CHANGE IN RATINGS

Aflac

(AFL) - Get Report

downgraded at Citigroup from Hold to Sell. $55 price target. Market may be too early anticipating a turnaround in Japanese sales.

Altera

(ALTR) - Get Report

upgraded at Citigroupfrom Hold to Buy. $25 price target. Stock has pulled back sharply since the recent earnings call, and the company is still expected to deliver 8% earnings growth in 2008.

Acuity Brands

(AYI) - Get Report

upgraded at CIBC from Sector Perform to Outperform. $45 price target, following the ZEP spin-off. Valuation call, as the company could continue to expand margins in the new year.

Chattem

( CHTT) upgraded at Wachovia from Market Perform to Outperform. Pullback over the past two weeks has created an attractive buying opportunity. Company can post 20% earnings growth in 2008.

Concur Tech

(CNQR)

downgraded at Merrill from Neutral to Sell. Expect more risk to 2008 estimates, if the US economy continues to slow.

Echostar

(DISH) - Get Report

downgraded at Citigroup from Buy to Hold. $52 price target. Sub-prime concerns could lead to a higher churn rate. Estimates also cut.

Dover

(DOV) - Get Report

downgraded at Merrillfrom Buy to Neutral. Tech business seems to have stabilized, but the company's other divisions could suffer from a slower US economy.

Energy Conversion

( ENER) downgraded at UBS to Neutral rating from Buy. Price target drops to $33 from $43 and FY 2008 eps estimates slashed to $(0.01) from $0.30.

E*Trade Financial

(ETFC) - Get Report

downgraded at Citigroup from Hold to Sell. $7.50 price target. Continued negative newsflow could cause a run on assets. Liquidation of loan and ABS portfolio could wipe out all tangible equity.

Fidelity National

(FIS) - Get Report

upgraded at Suntrust from Neutral to Buy. $51 price target. Stock could trade sideways for a while, but offers an attractive long-term valuation.

Juniper Networks

(JNPR) - Get Report

downgraded at Bernsteinfrom Outperform to Market Perform. $35 price target. Exposure to US financial services, automotive and retail sectors could lead to higher earnings risk.

Mattel

(MAT) - Get Report

upgraded at JP Morgan from Neutral to Overweight. Stock is already pricing in several recent recalls and decelerating Barbie sales.

McDermott

(MDR) - Get Report

downgraded at Citigroup from Buy to Hold. $64 price target. Stock looks fully valued, and political pressure continues to build around developing more coal-fired power plants.

Microsoft

(MSFT) - Get Report

downgraded at Merrillfrom Buy to Neutral. Stock has been a strong performer, and slower financial services orders could lead to increased enterprise risks.

National Semiconductor

(NSM)

downgraded at UBS to Neutral rating from Buy. Price target drops to $26 from $32 and FY 2008 eps estimates slashed to $1.27 from $1.33.

Oracle

(ORCL) - Get Report

downgraded at Merrill from Buy to Neutral. Stock has been a steady performer. and growth may begin to decelerate in the coming quarters.

Red Hat

(RHT) - Get Report

downgraded at Merrill from Buy to Neutral. Valuation call, as discretionary enterprise spending could slow down in the coming quarters.

Sapient

(SAPE)

upgraded at Goldman Sachs to Neutral from Sell due to more stable operating platform and improvements in margins and cash flow. Price target raised to $7.50 from $6.

Sybase

( SY) downgraded at Merrill from Buy to Neutral. Valuation call, as US spending growth could decelerate heading into 2008.

Tempur Pedic

(TPX) - Get Report

upgraded at Citigroup from Hold to Buy. $49 price target. Company's brand awareness has reached an inflection point, and TPX should be able to sustain double-digit earnings growth over the next few years.

US Cellular

(USM) - Get Report

upgraded at Citigroup from Sell to Hold. $89 price target. Stock is down 17% since the beginning of October, and the company still has room to cut costs.

Vasco Data Security

(VDSI)

upgraded at Jefferies to Buy rating from Hold. Price target and FY 2008 eps estimates hold at $25 and $0.85, respectively.

Wyeth

( WYE) downgraded at Bear from Outperform to Peer Perform. Risk for Generic Effexor is rising, which could wipe out most of the expected growth over the next couple of years.

Wyeth upgraded at Merrill from Neutral to Buy. $51 price target. Clinical progress of the company's Alzheimer's drug should help drive the stock.

STOCK COMMENTS / EPS CHANGES

Bank of America

(BAC) - Get Report

target lowered at Goldman to $57 from $59 based on subprime CDO exposure. 10Q indicates greater exposure than recently discussed, with uninsured levels summing to $12.1 billion vs. prior forecast of $4 billion. Maintained Buy rating.

Bank of America 2008 estimates cut at Deutsche Bank by 25 cents to $4.55 a share based on heightened credit concerns. Maintained Hold rating.

Brooks Automation

(BRKS) - Get Report

target price cut at Deutsche Bank from $16 to $14 due to weak guidance. Maintained Hold rating.

DRS Technology

( DRS) numbers raised at Jefferies. Price target lifts to $60 from $54 and FY 2008 eps estimates upped to $3.25 from $3.10. Reiterates Hold rating.

Fannie Mae

( FNM) target price cut at FBR from $85 to $60 as higher credit costs pressuring stock. Maintained Outperform rating.

Koppers Holdings

(KOP) - Get Report

numbers raised at Jefferies. Price target lifts to $47 from $40 and FY 2008 eps estimates upped to $3.45 from $2.85. Reiterates Hold rating.

Mastercard

(MA) - Get Report

numbers raised at UBS. Price target jumps to $220 from $190 and FY 2008 eps estimates upped to $6.70 from $6.15. Reiterates Buy rating.

Phillips-Van Heusen

(PVH) - Get Report

cut from Focus List at JP Morgan. Company reached the stop-loss price levels, but remains a solid operator in a difficult industry. Overweight rating.

Starbucks

(SBUX) - Get Report

target cut at Deutsche Bank from $32 to $24 due to higher milk, coffee, and labor costs.

TeleTech Holdings

(TTEC) - Get Report

target price cut at FBR due to hangover from options investigation, earnings revisions, and overall market sentiment.

Wachovia

(WB) - Get Report

2007 estimates slashed at Goldman to $3.87 from $4.46 following announcement of subprime CDO writedowns at Golden West. See continued reserve build over next several quarters. Company not rated.

Wachovia 2008 estimates lowered at Deutsche Bankby 20 cents to $4.30 a share due to charges and credit costs.

STRATEGY CALLS / MARKET CALLS

Large-cap banks downgraded at CIBC: Sector was downgraded from Market-weight to Underweight. Expect another led down in the group, following more write-downs in the fourth quarter.