Thursday's Analysts' Upgrades and Downgrades

Who made what calls.
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CHANGE IN RATINGS

ATMI

(ATMI)

downgraded at JP Morgan: ATMI was downgraded from Overweight to Neutral at JP Morgan. Stock is up 30% since the August upgrade, considerably outperforming its peers. Long-term growth story remains intact.

BEA Systems

(EBAS)

downgraded at Merrill: BEAS was downgraded to Sell at Merrill Lynch. Organic growth is decelerating, especially for AquaLogic. Company likely losing market share to IBM and ORCL.

BEA Systems

(BEAS)

revenue estimates raised at Jefferies: Jefferies moves BEAS Q4 revenue estimates to $386 million from $380 million and holds EPS estimate at $0.16. Maintains price target of $17.

Charles River Labs

(CRL) - Get Report

downgraded at Goldman Sachs: Goldman is downgrading CRL to Neutral from Buy due to less compelling risk/reward. More moderate view on potential benefit from new preclinical facilities. Target price at $49.

Endo Pharma

(ENDP) - Get Report

upgraded at Baird: ENDP was upgraded from Neutral to Outperform, Robert Baird said. $38 price target. Stock is already pricing in competitive risks for Lidoderm and the poor launch of Opana.

JetBlue Airways

(JBLU) - Get Report

downgraded at UBS: UBS is downgrading JBLU to Reduce from Neutral based on valuation. Cites stock trades at a significant premium to its peers. Maintained $11 target price.

Legg Mason

(LM) - Get Report

upgraded at Wachovia: LM was upgraded to Outperform at Wachovia. Estimates also raised to represent strong equity returns. Company trades at a small discount to its peers and is likely to announce a repurchase program in the near term.

PetSmart

(PETM)

downgraded at Goldman Sachs: PETM downgraded to Neutral from Buy at Goldman. Shares up 23% over past 12 months - see less attractive risk reward. Price target increased to $32 from $30.

Seagate Tech

(STX) - Get Report

upgraded at Raymond James: STX was upgraded from Underperform to Outperform at Raymond James. $28 price target. Company likely to carry operating momentum into the fourth quarter, and currently trades below its historical median valuation.

STOCK COMMENTS / EPS CHANGES

Applied Materials

(AMAT) - Get Report

estimates cut at Goldman: Goldman is cutting its 2008 estimates on AMAT by 7 cents to $0.79 after company issued weak guidance. See higher inventories and increasing capital expenses as key negatives. Maintain Neutral rating and $14.50 target.

Coach

(COH)

target raised at Morgan Stanley: Morgan Stanley raises its price target on Coach from $44 to $47, based on expectations of a positive holiday season.

Salesforce.com

(CRM) - Get Report

price target raised at Jefferies: CRM target upped to $38 from $35 after reporting revenue / EPS of $130mm/$0.06 vs. consensus of $129mm/$0.05. Hold rating reiterated.

Salesforce.com

(CRM) - Get Report

target increased at Goldman: Goldman is raising its target on CRM to $45 from $40 following strong quarterly results. Company continues to benefit from growing demand for software-as-service solutions, with good execution. Maintained neutral rating.

Salesforce.com

(CRM) - Get Report

estimates lowered at UBS: UBS is lowering its 2008 EPS estimates on CRM to 10 cents from 23 cents following the company's lower revenue guidance for 2008. Maintained Neutral rating.

Network Appliance

(NTAP) - Get Report

price target raised at Goldman: Target on NTAP raised to $38 from $37.50 at Goldman. Recent quarter showed strong leverage on channel side. Arrow and Avnet grew 16% sequentially. Shares appear fairly valued. Maintained Neutral rating.

Network Appliance

(NTAP) - Get Report

outlook raised at UBS: UBS is raising its 2007 EPS estimates on NTAP to 75 cents from 66 cents following solid 2Q results. Raised target price to $43 from $38.

Pep Boys

(PBY) - Get Report

estimates slashed at Goldman: Goldman is cutting its 2007 estimates on PBY to $(0.24) from $(0.06) after progress in underperforming service business fell short of expectations. Shares look pricey given company's challenging position. Reiterate Sell and $12 target price.

PetSmart

(PETM)

estimates raised at Credit Suisse: Credit Suisse is raising its 2007 EPS estimates on PETM to $1.32 from $1.30 following quarterly 3Q results that were slightly ahead of consensus. Maintained Neutral rating.

Research in Motion

(RIMM)

target price raised at UBS: UBS is raising its target price on RIMM to $160 from $125 based on strong indication of Pearl hardware sales/subs. Maintained Buy rating.