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Wednesday's Analysts' Upgrades and Downgrades

Who made what calls.
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CHANGE IN RATINGS

Brocade

(BRCD)

was upgraded from Neutral to Overweight at JP Morgan. Network storage spending should be higher in the coming year. Competitive fears about CSCO have been overdone.

Bear Stearns

(BSC)

downgraded at Wachovia from outperform to market perform to reflect tougher mortgage conditions and a lack of exposure to international equity issuance.

Crocs

(CROX) - Get Crocs, Inc. Report

rated new Overweight at JP Morgan. Company has developed a diverse revenue stream, and should be able to deliver 30%-plus annual growth over the next several years.

Eastman Kodak

(EK)

coverage reinstated at Goldman Sachs.Goldman is removing its Not Rated designation from EK and now have a Neutral rating on the shares. Key long term issue is how quickly its digital portfolio increases profitability and at what point traditional portfolio stabilizes. Price target at $24.

Limited Brands

(LTD)

downgraded at Wachovia to Market Perform from Outperform following announcement of sale of Express division. With this positive event priced in, see risk to second half 2007 estimates due to competitive pressure at Victoria's Secret as well as higher postage costs impacting the catalog business. Price target range of $25 to $27.

Limited Brands

(LTD)

downgraded at Citigroup from Buy to Hold. Fundamentals are declining at Victoria Secret. Estimates also cut, to match the company's new guidance. $30 price target.

OfficeMax

(OMX)

upgraded at Bear Stearns to peer perform from under perform.

Paychex

(PAYX) - Get Paychex, Inc. Report

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upgraded to Outperform rating from Marketperform at Bear Stearns on a valuation basis. Price target holds at $50 and 2008 EPS estimates shade down to $1.60 from $1.61.

Texas Instruments

(TXN) - Get Texas Instruments Incorporated Report

downgraded at CIBC to Sector performer from Sector Outperform based on achievement of CIBC's $37 target. Note that new margin targets set the bar very high going forward. No price target.

Williams-Sonoma

(WSM) - Get Williams-Sonoma, Inc. Report

downgraded at Piper Jaffray to Marketperform from Outperform. Price target dips to $35 from $39 and 2008 EPS estimates drop to $1.78 from $1.82.

STOCK COMMENTS / EPS CHANGES

Goldman is cutting its 2008 estimates on

Applied Materials

(AMAT) - Get Applied Materials, Inc. Report

to $0.64 from $0.77, based on lower orders and weak guidance. Q1 results were better than expected, but DRAM segment remains weak. See cyclical downturn just beginning. Maintained Sell rating and $14.50 target.

Amgen

(AMGN) - Get Amgen Inc. Report

numbers lowered at UBS. Price target dips to $54 from $56 and 2008 EPS estimates drop to $4.07 from $4.15. Reiterates Reduce rating.

Crown Castle

(CCI) - Get Crown Castle International Corp Report

cut from Focus List at JP Morgan. Stock is being cut because of the stop-out rule. Fundamentals remain strong, even though the shares have lagged the broader market. Overweight rating.

Home Depot

(HD) - Get Home Depot, Inc. (HD) Report

numbers lowered at Jefferies. Price target dips to $46 from $50 and 2007 EPS estimates drop to $2.58 from $2.70. Reiterates Buy rating.

Home Depot 2008 estimates reduced to $2.58 from $2.67 at Goldman. Q1 results show that turnaround is moving at gradual pace. Weakness due to poor weather, but also gross margins that were below expectations. Price target raised to $43 from $41 based on improving EBIT margin trends and share buyback. Maintained Neutral rating.

Thermo Fisher

(TMO) - Get Thermo Fisher Scientific Inc. Report

numbers raised at UBS. Price target lifts to $64 from $62 and 2008 EPS estimates increase to $2.93 from $2.88. Reiterates Buy rating.