Friday's Analysts' Upgrades and Downgrades

Who made what calls.
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CHANGE IN RATINGS

Affymetrix

(AFFX)

upgraded at UBS to Buy rating from Neutral. Price target lifts to $33 from $29 and 2008 EPS estimates dip to $0.40 from $0.50.

Disney

(DIS) - Get Report

upgraded at UBS to Buy rating from Neutral. Price target and 2008 EPS estimates hold at $39 and $2.15, respectively.

Exelon

(EXC) - Get Report

downgraded at Deutsche from Buy to Hold. Valuation call, based on a $91 price target.

GSI Commerce

(GSIC)

downgraded at Jefferies to Hold rating from Buy. Price target dips to $26 from $30 and 2008 EPS estimates lowered to $0.29 from $0.37.

Jetblue Airways

(JBLU) - Get Report

upgraded at Bear to Peer Perform. Valuation remains high, but the capital injection carries little dilution and gives the company more flexibility to try and turn its business around.

Jack in the Box

(JBX)

upgraded at Wachovia to Outperform. Valuation call. At 12.5 times expected 2008 earnings, the company is trading well below the peer average of 19.7.

Macerich

(MAC) - Get Report

upgraded at Goldman Sachs to Buy from Neutral based on defensive profile, attractive internal growth and pipeline of development projects. Note that retail REITs should outperform on a relative basis in weaker economic environment. Price target at $80.

Murphy Oil

(MUR) - Get Report

downgraded at Goldman Sachs to Neutral from Buy due to relative valuation. With shares reaching $78 target, see better risk/reward among refiners like Marathon Oil and integrated oils. Believe fundamentals will remain strong. Maintained $78 target.

Panera Bread

(PNRA)

downgraded at Suntrust from Buy to Neutral. Estimates also cut, as the company continues to suffer from rising commodity costs.

Safeway

(SWY)

upgraded at Merrill from Sell to Neutral. Estimates also raised, as the company looks to expand margins.

United Online

(UNTD)

upgraded at Jefferies to Buy rating from Hold. Price target and 2008 EPS estimates hold at $16 and $1.13, respectively.

STOCK COMMENTS / EPS CHANGES

XL Capital

(XL) - Get Report

price target cut at Goldman to $62 from $90. Fitch Rating placed both operating subsidiaries on negative watch, with concerns surrounding exposure to SCA problems. See capital infusion as unlikely but note potential for issuing surplus notes. Maintained Neutral rating.

STRATEGY CALLS / MARKET CALLS

US Refiners upgraded at Goldman Sachs to Attractive from Neutral based on valuation. See refining margins and refining equities as very inexpensive vs. crude prices and crude oil-leveraged energy equities. Upgrading CVR Energy and Holly Corp. to Buy from Neutral ratings, in conjunction with improved industry view.

Credit Suisse is lowering its forecast for natural gas to $6.75 from $7.50 for 2008 based on potential supply/demand imbalance. Firm downgrades DVN, FST, KWK to Neutral and EOG and NFX to Underperform.