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Tuesday's Analysts' Upgrades and Downgrades

Who made what calls.
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CHANGE IN RATINGS

Bank of America

(BAC) - Get Report

rating reinstated at Goldman with a Buy. Estimate that the company has $22.5 billion in unrealized after-tax equity gains principally stemming from investments in China. See continued play on rapid growth in financial services in China and Brazil. Target at $63.

CBS

(CBS) - Get Report

downgraded at Deutsche Bank from Buy to Hold. $33 price target. Soft ratings trends and poor local ad growth will offset any extra political demand. Estimates also cut.

Forest Laboratories

(FRX)

upgraded at Citigroup from Sell to Hold. Stock trades at just 11.2 times forward earnings, though the company still faces patent and earnings risks. $43 price target.

Intuitive Surgical

(ISRG) - Get Report

initiated at Morgan Stanley with an equalweight rating, as the company sees little reason for multiple expansion from current levels.

LifeCell

(LIFC)

initiated at Morgan Stanley with an equalweight rating and $44 price target.

Medicines

(MDCO) - Get Report

upgraded at UBS to Buy rating from Sell. Price target jumps to $23.50 from $17 and 2008 EPS estimates lowered to $0.35 from $0.43.

Onyx Pharma

(ONXX)

downgraded at Bear Stearns from Outperform to Peer Perform. $45 price target. Valuation call, as the company lacks significant catalysts heading into 2008.

Oshkosh Truck

(OSK) - Get Report

coverage initiated at Goldman Sachs with a Buy rating. See strong earnings growth fueled by Defense business, with JLG acquisition adding attractive non-North America infrastructure growth. Price target at $70.

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PDL Biopharma

(PDLI) - Get Report

upgraded at Wachovia from Market Perform to Outperform. CEO is stepping down, and the company is for sale. Stock could command $24 to $25 a share.

Walgreen

(WAG)

downgraded at Merrill Lynch from Buy to Neutral. Warning was driven by higher costs, though the company continues to aggressively add new stores.

XL Capital

(XL) - Get Report

downgraded at Wachovia to Market Perform. Company has limited upside potential, with earnings almost solely being driven by the share repurchase program.

STOCK COMMENTS / EPS CHANGES

Circuit City

(CC) - Get Report

2009 estimates cut at Credit Suisse from $0.15 to a loss of ($0.15). Cites company has long way to go to get materially better but is also far from bankruptcy. Maintained Neutral rating.

Deere

(DE) - Get Report

price target raised at Goldman to $163 from $153 based on higher target multiple. See upside to estimates as well as a premium relating to scarcity in large-cap, agricultural equipment stocks. Maintained Buy rating on favorable long-term view of ag commodity fundamentals driven by global renewable fuel mandates and rising meat consumption in emerging markets.

HealthSpring

(HS)

numbers raised at Jefferies. Price target lifts to $22 from $21 and 2008 EPS estimates upped to $1.70 from $1.60. Reiterates Hold rating.

Palm

(PALM)

target price lowered at Credit Suisse to $15 from $16.50. Expects company to benefit from rapid smartphone market growth but visibility into additional product launches remains limited. Maintained Neutral rating.

Wynn Resorts

(WYNN) - Get Report

numbers raised at Jefferies. Price target lifts to $143 from $132 and 2008 EPS estimates upped to $3.71 from $3.62. Reiterates Hold rating.