Thursday's Analysts' Upgrades and Downgrades

Who made what calls.
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CHANGE IN RATINGS

Comcast

(CMCSA) - Get Report

upgraded at Morgan Stanley from equalweight to overweight, but lowers price target from $29 to $24

CVR Energy

(CVI) - Get Report

average initiated at Deutsche Bank with a Buy rating and $27 target price. Hedges will roll off and an MLP of fertilizer business will unlock value.

Double Hull Tankers

(DHT) - Get Report

initiated at Jefferies with Buy rating. Price target starts at $20 with initial FY 2008 eps estimates at $0.68.

Genentech

(DNA)

upgraded at Cowen to Outperform. Stock is down 13% over the past 3 days on negative Avastin news, and now appears oversold.

Genentech downgraded at Jefferies to Hold rating from Buy. Price target slashed to $67 from $85 and FY 2008 eps estimates dip to $3.36 from $3.50.

Genentech price target slashed at Goldman to $87 from $102 due to potential delay in FDA approval of Avastin for breast cancer. Oncologic Drugs Advisory Committee voted 4 to 5 against approval. Note that FDA does not have to follow recommendation. Still see reasonable chance for approval by Feb 23, but estimate one year delay to be conservative. Maintained Buy rating.

Digital River

(DRIV) - Get Report

downgraded at Deutsche Bank to a hold rating as it believes stock will be rangebound around the $40 level in the near term.

Goldman Sachs

(GS) - Get Report

downgraded at Merrill from Buy to Neutral. Valuation call, as the stock trades at a hefty premium to its peers.

Morgan Stanley

(MS) - Get Report

downgraded at Merrill from Buy to Neutral. 2008 estimates look to high, given the company's CDO exposure.

M&T Bank

(MTB) - Get Report

downgraded at Merrill from Neutral to Sell. Company faces higher credit losses in 2008. There's also the potential for a sizable mezzanine sub-prime CDO writedown.

Old National Bancorp

(ONB) - Get Report

downgraded at Merrill to Sell. Estimates also cut, as the industry continues to weaken. Stock also trades at a premium valuation.

Warner Chilcott

(WCRX)

initiated at Jefferies with Hold rating. Price target starts at $18 with initial FY 2008 eps estimates at $1.21.

Wells Fargo

(WFC) - Get Report

downgraded at Merrill from Neutral to Sell. Company has an above-average exposure to mortgage and home equity losses.

STOCK COMMENTS / EPS CHANGES

Phillips-Van Heusen

(PVH) - Get Report

target cut at Goldman to $46 from $64 due to lower than expected Q4 and 2008 guidance. View back end loaded EPS growth supported by buyback as a red flag. Maintained Neutral rating.