

(TLAB)

downgraded at Goldman Sachs to Sell based on valuation relative to peer group. Believe expectations already reflect a ramp in new products and healthy second half of 2007, both of which are still uncertain. Maintained $11 price target.

STOCK COMMENTS / EPS CHANGES

Analogic

(ALOG)

numbers raised at Jefferies. Price target jumps to $67 from $56 and 2008 EPS estimates rise to $2.20 from $1.59. Reiterates Hold rating.

Dyncorp

(DCP) - Get Report

numbers raised at Jefferies. Price target jumps to $20 from $17 and 2008 EPS estimates rise to $1.02 from $0.80. Reiterates Hold rating.

Fannie Mae

(FNM)

price target raised at UBS. New target rises to $78 from $73 while 2007 EPS estimates hold at $3.00. Reiterates Buy rating.