Thursday's Analysts' Upgrades and Downgrades

Who made what calls.
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CHANGE IN RATINGS

Alcatel

(ALA)

coverage initiated at Prudential: Prudential is initiating coverage on ALA with an Overweight rating and $23 target price. Company has leading positions in multiple key markets.

Genentech

(DNA)

rated new Neutral at Credit Suisse: Credit Suisse is initiating coverage on DNA with a Neutral rating. Cites positive bias based on Avastin sales but sees long-term challenges. Sets $82 target price.

Amdocs

(DOX) - Get Report

downgraded at Morgan Stanley: Morgan Stanley is downgrading Amdocs to equal-weight on valuation, as it believe the stock is close to fairly valued for now.

Dollar Thrifty Auto Group

(DTG)

initiated at Morgan Stanley:Morgan Stanley is initiating coverage of Dollar Thrifty Auto Group with an equal-weight rating and a $46 price target.

HB Fuller

(FUL) - Get Report

downgraded at JP Morgan: FUL was downgraded from Overweight to Neutral, JP Morgan said. Stock gained 23% yesterday, and is already pricing in higher potential 2007 earnings.

Jabil Circuit

(JBL) - Get Report

downgraded at Goldman Sachs: Goldman is downgrading JBL to Neutral from Buy due to valuation. Believe risk/reward is balanced at current levels. Shares now trade above $28 target price, which was unchanged.

Lincoln National

(LNC) - Get Report

downgraded at Credit Suisse: Credit Suisse is downgrading LNC to Neutral from Outperform based on valuation. Stock has essentially reached its target price of $64.

Lexmark

(LXK)

downgraded at Bernstein: LXK was downgraded to Market Perform, Bernstein said. $60 price target. Stock is already pricing in recent margin improvement, and uncertainty remains about the ability to successfully growth hardware unit sales.

McCormick

(MKC) - Get Report

downgraded at Merrill: MKC was downgraded from Buy to Neutral, Merrill Lynch said. Stock is reaching its $40 price target, and is likely already pricing in a business turnaround.

Petsmart

(PETM)

downgraded at Piper: Piper is downgrading PETM to a Market Perform rating based on valuation as stock is approaching $30 target price.

Resources Connection

(RECN) - Get Report

upgraded at Baird: RECN was upgraded from Neutral to Outperform, Robert Baird said. Options expenses are running higher than expected, though sales are very strong. $31 price target.

Synovus Financial

(SNV) - Get Report

downgraded at Piper: Piper is downgrading SNV to a Market Perform rating as residential construction growth could slow and cost of deposits could continue to increase.

Time Warner

(TWX)

downgraded at JP Morgan: TWX was downgraded from Overweight to Neutral, JP Morgan said. New analyst believes that AOL will continue to face long-term challenges. Filmed entertainment sales growth also slowing.

Vertex Pharma

(VRTX) - Get Report

upgraded at Merrill: VRTX was upgraded to Buy, Merrill Lynch said. Strong Phase II data should be coming from the PROVE 1 trial soon, and the stock has digested the recent equity offering. $40 price target.

STOCK COMMENTS / EPS CHANGES

Airgas

(ARG)

price target raised at Jefferies: Jefferies is uping its target on ARG to $46 from $45 due to strong fundamental trends and debt refinancing. 2007 estimates increased by 5 cents to $1.95. Reiterated Buy rating.

Boston Scientific

(BSX) - Get Report

target cut at Jefferies: Jefferies is cutting its price target on BSX to $22 from $25 after company preannounced weak Q3 results. See long term outlook intact. Reiterated Buy rating.

Disney

(DIS) - Get Report

numbers changed at Morgan Stanley: Morgan Stanley is raising numbers for 2006 EPS estimates but cutting 2007-2008 estimates. Morgan Stanley says there appears to be 10%-15% upside potential to Disney's share price if there is no recession next year.

Home Depot

(HD) - Get Report

estimates lowered at Jefferies: Home Depot 2007 estimates cut by 5 cents to $3.27 at Jefferies. Taking conservative stance due to softening macro environment, especially uncertain rate of deterioration of housing market. Reiterated Buy rating.

Newmont Mining

(NEM) - Get Report

target price lowered at Credit Suisse:Credit Suisse is lowering its target price on NEM to $48 from $65 after the company revised 2006 and 2007 operating targets lower. Maintained Outperform rating.

Paychex

(PAYX) - Get Report

target price lowered at Jefferies: PAYX target lowered to $42 from $44, Jefferies said. Adjustment to discounted cash flow model, based on 1.8x PEG. Reiterated Hold rating.

Verizon

(VZ) - Get Report

target price raised at UBS: UBS said it is raising its target price on VZ to $41 from $40 based on expected double-digit earnings growth in 2008. Maintained Buy rating.