Wednesday's Analysts' Upgrades and Downgrades - TheStreet

Wednesday's Analysts' Upgrades and Downgrades

Who made what calls.
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CHANGE IN RATINGS

Career Education

(CECO) - Get Report

was upgraded at Credit Suisse to Neutral from Underperform based on several catalysts including potential sales of underperforming schools and hiring of new CEO. Raised target price to $30 from $24.

CSX corp.

(CSX) - Get Report

downgraded at UBS to Neutral rating from Buy at UBS. Price target lowered to $41 from $45. 2007 EPS estimates hold at $2.53, while 2008 EPS estimates rise to $3.03 from $2.86.

Fossil

(FOSL) - Get Report

upgraded at Wachovia to Outperform. Estimates also raised to reflect the company's new guidance and opportunity for margin expansion.

Jetblue

(JBLU) - Get Report

upgraded at Merrill from Neutral to Buy. Company will be able to live beyond its recent crisis. $16 price target.

Kansas City Southern

(KSU) - Get Report

downgraded at UBS to Neutral rating from Buy at UBS. Price target lowered to $33 from $38. 2007 EPS estimates drop to $1.50 from $1.55, while 2008 EPS estimates rise to $1.96 from $1.84.

Vail Resorts

(MTN) - Get Report

upgraded at Prudential from Neutral to Overweight. $58 price target. Company's ski resorts are performing well, and real estate demand remains strong.

Progress Energy

(PGN)

upgraded at JP Morgan from Underweight to Neutral, JP Morgan said. Stock has trailed its peers year-to-date, but should be able to achieve its near-term growth targets.

Pogo Producing

(PPP)

downgraded at Bear from Outperform to Peer Perform. The company's bad fourth-quarter results should leak into 2007. Struggles also will delay the company's asset sales and debt retirement strategy.

Qualcomm

(QCOM) - Get Report

downgraded at AG Edwards from Buy to Hold. Stock has rallied to within 10% of fair value, and the Nokia dispute could continue to drag over the next several months.

Safeco

(SAF) - Get Report

downgraded at JP Morgan from Neutral to Underweight. Valuation appears extended, as the company's buyback has not been coupled with an overall fundamental improvement.

SLM

(SLM) - Get Report

upgraded to Outperform at Friedman, Billings Ramsey. $52 price target. HEA risk is already largely priced in, and the stock has dropped 10% over the past month.

Scotts Miracle-Gro

(SMG) - Get Report

downgraded at Merrill from Buy to Neutral. $58 price target. Valuation call, though estimates are also being cut because of rising input costs.

Scotts Miracle-Gro

(SMG) - Get Report

downgraded from Buy to Neutral at Suntrust Robinson Humphrey. Stock is up 50% over the past six months, culminating in the recent special dividend. Shares appear fully valued ahead of the company's key selling season, which could be materially affected by adverse weather.

Wells Fargo

(WFC) - Get Report

upgraded at CIBC from Sector Perform to Outperform. $42 price target. The stock is trading at a discount to its historical average valuation and has $8 billion of excess capital.

STOCK COMMENTS / EPS CHANGES

Amgen

(AMGN) - Get Report

initiated at UBS with Neutral rating. Price target set at $74 and 2007 EPS estimates start at $4.21.

Buffalo Wild Wings

(BWLD)

numbers raised at Jefferies. Price target lifts to $67 from $64. 2007 EPS estimates raised to $2.10 from $1.99. Reiterates Buy rating.

Celgene

(CELG) - Get Report

initiated at UBS with Buy rating. Price target set at $75 and 2007 EPS estimates start at $0.83.

Gilead Sciences

(GILD) - Get Report

initiated at UBS with Buy rating. Price target set at $90 and 2007 EPS estimates start at $2.88.

Goldman said it is trimming

Home Depot's

(HD) - Get Report

2008 estimates by two cents to $2.75 after company is to reflect slight weakness in Supply segment. See positives in declining SG&A expense and stability in two-year comp-store and traffic run-rates. Maintained Neutral rating and $43 target.

Hewlett-Packard

(HPQ) - Get Report

target raised at Goldman to $50 from $48, as company continues strong top-line momentum. Increased volume assumptions for printers, PCs, and blades. 2007 estimates raised to $2.65 from $2.57. Maintained Buy rating.

Credit Suisse is raising its 2008 EPS estimates on Hewlett-Packard to $2.99 from $2.85 following strong F1Q results. Maintained $50 target price.

Kraft

(KFT)

estimates reduced at Goldman: 2007 estimates on KFT cut to $1.80 from $1.87 after management provided guidance below consensus expectations. Maintained $33 price target and Sell rating.

Strayer Education

(STRA) - Get Report

target price raised at Credit Suisse: It is raising its target price on STRA to $135 from $125 based on solid starts and persistence in growth plan. Maintained Outperform rating.