Thursday's Analysts' Upgrades and Downgrades - TheStreet

Thursday's Analysts' Upgrades and Downgrades

Who made what calls.
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CHANGE IN RATINGS

AutoZone

(AZO) - Get Report

downgraded at Credit Suisse to Neutral from Outperform based on valuation. Stock has essentially reached its target of $135.

Celgene

(CELG) - Get Report

initiated with Buy rating at Jefferies. Price target starts at $77 and FY 2008 EPS estimates set at $2.12.

Century Aluminum

(CENX) - Get Report

upgraded at Morgan Stanley from equalweight to overweight with a $75 price target.

Cleveland Cliffs

(CLF) - Get Report

downgraded at Morgan Stanley from overweight to equalweight and removes its $48 price target.

Emergency Medical

(EMS)

downgraded at JP Morgan from Overweight to Neutral. Valuation call, as the stock is up 230% since last January.

Southern Copper

(PCU)

upgraded at Morgan Stanley to equalweight from underweight and moves its price target from $62 to $91.

Safeco

(SAF) - Get Report

downgraded at Wachovia from Outperform to Market Perform. Earnings and returns will be hurt by increased pricing competition.

STOCK COMMENTS / EPS CHANGES

Genentech

(DNA)

2007 estimates upped at Goldman Sachs to $2.65 from $2.60. Q2 results came in positive, including strong sales of Avastin and Rituxan. Maintained buy rating and $102 price target.

Corning

(GLW) - Get Report

estimates raised at UBS. FY 2008 EPS estimates upped to $1.50 from $1.47 and price objective holds at $27. Reiterates Neutral rating.

Liz Claiborne

(LIZ)

price target raised at Goldman to $40 from $35 following the company's strategic review. See improved profitability in 2008 and beyond, including sales growth of 7%-9% and 14% EBIT margins. Maintained Neutral rating due to 12% advance in shares since 5/17.

Motorola

(MOT)

2007 estimates slashed at Goldman to $0.17 to $0.41 based on deteriorating fundamentals. Company preannounced weak Q2 results, including reduced sales forecasts. See continuing decline in market share. Maintain Neutral rating and $16 target.

Motorola estimates lowered at UBS. FY 2008 EPS estimates drop to $0.15 from $0.22 and price target remains at $14.05. Reiterates Neutral rating.

Motorola 2007 estimates cut at Credit Suisse by 2 cents to 31 cents after company reduced guidance. Maintained Outperform rating and $24 target price.

Medicis

(MRX)

numbers lowered at Jefferies. Price target drops to $37.50 from $45 and FY 2008 EPS estimates lowered to $1.63 from $1.76. Reiterates Buy rating.

STRATEGY CALLS / MARKET CALLS

JP Morgan Changes Ratings on Three Defense Stocks: JP Morgan said it upgraded

RTN

to Overweight and

LMT

to Neutral. RTN estimates also raised, as the company should deliver above-average organic growth. On the other hand, the rating on

NOC

was cut to Neutral, as the stock has recently outperformed its peers.