Thursday's Analysts' Upgrades and Downgrades

Who made what calls.
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CHANGE IN RATINGS

Acme Packet

(APKT)

upgraded at Piper Jaffray to Outperform from Market Perform. Company reported a great second quarter beating analysts estimates in revenues and gross and operating margins. Customer concentration is improving. $15 price target.

Acme Packet upgraded at Deutsche Bank to Buy from Hold. Signs of increasing customer adoption mark a potential inflection point. Current valuation marks a favorable risk/reward. Price target raised to $15 from $13.

Bare Escentuals

(BARE)

downgraded at CIBC from Outperform to Sector Perform. $48 price target. Company's infomercial business continues to deteriorate.

Broadcom

(BRCM)

upgraded at CIBC from Sector Perform to Outperform. DTV, bluetooth headset 802.11n and gaming opportunities all appear poised to ramp. $40 price target.

Corinthian Colleges

(COCO)

upgraded at Piper Jaffray to outperform and raises price target from $12 to $17.

Cubic

(CUB) - Get Report

upgraded at FBR to Market Perform rating from Under Perform. Price target upped to $28 from $24 and FY 2008 eps estimates jump to $1.59 from $1.35.

Electronic Data Systems

(EDS)

downgraded at Jefferies to Hold rating from Buy. Price target lowered to $27 from $34, and FY 2008 eps estimates drop to $1.78 from $1.84.

Electronic Data Systems downgraded at Merrill to Neutral. Company cut free cash flow guidance.

Endo Pharma

(ENDP) - Get Report

downgraded at UBS to Neutral rating from Buy. Price target lowered to $38 from $40, and FY 2008 eps estimates drift down to $2.12 from $2.13.

General Maritime

(GMR)

upgraded at Bear Stearns to Outperform from Peer Perform. Several positive catalysts: compelling valuation, potential recovery in the tanker day rates in fourth quarter, and a solid dividend yield. $31 price target.

Getty Images

(GYI)

downgraded at Deutsche Bank to Sell from Hold. In second quarter the company saw a year-over-year decline in core business and organic revenue. Creative images continue to see weakness from mix and demand issues. Price target lowered to $35.

Harleysville Group

(HGIC)

upgraded at Keybanc from Hold to Buy. $33 price target. Company posted solid second quarter results and deserves to trade at a premium valuation.

Jones Apparel Group

(JNY)

upgraded at Morgan Stanley from underweight to equalweight with a $25 price target.

Jackson Hewitt

(JTX)

downgraded at Goldman Sachs to Sell from Neutral based on higher near-term risks, including renegotiation of HSBC RAL agreement, outcome of DoJ/IRS investigation, and decreasing performance expectations for upcoming tax season. Target price at $25.

Littlefuse

(LFUS) - Get Report

upgraded at Robert Baird from Neutral to Outperform. $42 price target. Company's strong position in the circuit protection business, cost-cutting opportunities and solid balance sheet will help offset the weak second quarter results.

Laboratory Corp of America

(LH) - Get Report

upgraded at Jefferies to Buy rating from Hold. Price target and FY 2008 eps estimates hold at $86 and $4.94, respectively.

Marshall & Ilsley

(MI)

upgraded at Deutsche Bank from Hold to Buy. $50 price target. Investors are essentially receiving the Metavante business for free at current levels.

Middleby

(MIDD) - Get Report

upgraded from Neutral to Outperform at Robert Baird. $73 price target. Work stoppage has been settled, and the market focus will likely shift back toward the company's organic growth prospects.

Marvell

(MRVL) - Get Report

downgraded at CIBC to Sector Performer from Sector Outperformer. Though company has passed the bottom, it may be difficult to live up to renewed bullish expectations for growth. $23 price target was pulled.

Nelnet

(NNI) - Get Report

upgraded at Goldman Sachs to Neutral from Sell. Recent sharp correction has brought shares to a level where risks are fully priced in, specifically Senator Kennedy's legislative initiatives targeting student lenders. Price target at $20.

OfficeMax

(OMX)

upgraded at JP Morgan from Neutral to Overweight. Valuation call, as the company is trading at just 12 times expected 2008 earnings.

Photronics

(PLAB) - Get Report

downgraded to Neutral at Merrill Lynch. Company cut guidance, based on lower flat-panel display and chip photomask demand. Downside limited by the fact the stock trades at 1.5 times tangible book value.

Qwest

(Q)

upgraded at CIBC from Sector Perform to Outperform. $11 price target. Company has positive leverage to the enterprise business, and should soon have a new CEO.

Qwest added to Focus List at JP Morgan. Company reported a poor quarter, but the stock looks oversold after a 25% sell-off. $10.50 price target.

Senior Housing

(SNH) - Get Report

upgraded at UBS to Buy rating from Neutral. Price target holds at $24, while FY 2008 eps estimates drift down to $1.70 from $1.75.

Symantec

(SYMC) - Get Report

upgraded at Friedman Billings Ramsey to Outperform from Market Perform based on expected strength in government vertical. Also see potential upside from enterprise product cycle. Price target raised to $24 from $20.

Triumph Group

(TGI) - Get Report

upgraded from Neutral to Buy at Merrill Lynch. $95 price target. Estimates also raised, as the company's margins should rise as management executes on its turnaround strategy.

Wisconsin Energy

(WEC) - Get Report

upgraded to Buy at Merrill Lynch. Stock is down 8% on the year, but should grow earnings 11% annually through 2011. $49 price target.

STOCK COMMENTS / EPS CHANGES

Amgen

(AMGN) - Get Report

price target lowered at Goldman to $64 from $67 based on lower expectations for positive changes to the National Coverage Decision for erythropoiesis agents. Do not expect cumbersome policies on dose titration to change in the near-term. Reiterated buy rating.

Cognizant

(CTSH) - Get Report

2007 estimates raised at Piper by 4 cents to $2.24 a share following Q2 upside and guidance. Maintained Market Perform rating.

Disney

(DIS) - Get Report

2007 estimates raised at Goldman to $1.91 from $1.87 after company delivered strong Q3 results. Maintained Buy rating and $45 target.

Getty Images

(GYI)

target cut at Piper to $44 from $50 due to weak second-half outlook following in-line quarter. Maintained Market Perform rating.

Sohu.com

(SOHU) - Get Report

2007 estimates raised at Piper by 12 cents to 76 cents a share following branded revenue upside surprise in Q2. Maintained Outperform rating.

Tekelec

(TKLC)

2008 estimates cut at Piper by 2 cents to 60 cents a share to reflect declining order growth. Maintained Market Perform rating.