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Thursday's Analysts' Upgrades and Downgrades

Who made what calls.
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CHANGE IN RATINGS

Cummins

(CMI) - Get Cummins Inc. Report

upgraded at Wachovia to Outperform from Market Perform, anticipating significant earnings in its compound annual growth rate driven largely by secular growth. CMI is increasingly appearing to be the link between emissions and diesel engine related growth. Near-term earnings expectations appear too low, given the company's recent Class 8 truck engine market share gains.

EMC

(EMC)

downgraded at Bear Stearns from Outperform to Peer Perform, based on valuation. Despite EMC's strong recent results highlighting its diverse business model of hardware, software, and services, Bear Stearns believes the stock has exceeded its 2007 fair value estimate of $16. Estimates maintained.

Genzyme

(GENZ)

upgraded at Goldman Sachs to Buy from Neutral based on improved risk/reward profile following recent weakness in the stock. See upside driven by strong operating leverage and expanding pipeline, and expect 3-year EPS growth of around 19%. Look for phase 3 data on tolevamer and mozobil later this year. Price target at $81.

JA Solar

(JASO)

upgraded at Raymond James from Outperform to Strong Buy. Stock has dropped 12% over the past 5 weeks, and looks attractive at just 16.5 times expected 2008 earnings.

Janus

(JNS)

was downgraded from Buy to Neutral at Merrill Lynch. Stock has gained more than 30% over the past quarter, and is already pricing in an earnings upside surprise. Trading at 20.1 times expected 2008 earnings.

NiSource

(NI) - Get NiSource Inc (NI) Report

upgraded at Credit Suisse to Neutral from Outperform. Says it sees less downside risk at current price. Raised target price to $22 from $21.

Red Hat

(RHT) - Get Red Hat, Inc. Report

upgraded at Baird from Neutral to Outperform. $28 price target. Company is seeing a shift in its sales mix, which should lead to higher sales and margins.

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STOCK COMMENTS / EPS CHANGES

Biogen

(BIIB) - Get Biogen Inc. Report

numbers raised at Jefferies. 2007 EPS estimates raised to $2.70 from $2.59. Price target raised to $52 from $46. Reiterates Hold rating.

Biogen price target increased at Jefferies to $52 from $46 based on new share repurchase program. Remain focused on Tysabri launch. 2007 estimates increased to $2.70 from $2.59. Reiterated Hold rating.

Digital River

(DRIV) - Get Global X Autonomous & Electric Vehicles ETF Report

target price lowered at Credit Suisse to $61 from $68. Cites that it is waiting for Microsoft ramp to become more clear. Maintained Neutral rating.

Entergy

(ETR) - Get Entergy Corporation Report

price target raised at Jefferies to $127 from $125. See higher wholesale power prices in Northeast. 2009 estimates upped to $7.90 from $7.55. Maintained Buy rating.

Frontline

(FRO) - Get Frontline Ltd. Report

numbers raised at Jefferies. 2007 EPS estimates raised from $2.35 to $2.81. Price target raised from $32 to $39. Reiterates Hold rating.

Joy Global

(JOYG)

2007 estimates raised at Goldman to $3.05 from $2.95 based on faster stock buybacks, stronger international mining equipment demand and higher margins. However, see continued softness in US demand. Price target raised to $55 from $49 and reiterated Sell rating.

Novell

(NOVL)

estimates increased at Jefferies to $0.11 from $0.07 based on continued strength in SLES. Identity management failed to meet expectations for second straight quarter. Note that shares seem to lack near-term catalyst. Reiterated Hold rating and $8 target.

Phillips-Van Heusen

(PVH) - Get PVH Corp. Report

target price raised at Credit Suisse to $75 from $66 after solid Q1 results. Maintained Outperform rating.