Monday's Analysts' Upgrades and Downgrades

Who made what calls.
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CHANGE IN RATINGS

Credit Suisse is initiating

Akamai

(AKAM) - Get Report

with an Outperform rating based on sustainable competitive advantages and its exposure to the high-growth content delivery network market. Sets $65 target price.

Alaska Air Group

(ALK) - Get Report

downgraded at Credit Suisse to Neutral from Outperform based on increasing capacity from competitors. Lowered target price to $49 from $58.

Peabody Energy

(BTU) - Get Report

upgraded from Market Perform to Outperform at Friedman, Billings Ramsey. $70 price target. Legal case is limiting the amount of available coal permits, which should have the largest effect on the Powder River Basin.

Conagra

(CAG) - Get Report

upgraded at Prudential from Underweight to Neutral. $26 price target. Stock is down 8% on the year, and looks very cheap relative to its peers.

Covance

(CVD)

upgraded at Bear Stearns from Peer Perform to Outperform. $71 price target. Company can deliver 20% annual earnings growth through 2008, driven by strong toxicology trends.

Phoenix Companies

(PNX)

upgraded at Morgan Stanley from underweight to equalweight, and sets a $15 price target.

Pogo Producing

(PPP)

upgraded at Deutsche from Sell to Hold. $50 price target. Stock looks cheap on a sum-of-the-parts basis, and the company will likely undertake some restructuring strategy.

STOCK COMMENTS / EPS CHANGES

Express Scripts

(ESRX)

price target raised at Goldman to $91 from $80 following management commentary in the wake of the CVS acquisition of Caremark (CMX). Expect company to positively update guidance when it releases earnings results on April 23, as well as accelerated share buyback program. Maintained Neutral rating.

USEC

(USU)

numbers raised at Jefferies Price target lifts to $17 from $14, and 2007 EPS estimates go positive to profit of $0.05 from loss of ($0.05) Reiterates Hold rating.