Thursday's Analysts' Upgrades and Downgrades - TheStreet

CHANGE IN RATINGS

Citrix Systems

(CTXS) - Get Report

upgraded at Robert Baird from Neutral to Outperform. $45 price target. Increased investment spending will limit incremental earnings upside.

Citrix Systems target price raised at Credit Suisse to $45 from $43 after company reported strong Q2 results. Maintained Buy rating.

Juniper Networks

(JNPR) - Get Report

upgraded at Robert Baird from Neutral to Outperform. $32 price target. Revenue is accelerating in both segments and the new product cycle should help expand margins.

Juniper Networks numbers raised at UBS. Price target lifts to $29 from $27 and FY 2008 EPS estimates bump to $0.98 from $0.97. Reiterates Neutral rating.

Juniper Networks target price raised at Credit Suisse to $27 from $22 after company reported solid Q2 results. However, believes company is fairly valued and maintained Neutral rating.

Juniper Networks upgraded at Goldman Sachs to Buy from Neutral based on revenue growth from new product traction at major carriers and resulting operating margin gains. See company benefiting from bandwidth growth in China as well. Price target raised to $36 from $22.

JP Morgan Chase

(JPM) - Get Report

upgraded at CIBC to Sector Outperform from Sector Perform. Currently trading at just 9.3 times 2008 estimate and yielding more than 3%, the company is considered cheap. Estimated earnings raised. $58 price target.

Piper Jaffray

(PJC) - Get Report

upgraded at Wachovia from Market Perform to Outperform. Post-earnings selloff in the stock was overdone, and the investment banking backlogs look strong.

Sempra Energy

(SRE) - Get Report

upgraded at Wachovia to Outperform from Market Perform. Joint venture with Royal Bank of Scotland is not being appreciated in the market. Valuation range raised to $65-68.

St. Jude Medical

(STJ)

upgraded at Wachovia to Outperform from Market Perform. Strong ICD results posted in second consecutive quarter of mid-teen growth indicate the ICD market has bottomed out. Valuation range raised to $50-52 from $47-49.

Skyworks Solutions

(SWKS) - Get Report

downgraded at Citigroup from Buy to Hold. Valuation call, as the stock is approaching the $8.70 target price.

STOCK COMMENTS / EPS CHANGES

Cubist Pharama

(CBST)

2007 estimates raised at Goldman to $0.70 from $0.50, following strong Q2 results that included better than expected Cubicin sales. Gross margins of 77% were also a highlight. Price target upped to $29 from $26 and maintained Neutral rating.

CIT Group

(CIT) - Get Report

numbers lowered at UBS. Price target drops to $67 from $70 and FY 2008 EPS estimates dip to $5.70 from $6.22. Reiterates Buy rating.

Energy Conversion Devices

( ENER) numbers lowered at Jefferies. Price target drops to $36 from $47 and FY 2008 EPS estimates dip to $0.49 from $0.60. Reiterates Buy rating.

Equinix

(EQIX) - Get Report

target raised at Jefferies. Price target lifts to $110 from $107.50, but FY 2008 EPS estimates drop to loss of $(0.48) from $(0.29). Reiterates Buy rating.

IBM

(IBM) - Get Report

price target raised at Goldman Sachs to $130 from $120 based on higher expectations for earning growth in 2007 and 2008. See massive buyback, drop in pension expense, and growing strength in software and services. 2007 estimates raised to $8.05 from $6.99. Maintained Buy rating.

Orbital Sciences

(ORB)

numbers raised at Jefferies. Price target jumps to $28 from $22 and FY 2008 EPS estimates bump to $1.00 from $0.95. Reiterates Buy rating.

STRATEGY CALLS / MARKET CALLS

Refining sector downgraded at Bernstein:The Refining sector was downgraded to Underperform, Bernstein said. The ratings on VLO and SUN were also cut from Market Perform to Underperform, as demand moves from seasonally high demand in July.