Friday's Analysts' Upgrades and Downgrades

Who made what calls.
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CHANGE IN RATINGS

Cabela's

(CAB)

upgraded at Wachovia to Outperform. Fundamental improvements seem sustainable in second half of '07. Positive same-store-sales, increasing merchandise gross margins, and better visibility in store openings.

DaVita

(DVA) - Get Report

upgraded at Piper to a Market Perform rating due to a strong Q2 and management's more optimistic view of 2008.

EDO

(EDO)

upgraded at Suntrust Robinson Humphreyto Buy. $45 price target. Company posted mixed quarterly results, but estimates could prove conservative because of the potential of the CREW program.

Eagle Bulk Shipping

(EGLE) - Get Report

upgraded at Wachovia from Market Perform to Outperform. Company believes that drybulk demand should remain strong, and the recent acquisition should give management improved capacity.

Eastman Chemical

(EMN) - Get Report

initiated at Morgan Stanley with an overweight rating and $80 price target.

Entegris

(ENTG) - Get Report

downgraded at Deutsche Bank from Buy to Hold. $9 price target. Company posted a weak quarter, as growth drivers have been elusive. Accelerated buyback is not enough to instill confidence.

Expedia

(EXPE) - Get Report

upgraded at JP Morgan from Neutral to Overweight. US bookings should accelerate, stabilizing margins. Also expect management to buyback more shares.

Expedia price target raised at Goldman to $27 from $22 based on favorable gross bookings and revenues in Q2. High margin advertising continues to grow in importance while gross bookings accelerated in all key segments. Maintained Neutral rating.

Fiserv

(FISV) - Get Report

upgraded at CIBC to Outperform from Sector Perform. Company announced a definitive agreement to acquire CKFR for $48/share in a cash deal perhaps below what was thought to be accepted. Stock trades at a 17% discount to closest competitor.

GulfMark Offshore

(GLF)

downgraded at Jefferies to Hold rating from Buy. Price target drops to $53 from $57, and FY 2007 eps estimates dip to $5.07 from $5.71.

Hudson City Bancorp

(HCBK)

upgraded at Merrill Lynch to Buy from Neutral. Says strong credit quality offers protection as mortgage market continues to deteriorate. Sets $13.50 target price.

Herbalife

(HLF) - Get Report

coverage initiated at Goldman Sachs with a Buy rating, based on continuing revenue and earnings growth in attractive health/wellness space. See top and bottom-line growth of 10% and 18%, respectively. Shares appear inexpensive. Price target at $50.

Heartland Payment Systems

(HPY)

downgraded at Citigroup to Hold from Buy due to limited upside following strong recent share performance. Business remains solid, with Q2 results coming in ahead of estimates, however risk/reward is now less attractive. Target price raised to $34.50 from $32.

Horizon Lines

(HRZ)

upgraded at UBS to Buy rating from Neutral. Price target jumps to $40 from $35, but FY 2008 eps estimates dip to $2.24 from $2.33.

KBR

(KBR) - Get Report

upgraded at Wachovia to Outperform from Market Perform. The Macedonia embassy snafu aside, project execution has exceeded expectations in '07. Prompt changes inside the organization have yielded some project wins.

Lear

(LEA) - Get Report

upgraded at Baird to Outperform rating from Market Perform. Price target jumps to $45 from $41 and FY 2008 eps estimates upped to $3.30 from $3.05.

Legg Mason

(LM) - Get Report

upgraded at Citigroup to Buy from Hold based on valuation. See lowered expectations and growth in assets under management enabling shares to appreciate going forward. Price target raised to $108 from $106.

Nortel

(NT)

downgraded at Weisel to Market-weight. Expected positive results this quarter, but revenue was disappointing.

Network Appliance

(NTAP) - Get Report

downgraded at Bear Stearns to Underperform from Peer Perform. The company continues to exhibit business deterioration, diminishing prospects for a resumption to historic growth, and concerns over execution/competitive issues. Estimates lowered.

Network Appliance upgraded at Citigroup to buy with a price target of $31.

Network Appliance 2008 estimates lowered at Goldman to $0.81 from $1.00 based on difficult competitive environment and slower storage growth. Maintained Neutral rating and $25 price target.

Pozen

(POZN)

downgraded at Jefferies to Hold rating from Buy. Price target drops to $10 from $20, and FY 2009 eps estimates dip to ($0.76) from $0.53

Primedia

(PRM)

upgraded at Deutsche Bank to Buy from Hold. Second quarter revenues are slightly ahead of plan. Company should see revenue tailwind from the housing downturn. Attractive dividend. $14 price target.

Qwest Communications

(Q)

upgraded at Morgan Stanley from underweight to equalweight.

Bankrate

(RATE)

upgraded at Oppenheimer to Buy. $53 price target. Company posted solid growth across the board last quarter, and forward estimates have been raised.

Bankrate upgraded at AG Edwards from Hold to Buy. $50 price target. The company boosted its guidance, as an improved revenue mix is helping margins.

Ruddick

(RDK)

upgraded to Buy at BB&T Capital. $36 price target. High-end grocers are better positioned to fight off rising food costs. Estimates also raised to reflect solid top-line growth.

Revlon

(REV) - Get Report

downgraded at Suntrust Robinson Humphreyfrom Buy to Neutral. Estimates cut, as the company is reportedly losing market share in the midst of a weak retail environment.

Sempra Energy

(SRE) - Get Report

upgraded at Jefferies to Buy rating from Hold. Price target lifts to $65 from $63, and FY 2007 eps estimates upped to $3.95 from $3.85.

Timberland

(TBL)

upgraded at UBS to Neutral rating from Reduce. Price target holds at $26, but FY 2007 eps estimates dip to $1.11 from $1.20.

Talbots

(TLB)

downgraded at Citigroup to Sell rating from Hold. Price target drops to $16 from $22.81, and new FY 2008 eps estimates set at $0.62.

Tyco

(TYC)

upgraded at JP Morgan to Overweight. The stock offers relatively low risk and the company should be able to generate above-average earnings growth in the intermediate term.

YRC Worldwide

(YRCW) - Get Report

upgraded at Robert Baird from Underperform to Neutral. $36 price target. Stock is down 32% from February, and will likely bottom out before the fundamentals do.

STOCK COMMENTS / EPS CHANGES

Audible

(ADBL)

2007 estimates raised at Piper by 8 cents to 15 cents a share as favorable sub mix offsets lower sub adds. Maintained Market Perform.

Chesapeake Energy

(CHK) - Get Report

estimates raised at UBS. FY 2008 eps estimates upped to $9.00 from $8.40, and price target holds at $50. Reiterates Buy rating.

Jones Apparel

(JNY)

target cut at Credit Suisse to $20 from $28 after Q2 results fell short of estimates. Believes it will take years rather than quarters to elevate excitement around company's portfolio. Maintained Underperform rating.

Nokia

(NOK) - Get Report

numbers raised at UBS. Price target lifts to $36.98 from $34.24, and FY 2008 eps estimates upped to $1.17 from $1.08. Reiterates Buy rating.

Oshkosh Truck

(OSK) - Get Report

target raised at Credit Suisse to $70 from $65 following positive takeaways from management meetings. Cites MRAP is still an opportunity. Maintained Outperform rating.

Peet's Coffee & Tea

(PEET)

2007 estimates cut at Piper by 3 cents to 65 cents a share due to margin pressure from dairy and green coffee costs. Maintained Outperform rating.

Tessera

(TSRA)

2007 estimates cut at Piper by 2 cents to $1.88 a share due to higher legal expenses. Maintained Outperform rating.

Take-Two

(TTWO) - Get Report

numbers lowered at UBS. Price target drops to $19.00 from $21, and FY 2008 eps estimates fall to ($1.37) from $0.23. Reiterates Neutral rating.