Wednesday's Analysts' Upgrades and Downgrades

Who made what calls.
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CHANGE IN RATINGS

Arch Capital

(ACGL) - Get Report

upgraded at Credit Suisse to Outperform from Neutral based on valuation. Believes short-term weakness creates good entry point. Raises target price to $83 from $80.

Cytec

(CYT)

upgraded at Goldman Sachs to a Buy rating from Neutral, based on sustained strength in engineered materials business and structural changes in struggling specialty chemicals businesses. See attractive turnaround play. Price target at $75.

F5 Networks

(FFIV) - Get Report

downgraded at Baird from Outperform to Neutral. Valuation call, based on a $90 price target. Risk also increased because of new product launches.

Kohl's

(KSS) - Get Report

upgraded at Baird from Outperform to Neutral. $85 price target. Valuation call, but second quarter results should also come in at the high end of plans.

Mosaic

(MOS) - Get Report

downgraded at Goldman Sachs to Neutral from Buy based on valuation. Shares up 41% since upgrade in April. Remain positive on fertilizer industry as farmers likely to plant 90+ million acres of corn this year. Price target at $38.

Parexel International

(PRXL)

upgraded at Bear Stearnsfrom Underperform to Peer Perform. $44 price target. Two recent acquisitions should add to earnings, and the stock is up just 2% after posting solid March quarter results.

STOCK COMMENTS / EPS CHANGES

Altria

(MO) - Get Report

target price raised at Credit Suisse to $79 from $75 to reflect the impact of production realignment. Maintained Outperform rating.

Nike

(NKE) - Get Report

estimates raised at UBS. Fiscal 2008 estimates increased to $3.40 from $3.33. Price target increased to $66 from $64. Reiterates Buy rating.

Nike target price raised at Credit Suisse to $65 from $62.50 after company reported solid Q4 results. Maintained Outperform rating.

Oracle

(ORCL) - Get Report

estimates raised at Jefferies. Fiscal 2008 EPS estimates increased to $1.21 from $1.14. Price target increased to $24 from $22. Reiterates Buy rating.

Oracle numbers raised at UBS. Fiscal 2008 EPS estimates increased to $1.17 from $1.13. Price target increased to $24 from $23. Reiterates Buy rating.

Oracle 2008 estimates raised at Goldman to $1.13 from $0.95 following solid Q4 results. See strengthened product set across database, applications, middleware and more. Believe execution issues have been resolved. Price target at $24. Maintained Buy rating.

Precision Castparts

(PCP)

numbers raised at UBS. Fiscal 2008 EPS estimates raised to $6.30 from $6.20. Price target increased to $138 from $130. Reiterates Buy rating.

STRATEGY CALLS / MARKET CALLS

Three refining stocks downgraded at Citigroup: Ratings on TSO and VLO were cut to Sell, Citigroup said. SUN was also downgraded to Hold, gasoline inventory levels should begin to return to normal.