Thursday's Analysts' Upgrades and Downgrades

Who made what calls.
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CHANGE IN RATINGS

Bank of America

(BAC) - Get Report

downgraded at CIBC from Outperform to Sector Perform. Estimates also cut, as the company is likely to realize lower equity gains. Mortgage, credit card and fee income could also disappoint in the near term.

Berry Petroleum

(BRY) - Get Report

downgraded at Goldman Sachs to Neutral from Buy based on more balanced risk/reward. See favorable crude oil exposure and production growth visibility, but note that shares are up 28% since June 11. Price target at $53.

Citigroup

(C) - Get Report

downgraded at CIBC to Underperform from Sector Perform. Company will need to raise more than $30 billion of capital in the near term, and may look to cut its dividend. Estimates also lowered.

Constellation Energy

(CEG)

downgraded at Jefferies to Hold rating from Neutral. Price target and FY 2008 eps estimates hold at $105 and $5.55, respectively.

Del Monte Foods

(DLM)

downgraded at Bear from Outperform to Peer Perform. Estimates also cut, because of higher tuna and diesel fuel costs.

Dionex

(DNEX)

downgraded at Robert Baird from Neutral to Underperform. $82 price target. Valuation call, as the stock is already pricing in continued growth for 2008.

DPL

(DPL)

downgraded at Baird from Outperform to Neutral. $34 price target. Expect coal blending opportunities and rate increases to materialize over the next few quarters. Estimates also raised.

F5 Networks

(FFIV) - Get Report

upgraded at Citigroup from Hold to Buy. $44 price target. Company still faces challenges over the next quarter or two, but fundamentals and sentiment appear to have reached a low point.

Garmin

(GRMN) - Get Report

downgraded at Merrill from Neutral to Sell. Company boosted guidance, but is now facing a bidding war with TomTom. A shift in the sales mix to lower price items could also hurt margins.

InterActiveCorp

(IACI)

upgraded at Citigroup from Hold to Buy. $35 price target. Third quarter results suggest that fundamentals have bottomed. Valuation also looks attractive at current levels.

Kendle International

(KNDL)

upgraded at Baird from Neutral to Outperform. $48 price target. Guidance cuts were already priced in, and margin performance should drive improved 2008 results.

Macy's

(M) - Get Report

upgraded at Weisel from Market-weight to Overweight. $41 price target. Sales trends have improved of late, and the company can continue to repurchase shares with its solid cash flow.

Mastercard

(MA) - Get Report

downgraded at Bear to Peer Perform. Valuation call, even as the company continues to deliver earnings growth that is well ahead of plan. $188 price target.

Newmont Mining

(NEM) - Get Report

upgraded at RBC Capital from Underperform to Sector Perform. Copper business continues to drive solid results. $52 price target.

Northern Trust

(NTRS) - Get Report

upgraded at Morgan Stanley from equalweight to overweight and moves its price target from $68 to $80.

Pep Boys

(PBY) - Get Report

upgraded at Goldman Sachs to Neutral from Sell. See potential for improved performance from implementing best practice on the service front, improving hard parts merchandising and buying costs, and purging store of non-core products. Also note asset value support around $10-$12, based on owned real estate portfolio. Maintained $16 target.

PMI Group

(PMI)

downgraded at Merrill from Buy to Neutral. Uncertainty will likely hang over the stock for another couple of quarters. Estimates also cut.

Sterling Financial

(STSA) - Get Report

downgraded at KBW to Market Perform. Regulatory pressures could limit the company's ability to expand through acquisitions. $25 price target.

State Street

(STT) - Get Report

upgraded at Morgan Stanley from equalweight to underweight and moves price target from $81 to $85.

STOCK COMMENTS / EPS CHANGES

Allied Waste

(AW)

2008 estimates raised at Credit Suisse from 85 cents to 90 cents after Q3 earnings came in ahead of its forecast. Believes company continues to be a compelling turnaround play. Maintained Outperform rating.

Chemed

(CHE) - Get Report

numbers lowered at Jefferies. Price target dips to $67.25 from $75 and FY 2008 eps estimates drop to $3.01 from $3.17. Reiterates Buy rating.

Nalco

(NLC)

added to Focus List at JP Morgan. $30 price target. Stock looks attractive, following a 10% pullback. Company continues to generate solid cash flow.

Transocean

(RIG) - Get Report

2007 estimates raised at Goldman to $8.13 from $7.87 due to higher contract drilling revenues. Expect deepwater demand to outstrip supply through 2010, and note continuing strength in drillship pricing. Shares are not rated by Goldman.

Smith Micro

(SMSI) - Get Report

numbers lowered at UBS. Price target dips to $20 from $23 and FY 2007 eps estimates drop to $0.18 from $0.20. Reiterates Buy rating.

Omnicare

(OCR)

estimates lowered at Goldman to $1.87 from $2.17. Earnings call provided little encouragement that a turnaround is gaining traction. Note that negative bed growth trends continue, with expense leverage continuing to deteriorate. Price target cut to $37 from $43. Maintained Neutral rating.