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Thursday's Analysts' Upgrades, Downgrades

See who made what calls.

Change in Ratings

Chicago Bridge & Iron


downgraded at Citigroup from buy to hold with a $44 price target. Company added little to its backlog, and both sales and margins fell short of expectations.

Endo Pharma

(ENDP) - Get Endo International Plc Report

downgraded at Baird from outperform to neutral with a $31 price target. New management team will likely bring a major revamp in the product line and pipeline. Stock is unlikely to outperform during this transition.

First Solar

(FSLR) - Get First Solar, Inc. Report

downgraded at Oppenheimer from outperform to perform. Valuation call. Stock has limited upside potential, until First Solar Electric ramps sales.


(GRMN) - Get Garmin Ltd. Report

downgraded at Merrill from buy to neutral. Estimates cut through 2009, because of uncertainty in the PND market.


(HOV) - Get Hovnanian Enterprises, Inc. Class A Report

downgraded at UBS to sell rating from neutral. Price target and fiscal year 2008 EPS estimates hold at minus $5.15 and $8.75.

TheStreet Recommends

PharmaNet Development


downgraded at Jefferies to hold rating from buy at Jefferies. Price target slashed to $15 and fiscal year 2008 EPS estimates cut to 8 cents from $1.55.

Yum! Brands

(YUM) - Get Yum! Brands, Inc. Report

downgraded at UBS to neutral rating from buy. Price target and fiscal year 2008 EPS estimates hold at $1.90 and $43, respectively.

Stock Comments/EPS Changes

General Motors

(GM) - Get General Motors Company Report

price target raised at Goldman to $24 from $22 based on first-quarter earnings that beat estimates. Note strong international results and favorable foreign exchange effects. Maintained neutral rating.

International Paper

(IP) - Get International Paper Company Report

target lowered at Goldman to $30 from $32 following weak first-quarter results. Higher-than-expected cost inflation sapped profits by $90 million compared to previous quarter. Maintained neutral rating.

Reynolds American


price target lowered at Goldman to $62 from $67 due to lower cigarette volumes, negative operating leverage and higher spending at Conwood. Maintained neutral rating.

This article was written by a staff member of Ratings.