Thursday's Analysts' Upgrades and Downgrades

Who made what calls.
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CHANGE IN RATINGS

Cisco Systems

(CSCO) - Get Report

upgraded at UBS: UBS said it is upgrading CSCO to Buy from Neutral after solid F1Q results. Sees continued acceleration on solid demand. Raised target price to $32 from $27.

Cisco

(CSCO) - Get Report

price target increased at Goldman: Goldman said it is raising its target on CSCO to $35 from $29. See company in early stages of multi-year product cycle. Maintained Buy rating.

FirstEnergy

(FE) - Get Report

downgraded at Jefferies: FE downgraded to Hold from buy, Jefferies said. See shares fairly valued with respect to uncertainty of Pennsylvania distribution rate proceedings. Price target lowered to $63 from $67.50.

Harley-Davidson

(HOG) - Get Report

downgraded at AG Edwards: HOG was downgraded to Hold, AG Edwards said. $74 price target. Company seeing strong sales of its 2007 line, but is also coming against some difficult year-over-year comparisons.

Harley-Davidson

(HOG) - Get Report

downgraded at Baird: HOG was downgraded from Outperform to Neutral, Robert Baird said. $72 price target. Stock has historically lagged during the off-season, and dealer contacts are pointing toward softer near-term sales.

Maindenform Brands

(MFB)

downgraded at Credit Suisse: Credit Suisse said it is downgrading MFB to Neutral from Outperform. Cites guidance implies a slowdown. Maintained $22 target price.

New York Times

(NYT) - Get Report

downgraded at Morgan Stanley: NYT was downgraded to Underweight, Morgan Stanley said. $20 price target. Ad sales remain soft, and the current valuation is not compelling.

Parametric

(PMTC)

coverage initiated at Jefferies: Jefferies said it is initiating coverage on PMTC with a Buy rating. See sustainable 10% organic revenue growth and improving market share gains. Price target at $23.

Phoenix Cos.

(PNX)

downgraded at Morgan Stanley: PNX was downgraded to Underweight, Morgan Stanley said. Stock appears fully valued on a sum-of-the-parts basis. $15 price target.

SAP

(SAP) - Get Report

coverage initiated at Jefferies: Jefferies said it is initiating coverage on SAP with a Buy rating. Believe license growth will slow modestly in 2007 but see upside to earnings estimates. Remains leader in global APS market and should gain market share. Price target at $59.

Sirius

(SIRI) - Get Report

downgraded at Wachovia: SIRI was downgraded to Market Perform, Wachovia said. Fourth quarter subscriber expectations appear aggressive, especially as auto churn comes up.

Sirius

(SIRI) - Get Report

estimates upped at Goldman: Goldman said it is increasing its 2006 estimates on SIRI by 2 cents to ($0.82) following better than expected Q3 results. Question whether company can reach target of 6.3 million subs by year end. Maintained Sell rating and $3.75 target.

Watson Wyatt

(WW) - Get Report

downgraded at Deutsche: WW was downgraded to Hold, Deutsche Bank said. Valuation call, based on the $49 price target. Company posted its best revenue growth in five years, added by a positive foreign exchange benefit.

STOCK COMMENTS / EPS CHANGES

Advanced Micro Devices

(AMD) - Get Report

target price lowered at UBS: UBS said it is lowering its target price on AMD to $23 from $26. Cites margin and cash flow risks persist. Maintained Neutral rating.

Adams Respiratory

(ARXT)

estimates upped at Morgan Stanley: ARXT estimates raised for 2007 and 2008, Morgan Stanley said. Company will double its existing over-the-counter portfolio by 2008, and may also have a prescription product on the market by then as well. Overweight rating and $55 price target.

BMC Software

(DMC)

estimates raised at Piper: Piper said it is raising its 2007 estimates on BMC to $1.47 a share following solid Q2 numbers. Maintained Outperform rating.

Cablevision

(CVC)

estimates lowered at Morgan Stanley: CVC estimates cut through 2008, Morgan Stanley said. Company is beginning to reach saturation levels for its new products, like digital cable and VoIP.

Cablevision

(CVC)

price target increased at Jefferies: Jefferies said it is upping its target on CVC to $32.17 from $26 after company reported excellent Q3 results. Believe $27 bid too low for company. Reiterated Buy rating.

DirecTV

(DTV)

estimates raised at Morgan Stanley: DTV estimates boosted through 2008, Morgan Stanley said. Company added more customers than expected during the quarter, with 25% of them coming through the RBOC channel. $22 price target.

Federated Dept. Stores

(FD)

estimates cut at Morgan Stanley: FD estimates reduced for 2007 and 2008, Morgan Stanley said. Company had poor execution in home goods. May sales also soft, especially in the Midwest. Equal-weight rating.

Federated Dept. Stores

(FD)

estimates cut at Prudential: Prudential said it is cutting its 2007 estimates on FD by a nickel to $2.21 a share due to guidance being below expectations. Maintained Neutral Weight rating.

Hewlett-Packard

(HPQ) - Get Report

price target raised at Goldman: Goldman said it is increasing its target on HPQ to $46 from $42.50. See likely higher gross margins, lower operating expenses, and larger share buybacks ahead. Maintained Buy rating.

Medicis Pharma

(MRX)

estimates raised at Morgan Stanley: MRX estimates increased through 2008, Morgan Stanley said. Company realized higher margins this quarter, and should also benefit from the Ziana launch. Equal-weight rating.

Priceline.com

(PCLN)

numbers boosted at Morgan Stanley: PCLN shares now expected to reach $44, according to Morgan Stanley. Estimates also raised, as the company appears to be taking market share. Overweight rating.

Priceline.com

(PCLN)

price target raised at Goldman: PCLN target upped to $49 from $45, Goldman said. Better than expected Q3 results included strong gross bookings, revenue, and earnings. Expect trends to continue. Maintained Neutral rating.

Polo Ralph Lauren

(RL) - Get Report

estimates raised at Prudential: Prudential said it is raising its 2007 estimates on RL by 30 cents to $3.60 a share following fabulous quarter and strong guidance. Maintained Overweight rating.

Wynn

(WYNN) - Get Report

target raised at Jefferies: Target on WYNN raised to $90 from $80.50, Jefferies said. Company reported weak Q3. Believe Macau growth will drive growth. Reiterated Buy rating.