Wednesday's Analysts' Upgrades and Downgrades

Who made what calls.
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Change in Ratings

American Axle

(AXL) - Get Report

upgraded to Buy rating from Neutral at UBS. Price target jumps to $31 from $23.

Buffalo Wild Wings

(BWLD)

downgraded to Hold rating from Buy on valuation concerns at Jefferies. Price target and 2007 EPS estimates hold at $67 and $2.10, respectively.

Clorox

(CLX) - Get Report

was upgraded from Neutral to Overweight at JPMorgan. Company stands to benefit from a decline in resin prices, and is also a good defensive choice in the face of a global economic slowdown.

Cintas

(CTAS) - Get Report

was downgraded from Buy to Neutral at Merrill Lynch. Estimates also cut, as organic growth is slowing in the core rental segment.

Dean Foods

(DF) - Get Report

was downgraded from Overweight to Neutral at Prudential. Stock is up 34% over the past 9 months, and may trade sideways ahead of the $15 special dividend.

Goldman is initiating coverage on

Fortress Investment Group

(FIG)

with a Buy rating, based on the company's ability to benefit from continuing trends in asset allocation. Believe investors may be missing the $2 per share in latent earnings within Fortress's private equity surplus. Price target at $32.47.

Greenhill

(GHL) - Get Report

was downgraded to Market Perform at Wachovia. Company is losing market share to bulge bracket firms in M&A, and could face investment competition with some private equity firms going public.

Microsemi

(MSCC)

was upgraded from Market Perform to Outperform at Piper Jaffray. $25 price target. Bookings are improving, along with a recovery in the analog/mixed-signal business. Company also digesting its acquisitions effectively.

Goldman is upgrading

Office Max

(OMX)

to Buy from Neutral based on valuation. See significant margin opportunity relative to competitors and strength in "back end," logistics, tech and finance. Expect EBIT margin expansion to continue. Price target at $60.

Morgan Stanley downgrades

PHH Corp.

(PHH)

from overweight to equalweight and lowers price target from $37 to $31.50.

Credit Suisse is initiating

Stryker

(SYK) - Get Report

with a Neutral rating. Believes valuation leaves modest upside. Sets $72 target price.

Werner Enterprises

(WERN) - Get Report

upgraded to Neutral rating from Reduce at UBS. Price target and 2007 EPS estimates hold at $19.50 and $1.26, respectively.

Credit Suisse is initiating

Zimmer Holdings

(ZMH)

with an Outperform rating. Projects 15% earnings growth for 2006-2011. Sets $98 target price.

Stock Comments/EPS Changes

Goldman is reducing its 2007 estimates on

Halliburton

(HAL) - Get Report

to $2.15 from $2.41 after company lowered guidance. See weaker-than-expected results in pressure pumping attributed to decreased activity in Canada and the Northern U.S. Maintained Buy rating and $35 target.