CHANGE IN RATINGS

Aflac

(AFL) - Get Aflac Incorporated Report

downgraded at Raymond James from Buy to Outperform. Valuation call, as the stock is approaching the $57 price target. Estimates cut, to reflect the weaker yen, though management's earnings guidance may prove conservative.

Belo

(BLC)

was upgraded from Hold to Buy at Citigroup. $25 price target. Retransmission fees could add 10 to 20 cents a share to 2008 estimates. At current levels, the newspaper business is free to investors.

Southwest Airlines

(LUV) - Get Southwest Airlines Co. Report

downgraded from Overweight to Underweight at Prudential. $16 price target. Company has been adding 35 new planes a year, even though most of its new markets are consistently losing money.

Mastercard

(MA) - Get Mastercard Inc. (MA) Report

was initiated with an Outperform rating at Bear Stearns. $184 price target. Stock remains undervalued, based on attractive growth trends in the electronic payment business.

Marsh & McLennan

(MMC) - Get Marsh & McLennan Companies, Inc. (MMC) Report

was downgraded to Neutral at Merrill Lynch. $35 price target. Valuation call, as the latest rally has been driven by takeover speculation. That said fundamental growth is slowing, and the company's operating environment could remain challenging into the second half of the year.

Marvell Technology

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(MRVL) - Get Marvell Technology Group Ltd. Report

upgraded at UBS to Neutral rating from Reduce. Price target rises to $17 form $16 and 2008 EPS estimates hold at $0.27.

Netflix

(NFLX) - Get Netflix, Inc. (NFLX) Report

was downgraded from Outperform to Market Perform at Piper Jaffray. $24 price target. Stock could be range-bound for the time being, as BBI continues to step up competitive pressure.

Nucor

(NUE) - Get Nucor Corporation Report

upgraded to Buy rating from Neutral at UBS. Price target and 2008 EPS estimates hold at $75 and $6.35, respectively.

Steel Dynamics

(STLD) - Get Steel Dynamics, Inc. Report

downgraded at UBS to Neutral rating from Buy. 2008 EPS estimates hold at $4.80, but price target rises to $52 from $50.

STOCK COMMENTS / EPS CHANGES

Dominion Resources

(D) - Get Dominion Energy Inc Report

target price raised at Credit Suisse to $91 from $87 to account for heat rate and capacity price forecasts. Maintained Neutral rating.

Lubrizol

( LZ) price target rises at Jefferies to $73 from $68. 2008 EPS estimates hold at $4.15. Reiterates Buy rating.