Monday's Analysts' Upgrades and Downgrades

Who made what calls.
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CHANGE IN RATINGS

Amgen

(AMGN) - Get Report

was upgraded to Overweight at Morgan Stanley. $70 price target. Anemia business should stabilize, and the recent pullback creates an attractive buying opportunity.

Amazon.com

(AMZN) - Get Report

was upgraded from Hold to Buy at Deutsche Bank. $50 price target. Company should be able to expand its operating margin in the coming quarters, led by the Web Services division.

aQuantive

(AQNT)

was upgraded from Sector Perform to Outperform at CIBC. $35 price target. Company is worth $35 in a break-up, as the tech division becomes a scarce asset after the Google/DCLK combination.

aQuantive was upgraded from Neutral to Overweight at JP Morgan. Google's purchase of DCLK likely also places AQNT in play. Pricing should also remain strong in the meantime.

Goldman is upgrading

Best Buy

(BBY) - Get Report

to Buy from Neutral, based on valuation. This year's underperformance has left shares at low-end of retail sector P/E range, and Goldman believes valuation now discounts an earnings miss and investor concern over company's capital allocation. Price target maintained at $56.

Brown & Brown

(BRO) - Get Report

upgraded at Wachovia from Market Perform to Outperform. Company is a best-in-class P&C insurer, but has underperformed its peers and the broader market over the past year.

Cott corporation

(COT) - Get Report

upgraded at Merrill Lynch to Neutral rating from Sell. FY2007 EPS estimates hold at $0.42.

Hershey

(HSY) - Get Report

downgraded at JP Morgan from Neutral to Underweight. Company could miss near-term earnings expectations, and restructuring plans may not work out. In the meantime, shares already appear fully valued.

Merrill Lynch is downgrading

ITT

(ITT) - Get Report

to Neutral from Buy. Says stock has reached 12-month price objective sooner than expected.

Bear Stearns is upgrading

Lam Research

(LRCX) - Get Report

to Outperform from Peer Perform, based on signs of stabilization in memory spending and market share gains. See attractive valuation created by investor concerns over high mix of memory business, but company should perform well due to spending in 90nm and 65nm process nodes. Price target at $63.

Moody's

(MCO) - Get Report

upgraded at JP Morgan from Neutral to Overweight. First quarter results should materially outperform consensus expectations, and the CDO pipeline remains solid. Estimates also raised.

Magna International

(MGA) - Get Report

upgraded at Goldman Sachs to Neutral from Sell. See potential Chrysler stake creating attractive valuation based on perception as a highly motivated seller, and improving MGA's leverage with union. However, see few positive catalysts aside from Chrysler stake. Price target raised to $82 from $75.

Southern Copper

(PCU)

downgraded at Morgan Stanley to Underweight. Stock looks expensive, and the company could miss first quarter earnings expectations.

Shuffle Master

(SHFL)

downgraded at Goldman Sachs to Sell from Neutral, based on relative valuation in gaming sector. See near-term challenges in business, including lack of visibility in Asia, uncertainty regarding Stargames, and slower-then-anticipated specialty table game and multi-player installations. Accounting concerns add to negative view. Price target lowered to $18 from $25.

STOCK COMMENTS / EPS CHANGES

Constellation Energy

(CEG)

target raised at Credit Suisse to $97 from $94 based on combination of EPS expansion and sum-of-parts analysis. Maintained Outperform rating.

Goldman is upgrading its 2007 estimates on

Freeport-McMoRan

(FCX) - Get Report

to $6.66 from $4.25 to account for Phelps Dodge acquisition. Catalysts have evolved as expected, and copper fundamentals remain strong. Price target increased to $78 from $72 and maintained Buy rating.

Goldman is increasing its target on

Infosys

(INFY) - Get Report

to $62.50 from $60.50. See secular thesis remaining intact, with underlying metrics suggesting sustained growth and margin resiliency despite negative effects of rupee appreciation. Maintained Buy rating.

Lubrizol

(LZ)

numbers raised at UBS. Price target lifts to $65 from $60 and 2007 EPS estimates rise to $3.70 from $3.45. Reiterates Buy rating.

Monster Worldwide

(MNST) - Get Report

numbers lowered at Morgan Stanley through 2009. Company remains a secular growth story, but the surprise CEO change could de-rail that thesis for the next couple of quarters. Overweight rating and new $55 price target.

Reliant Energy

(RRI)

target price raised at Credit Suisse to $23 from $19 based on strength in earnings from more meaningful open market exposure as a result of less hedging. Maintained Neutral rating.

Vertex Pharma

(VRTX) - Get Report

estimates cut at Morgan Stanley through 2009. VX-950 Hepatitis C clinical data did not live up to the company's aggressive expectations. Expect further weakness in the stock. Equal-weight rating.