Wednesday's Analysts' Upgrades and Downgrades

Who made what calls.
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CHANGE IN RATINGS

Adams Respiratory

(ARXT)

downgraded at Merrill Lynch to Neutral. ARXT shares are up 11% year-to-date and may mark time for now. The investor sentiment has improved significantly, and the long-awaited FDA decision of removing Mucinex DM and D competitors from the market has occurred. Investors should await more news regarding the stock before buying at current price level.

Borders

(BGP)

downgraded at Goldman Sachs to Sell from Neutral based on valuation and decreased likelihood of buyout by BKS following FTC's ruling regarding Whole Foods and Wild Oats. Target lowered to $19 from $20.

Boyd Gaming

(BYD) - Get Report

downgraded at Thomas Weisel from Overweight to Market-weight. Valuation call, as the recent jump in land prices may be overdone, given the company's long-term operating strategy. $50 price target.

Gilead

(GILD) - Get Report

downgraded at Credit Suisse to Neutral from Outperform based on limited upside relative to high expectations on the company. Have bullish view on ambrisentan launch and see positive trends for HIV segment. Price target raised to $89 from $84.

Johnson Controls

(JCI) - Get Report

upgraded at Credit Suisse to Outperform from Neutral based on better outlook for building efficiency business, which should deliver 10%-15% top-line growth over next 3 years. Price target raised to $135 from $110.

Moody's

(MCO) - Get Report

upgraded at Morgan Stanley from equalweight to overweight, and moves price target to $85.

MetroPCS

(PCS)

downgraded at Jefferies to Hold rating from Buy. Price target and 2008 EPS estimates hold at $38 and $0.97, respectively.

Par Pharmaceutical

(PRX)

downgraded at Merrill Lynch to Neutral. With shares up 31% so far this year the risk / reward seems to be more balanced. More visibility on additional drivers is needed before recommending investors to put more money to work at current price level.

Sepracor

(SEPR)

downgraded at Merrill Lynch to Neutral based on near-term uncertainty. Centers for Medicare & Medicaid Services decision to essentially treat drug Xopenex as a generic will significantly reduce sales.

Teva Pharmaceutical

(TEVA) - Get Report

upgraded at Credit Suisse to Outperform from Neutral. Believe consensus estimates for 2007 and 2008 are too low and believe company has excellent growth driver in Oxycontin. Price target raised to $48 from $40.

Whole Foods

(WFMI)

downgraded at Morgan Stanley from overweight to equalweight after the FTC announced it would block the proposed Whole Oats merger.

STOCK COMMENTS / EPS CHANGES

Jacobs Engineering

(JEC) - Get Report

numbers raised at UBS. Price target rises to $69 from $59 and 2008 EPS estimates lift to $2.65 from $2.45. Reiterates Buy rating.

Kroger

(KR) - Get Report

price target raised at Goldman to $30 from $27. See likely continuation of strong sales momentum, but see difficulty in making case for multiple expansion. Maintained Neutral rating.