Wednesday's Analysts' Upgrades and Downgrades

Who made what calls.
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CHANGE IN RATINGS

Avis Budget Group

(CAR) - Get Report

downgraded at Morgan Stanley from overweight to equalweight with a $29 price target.

Elect. for Imaging

(EFII) - Get Report

upgraded at JP Morgan from Neutral to Overweight. Estimates also raised, as the company is focusing on new growth areas, and diversifying its business away from the controller market.

Jackson Hewitt

(JTX)

upgraded at Morgan Stanley from underweight to equalweight and establishes a $30 price target.

Medimmune

(MEDI)

downgraded at Bernstein from Outperform to Market Perform. $36 price target. Stock has already run 17%, as activist investors have been pressuring the company to make changes.

Companhia Vale do Rio Doce

(RIO) - Get Report

upgraded at Goldman to Buy from Neutral based on increased demand for iron ore and nickel prices. Believe potential supply shocks from Indian suppliers could further tighten a finely balanced iron ore market during 2007/2008. Target price at $50.

Sonic

(SONC)

upgraded at Bear Stearns from Peer Perform to Outperform. $27 price target. Partner same-store sales should accelerate in coming quarters, and the company will likely be more aggressive expanding its own locations.