Tuesday's Analysts' Upgrades and Downgrades

Who made what calls.
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CHANGE IN RATINGS

Adobe Systems

(ADBE) - Get Report

upgraded to Outperform at Wachovia: Wachovia said it is upgrading ADBE to Outperform from Market Perform based on increased confidence in CS3 and company's long-term growth prospects.

Adtran

(ADTN) - Get Report

downgraded at Jefferies: ADTN was downgraded at Jefferies to hold from buy. Lowers 2007 estimates to $1.28 from $1.34 and price target to $26.50 from $30.

Bank of New York

(BK) - Get Report

downgraded at Credit Suisse:Credit Suisse said it is downgrading BK to Neutral from Outperform based on valuation. Shares are trading at target price range of $36 to $38.

Dow Chemical

(DOW) - Get Report

downgraded at Merrill Lynch: Merrill Lynch said it is downgrading DOW to Sell from Neutral following 25% rebound off July lows. Sees challenging conditions ahead.

NSTAR

(NST)

coverage initiated at Goldman Sachs: NST coverage initiated with a Neutral rating, Goldman said. See attractive yield but believe long-term earnings growth rate of 6%-8% fully priced into shares. Target price at $36.

Sierra Health

(SIE)

upgraded at Goldman Sachs: Goldman said it is upgrading SIE to Neutral from Sell based on valuation. Believe company deserves modest premium to commercial group based in favorable market characteristics of Las Vegas. See 10% earnings growth in 2008. Maintained $34 price target.

Verizon Communications

(VZ) - Get Report

upgraded at Credit Suisse: Credit Suisse said it is upgrading VZ to Outperform from Neutral. Believes company is setting itself up for organic earnings growth. Raised target price to $43.

STOCK COMMENTS / EPS CHANGES

Campbell Soup

(CPB) - Get Report

estimates raised at Goldman: 2007 estimates on CPB increased to $1.88 from $1.84, Goldman said. Company reported better-than-expected Q1 earnings, with strong volumes and operating results across all segments. Price target raised to $39 from $38 and maintained Neutral rating.

Fifth Third Bancorp

(FITB) - Get Report

estimates raised at Prudential:Prudential said it is raising its 2007 estimates on FITB by a nickel to $2.90 a share following balance sheet restructuring and mid-quarter update. Maintained Underweight rating.

Nordstrom

(JWN) - Get Report

price target raised at Goldman: Goldman said it is upping its target on JWN to $50 from $45 after company reported above-consensus Q3 earnings and raised 2006 guidance. Note progress in women's turnaround. Maintained Neutral rating.

Lowe's

(LOW) - Get Report

price target cut at Goldman: Goldman said it is lowering its target on LOW to $34 from $35 due to sluggish sales trends and earnings outlook. See both LOW and HD suffering from "housing hangover". Maintained Buy rating.

Medtronic

(MDT) - Get Report

estimates raised at Prudential: Prudential said it is raising its 2007 estimates on MDT by 2 cents to $2.34 a share following solid quarterly report. Maintained Overweight rating.

Medtronic

(MDT) - Get Report

estimates higher at Goldman: Goldman said it is raising its 2007 estimates on MDT by 3 cents to $2.36. Company reported healthy Q2 results, with strong Defib and diabetes sales. Goldman would like to see another quarter of strength to determine whether defib market is turning. Target raised to $52 from $50 and maintained Neutral rating.

Medtronic

(MDT) - Get Report

estimates raised at Jefferies: Jefferies raises 2007 EPS estimates from $2.30 to $2.41 and revenue estimates from $12.3B to $12.4B. Reiterated Hold rating.

Micron

(MU) - Get Report

estimates raised at Jefferies: MU now seen earning $1.20 a share from $1.15, Jefferies said.

Navistar

(NAV) - Get Report

numbers raised at UBS: UBS raises NAV price target from $31.00 to $34.00 and FY 2006 EPS estimates from $4.80 to $5.38. Maintains Neutral 2 rating.