Monday's Analysts' Upgrades and Downgrades

Who made what calls.
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CHANGE IN RATINGS

Adobe

(ADBE) - Get Report

upgraded at Jefferies: ADBE upgraded to Buy rating from Hold at Jefferies. Price target lifts to $45 from $35 and raises 2007 EPS estimates to $1.54 from $1.45.

Autodesk

(ADSK) - Get Report

downgraded at Jefferies: ADSK downgraded to Hold rating from Buy at Jefferies. Maintains $43 price target and holds 2007 EPS estimates at $1.55.

AstraZeneca

(AZN) - Get Report

downgraded at UBS: AZN downgraded at UBS from Neutral to Reduce rating. However, UBS bumps 2007 EPS estimates to $3.91 from $3.88 and 2008 estimates to $4.14 from $3.97.

Biogen Idec

(BIIB) - Get Report

downgraded at Cowen: BIIB was downgraded from Outperform to Neutral at Cowen. Stock is up 15% since the strong third quarter earnings report. Tysabri also unlikely to see accelerated sales in the near-term, based on channel checks.

Diodes

(DIOD) - Get Report

downgraded at UBS: DIOD downgraded at UBS from Buy to Neutral rating. Price target drops to $45 from $52.

DirecTV

(DTV)

upgraded at Deutsche: DTV was upgraded from Hold to Buy at Deutsche Bank. $30 price target. Estimates also raised, should take advantage of high-definition growth as well as the combination with Liberty. Valuation remains attractive, despite recent run.

Estee Lauder

(EL) - Get Report

downgraded at BofA: EL was downgraded to Neutral at Bank of America. Estimates also cut, because of weak traffic to May Dept. Stores. $43 price target.

Emulex

(ELX)

downgraded at BofA: ELX was downgraded from Buy to Neutral at Bank of America. Estimates raised, but the stock is likely already pricing in product cycles at EMC and IBM, as well as market share growth at SUNW.

Equinix

(EQIX) - Get Report

rated new Outperform at Credit Suisse: Credit Suisse is initiating coverage on EQIX with an Outperform rating. Sees strong top-line growth after large expansion cycle. Sets $105 target price.

Federated Dept. Stores

downgraded at BofA: FD was downgraded to Neutral at Bank of America. Problems with May will likely take time to be resolved. Estimates also lowered. $40 price target.

First Data

(FDC) - Get Report

downgraded at Raymond James: FDC was downgraded from Outperform to Market Perform at Raymond James. Estimates also cut, as the stock has already run and confusion remains surrounding the post-split financials.

Steel Dynamics

(STLD) - Get Report

downgraded at UBS:STLD downgraded at UBS to Neutral rating from Buy on valuation concerns.

Triad Hospitals

(TRI) - Get Report

downgraded at Prudential:TRI was downgraded from Neutral to Underweight at Prudential. $36 price target. Estimates also lowered, as industry headwinds may be too strong for the best operator to ignore.

Time Warner

(TWX)

upgraded at Prudential: TWX was upgraded from Neutral to Overweight at Prudential. $27 price target. Stock trades at a compelling valuation and has positive operating momentum.

Wendy's

(WEN) - Get Report

downgraded at JP Morgan: WEN was downgraded from Neutral to Underweight at JP Morgan. Stock is already pricing in multiple years of sales and margin expansion.

STOCK COMMENTS / EPS CHANGES

Ashland

(ASH) - Get Report

numbers raised at Jefferies: ASH numbers raised at Jefferies. Price target lifts to $70 from $65 and 2007 EPS estimates bumps up to $3.80 from $3.60. Reiterating Hold rating.

Celgene

(CELG) - Get Report

target price raised at Morgan Stanley: Morgan Stanley is raising its target price on CELG to $64 from $54 based on expected growth of Revlimid. Maintained Overweight rating.

Cummins

(CMI) - Get Report

estimates cut at Credit Suisse: Credit Suisse is lowering its 2007 EPS estimates on CMI to $10.75 from $11.25 based on softening US economy. Lowered target price to $134 from $140.

Edwards Lifesciences

(EW) - Get Report

target raised at Morgan Stanley: EW price target raised at Morgan Stanley. Price target lifts to $44. Reiterates Equal-weight rating.

IntercontinentalExchange

(ICE) - Get Report

target raised at Goldman:Goldman is upping its price target on ICE to $130 from $110 based on strong OTC growth in 2007. Believe market is underestimating synergies from NYBOT acquisition. Maintained Buy rating.

KB Home

(KBH) - Get Report

numbers changed at UBS: KBH numbers revised at UBS. Drops 2006 eps estimates to $5.20 from $8.00 and 2007 estimates to $3.20 from $6.00. However, UBS raised price target to $60 from $52. Reiterates Buy rating.

KeyCorp

(KEY) - Get Report

estimates raised at Morgan Stanley: 2006 estimates on KEY increased by a penny to $2.89 at Morgan Stanley. See normalization of net charge offs from cyclically low levels as important headwind from 2007 onwards. Maintained Equal-weight rating and $35 target.

NYSE

(NYX)

price target raised at Goldman: Goldman is increasing its target on NYX to $120 from $95 based on likely approval of Euronext deal. 2007 estimates raised to $2.90 from $2.42. Maintained Buy rating.

STRATEGY CALLS / MARKET CALLS

Credit Suisse downgrades Industrial Equipment stocks:

Credit Suisse said it is downgrading ETN and PH to Neutral from Outperform based on valuation. Believes 2007 estimates may be at risk in light of recent economic points.