Tuesday's Analysts' Upgrades and Downgrades

Who made what calls.
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CHANGE IN RATINGS

Hertz Global

(HTZ) - Get Report

rated new Buy at Goldman: HTZ was initiated with a Buy rating at Goldman Sachs. $20 price target. Pricing should be strong through 2008.

Hertz

(HTZ) - Get Report

rated new Neutral at JP Morgan: HTZ was initiated with a Neutral rating at JP Morgan. Company has a strong earnings outlook over the next several quarters, but already trades at a premium to its peers.

STOCK COMMENTS / EPS CHANGES

Costco

(COST) - Get Report

ranked Top Pick for 2007 at Wachovia: Wachovia cited COST as its Top Pick for 2007 based on a very favorable risk/reward profile. Believes rising fee income will drive meaningful share price gains. Sets valuation range of $60-$62 a share.

Fifth Third

(FTB)

target raised at Morgan Stanley: Morgan Stanley raises its price target on Fifth Third Bank from $35 to $39, but maintains underweight rating.

Lockheed

(LMT) - Get Report

added to Conviction Buy list at Goldman: LMT was added to the Conviction Buy list at Goldman Sachs. $102 price target. Company has relatively high ROIC, and should benefit from market share gains in 2006.

STRATEGY CALLS / MARKET CALLS

Goldman cuts estimates on two discount brokers:

ET

and

SCHW

fourth quarter estimates were lowered, Goldman Sachs said. Discount brokers are seeing lower trading volume, as well as a narrowing net interest margin.