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Tuesday's Analysts' Upgrades and Downgrades

Who did what on Wall Street.
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Change in Ratings

Credit Suisse said it is upgrading

Barrick Gold

(ABX)

to Neutral from Underperform based on higher gold assumptions. Raised target price to $34 from $30.

Bed Bath & Beyond

(BBBY) - Get Bed Bath & Beyond Inc. Report

BBBY downgraded to Neutral rating from Buy at UBS. Price target and 2007 EPS estimates hold at $46 and $2.20, respectively.

Goldman said it is upgrading

Brocade

(BRCD)

to Buy from Neutral based on improved visibility in the wake of McData acquisition and signs that company's expansion beyond core fibre-channel switch business will be next revenue growth driver. 2007 estimates raised 6 cents to $0.49 and price target increased to $11 from $9.25.

Brocade was upgraded from Peer Perform to Outperform, Bear Stearns said. $12 price target. Estimates also raised, after the company posted strong first-quarter results.

CompuCredit

(CCRT)

was downgraded from Market Perform to Underperform, Wachovia said. Estimates also cut, to reflect higher fee-based charge-offs. Earnings quality is also declining.

Ceridian

(CEN) - Get Center Coast Brookfield MLP & Energy Infrastructure Fund of Benef Interest Report

was downgraded from Market Perform to Underperform, Raymond James said. Stock is trading at the high end of its valuation range, on a sum-of-the-parts basis. Prefer ADP at current levels.

Ceradyne

(CRDN)

was downgraded from Outperform to Market Perform, Wachovia said. Stock is up 28% since September, and margins may well peak in 2007.

Credit Suisse said it is upgrading

Citrix Systems

(CTXS) - Get Citrix Systems, Inc. Report

to Outperform from Neutral based on improved ASP trends. Raised target price to $41 from $35.

Credit Suisse said it is upgrading

Freeport-McMoRan

(FCX) - Get Freeport-McMoRan, Inc. (FCX) Report

to Outperform from Neutral based on higher copper prices in near-term and valuation. Raised target price to $70 from $50.

General Electric

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(GE) - Get General Electric Company (GE) Report

was upgraded to buy from neutral at UBS. Price target lifts to $45 from $40 and 2007 EPS estimates hold at $2.20.

Methanex

(MEOH) - Get Methanex Corporation Report

was upgraded to Neutral rating from Reduce at UBS. Price target bumps to $26.50 from $26 and 2007 EPS estimate holds at $3.51.

NYSE Group

(NYX)

was downgraded from Neutral to Underweight, JP Morgan said. Float will increase materially in the next month, as recent listed volume has been softer than expected.

Credit Suisse said it is downgrading

Patterson-UTI Energy

(PTEN) - Get Patterson-UTI Energy, Inc. Report

to Underperform from Neutral based on reduced earnings power from share losses and industry capacity additions. Lowered target price to $22 from $31.

Morgan Stanley upgrades

R.H. Donnelley

(RHD)

from equalweight to overweight, and removes its $61 price target.

Stock Comments/EPS Changes

Gulfmark Offshore

(GMRK)

numbers raised at Jefferies. Price target lifts to $46 from $41 and 2007 EPS estimates rise to $4.22 from $3.98. Reiterates Buy rating.

Goldman said it is upping its 2007 estimates on

Merck

(MRK) - Get Merck & Co., Inc. (MRK) Report

to $2.61 from $2.58 , based on higher expectations for Januvia earnings in wake of less competition this year. Price target increased to $43 from $39 but maintained Sell rating.

Goldman said it is reducing its 2007 estimates on

SanDisk

(SNDK)

to $0.95 from $1.30 after company analyst meeting. See weak near-term fundamentals, including 55% declines in ASPs this year. Key issue is continuing oversupply. Gross margins guided lower to 12%-23% and operating margins guided down to -8% to 4%. Maintained buy rating and $46 target.

Target on

XM Satellite

(XMSR)

cut to $14 from $15.30, Goldman said. Company guidance for 2007 came in weak regarding subs, revenue and profitability. XM now targets 9 million to 9.2 million subs in 2007. Maintained Neutral rating.