Thursday's Analysts' Upgrades and Downgrades

Who made what calls.
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Change in Ratings

Continental Air

(CAL) - Get Report

was upgraded from Underweight to Neutral at JPMorgan. Also taking the stock off the Focus List, as the stock has reached near-term targets.

CompuCredit

(CCRT)

upgraded to Market perform from underperform at Wachovia. Price valuation range remains at $27 to $30, and 2007 EPS estimates hold at $3.00.

Morgan Stanley upgrades

H&R Block

(HRB) - Get Report

from underweight to equalweight with a $21 price target.

Lehman Brothers

(LEH)

upgraded to Market outperform from Market perform at Wachovia. Price valuation range remains at $84 to $86, and 2007 EPS rise to $7.15 to $7.13.

CIBC is upgrading

Proctor & Gamble

(PG) - Get Report

to Sector Outperformer from Sector Performer based on belief that investor fears of top-line slowdown are unfounded. Shares currently trade at discount to historical absolute and relative P/E multiples based on 2008 estimate. Target price at $76.

Rowan

(RDC)

was upgraded from Underperform to Market Perform at Bernstein. Current price discounts the normalized value across the jackup fleet. Overall outlook for the rig market remains pessimistic.

Credit Suisse is upgrading

Sappi Limited

(SPP)

to Outperform from Neutral based on valuation and exposure to South Africa. Raised target price to $19 from $17.

Wrigley

(WWY)

was upgraded from Underweight to Neutral at JPMorgan. Company is positioned to generate double-digit earnings growth in 2007, led by emerging-markets growth.

Stock Comments/EPS Changes

Constellation Energy

(CEG)

price target raised to $92 from $83 at UBS. EPS estimates for 2007 and 2008 remain at $4.55 and $5.55, respectively. Reiterates Buy rating.

Goldman is cutting its target on

General Motors

(GM) - Get Report

to $30 from $31 due to uninspiring fourth-quarter fundamentals and 2007 outlook. Free cash flow outlook is disappointing, while pricing deteriorated during the fourth quarter and volume looks set to remain in persistent headwind. Maintained Neutral rating.

Credit Suisse is raising its 2007 EPS estimates on

Pep-Boys-Manny

(PBY) - Get Report

to 25 cents from 18 cents based on improving trends. Raised target price to $13 but maintained Underperform rating.