Thursday's Analysts' Upgrades and Downgrades

Who made what calls.
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CHANGE IN RATINGS

Alkermes

downgraded at Piper: Piper said it is downgrading ALKS to a Market Perform rating based on Vivitrol survey results. Maintained Market Perform rating.

Aracruz Celulose

coverage initiated at Goldman Sachs:Goldman said it is initiating coverage on ARA with a Buy rating. See superb growth coupled with low-cost competitive advantage. Price target at $61.

Cephalon

rated new Overweight at Morgan Stanley:Morgan Stanley said it is initiating coverage on CEPH with an Overweight rating. Cites long-term prospects are favorable. Sets $68 target price.

CIT Group

upgraded at UBS:UBS upgraded CIT to Buy from Neutral after meeting with the company. Their salesforce is expansion should drive 2007 revenue growth. Maintained $57 price target.

CIT Group

upgraded at Wachovia:Rating on CIT was boosted from Market Perform to Outperform, Wachovia said. Stock has pulled back to a bargain-basement valuation, equal to just 8 times expected 2007 earnings. Estimates also raised, because of strong operating momentum.

Comerica

downgraded at Goldman Sachs:Goldman said it is downgrading CMA to a Sell rating due to valuation and slower growth forecast. Price target at $59.

ITT Educ. Svcs.

rated new Underweight at Morgan Stanley:Morgan Stanley said it is initiating coverage on ESI with an Underweight rating. Views the risk/reward profile as unfavorable and believes there is a greater likelihood of downside from its current price than upside.

Hewlett-Packard

upgraded at Citigroup:HPQ was upgraded from Hold to Buy, Citigroup said. $45 price target. Company posted another solid quarter, and margins should continue to expand over the next couple of years.

Hewlett-Packard

estimates increased at Goldman Sachs:Goldman raised its 2007 estimates on HPQ to $2.55 from $2.47 after better than expected revenue and earnings results. See strong second half of 2006 and expense savings ahead. Price target increased to $42.50 from $39.77.

Hewlett-Packard

estimates raised at Credit Suisse:Credit Suisse said it is raising its 2006 EPS estimates on HPQ to $2.17 from $2.10 following strong F3Q results. Raised target price to $43 from $40.

Jones Apparel

upgraded at Merrill:JNY was upgraded from Sell to Neutral, Merrill Lynch said. News flow could improve in the near term, and the recent management change was a net positive.

Jones Apparel

upgraded at UBS:UBS upgraded JNY to Buy from Neutral due to their risk to reward becoming more attractive. Raised price target to $36 from $33, 2006 estimates to $2.25 from $2.19 and 2007 estimates to $2.75 from $2.70.

Jones Apparel Group

downgraded at Credit Suisse:Credit Suisse said it is downgrading JNY to Underperform from Neutral after company announced that it is no longer for sale. Lowered target price to $26 from $32.

Las Vegas Sands

upgraded at JP Morgan:LVS was upgraded from Neutral to Overweight, JP Morgan said. Macau opening could drive the stock in the near term, plus the company has its own expansion plans.

Massey Energy

coverage initiated at UBS:UBS initiated coverage on MEE with a Neutral rating, $26 price target, 2006 estimates of $1.07 and 2007 estimates of $2.34. The company will need to resolve operational issues in order to see upside.

Network Appliance

upgraded at AG Edwards:NTAP was upgraded from Hold to Buy, AG Edwards said. $38 price target. Channel checks look strong, and estimates could prove conservative as the company gains market share through the IBM deal.

Network Appliance

estimates lowered at Goldman:Goldman said it is lowering its 2007 estimates by 2 cents to $0.70 due to the divestiture of NetCache business. Reiterated Buy rating and $37.50 target price.

Progressive

upgraded at Morgan Stanley:Morgan Stanley said it is upgrading PGR to Equal-weight from Underweight based on valuation. Cites current price discounts risks with shares down 21% YTD.

SAFECO

downgraded at Morgan Stanley:Morgan Stanley said it is downgrading SAFC from Equal-weight to Underweight based on valuation. Believes initiatives will not emerge quick enough to sustain multiples at current levels.

STOCK COMMENTS / EPS CHANGES

Bank of America

removed from list at Goldman Sachs:Goldman said it is removing BAC from its Conviction Buy List, buy retaining a Buy rating on the stock. Recent outperformance has left shares closer to fair value than WB. Price target at $60.

BEA Systems

estimates upped at Goldman Sachs Goldman increased its 2007 estimates on BEAS by 2 cents to $0.56 after Q2 results showed bookings growth acceleration and strong metrics across the board. Target price at $16.50 and reiterated Buy rating.

BEA Systems

estimates increased at Jefferies:Jefferies raised its 2007 estimates on BEAS by 2 cents to $0.54 after better than expected Q2 results and increased guidance. Company announced internal review of option grants. Jefferies sees 2 tranches of low-priced options in 2001. Reiterated Buy rating and price target of $15.

Salesforce.com

target raised at Goldman Sachs:Price target on CRM increased by $4 to $33, Goldman said. See new subscriber growth and better than expected revenues and earnings driving higher earnings and free cash flow. Maintain Neutral rating.

Salesforce.com

estimates raised at Piper:Piper said it is raising its 2008 estimates on CRM by 6 cents to 43 cents a share following strong Q2 results and huge sub numbers. Maintained Market Perform rating.

Salesforce.com

target raised at Jefferies:Jefferies said it is increasing its price target on CRM to $30 from $28 due to the company's widening lead in the software-as-a-service delivery of customer relationship management software. Reiterated Hold rating due to fair valuation and concern over future operating leverage.

Dick's Sporting Goods

estimates raised at Goldman:2006 estimates on DKS increased by 3 cents to $1.87, Goldman said. Company continues to distinguish itself in sporting goods sector and improve operating metrics, especially new space productivity. Price target increased to $45 from $42.

Halliburton

added to Goldman's Conviction Buy List:Goldman said it is adding HAL to Americas Conviction Buy List. See corporate restructuring unlocking value and decreasing discount vs. SLB and BHI. Price target at $49.

Hewlett-Packard

price target raised at UBS:UBS upped its price target on HPQ to $44 from $41, 2006 estimates to $2.33 from $2.23 and 2007 estimates to $2.50 from $2.35. The company reported a solid fiscal third quarter. Reiterated Buy rating.

Network Appliance

outlook revised at UBS:UBS reduced its 2007 estimates on NTAP to $0.66 from $0.69 and 2008 estimates to $0.84 from $0.87 but raised its price target to $38 from $36. Maintained Neutral rating.

Omnivision

target cut at Piper:Piper said it is cutting its target price on OVTI to $19 from $31 to reflect lower estimates due to competitive pricing concerns. Maintained Market Perform rating.

Ross Stores

target slashed at Jefferies:Jefferies said it is cutting its price target on ROST to $23.25 from $29 after company reduced guidance. See lower spending by customers negatively impacting second half 2006 results. Reiterated Hold rating.

Wachovia

added to Goldman Sachs' Buy List:Goldman said it is adding WB to its Americas Conviction Buy List. See both near- and long- term catalysts, including 10% dividend increase and expansion at Golden West. Price target at $68.