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Wednesday's Analysts' Upgrades and Downgrades

Who made what calls.


Coal stocks downgraded at Morgan Stanley: It downgraded select coal stocks, moving

Alpha Natural Resources


Foundation Coal

from overweight to equalweight, and

Arch Coal

from overweight to underweight.

Bear Stearns


downgraded at CIBC to Sector Performer from Sector Outperform. Believes stock is cheap on a P/BV basis but earnings will likely be under pressure well into 2008. Removes $159 target price.

California Pizza Kitchen


coverage initiated at Baird with an Outperform rating. Cites confidence in long-term prospects and distinctive brand. Sets $24 target price.

ExlService Holdings

(EXLS) - Get ExlService Holdings, Inc. Report

coverage initiated at Jefferies with a Neutral rating and a $19 target price. Company is a fast grower but near-term headwinds like financial exposure could limit upside.

Orbitz World Wide


coverage initiated at Morgan Stanley with an overweight rating and $20 price target.


(SPRT) - Get, Inc. Report

upgraded at Deutsche Bank to a Buy rating due to improved confidence that consumer initiative is nearing an inflection point. Target is now $7.

Molson Coors

(TAP) - Get Molson Coors Brewing Company Class B (TAP) Report

upgraded at JP Morgan to Overweight from Neutral. Cites strong balance sheet, continued cost-cutting and valuation. Also believes company is safe-haven in a potential U.S. economic slowdown given high international exposure.

WNS Holdings

(WNS) - Get WNS (Holdings) Limited Sponsored ADR Report

coverage initiated at Jefferies with a Neutral rating and $18 target price. Exposure to mortgage industry and full valuation could cap share price.


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(WYNN) - Get Wynn Resorts, Limited (WYNN) Report

downgraded at Bear Stearns to Peer Perform from Outperform based on valuation. Stock is up 32% since June. Says it is suspending $120 year-end target due to rating change.


Aruba Networks


target price raised at Goldman to $20 following solid fourth-quarter results. Maintained Attractive rating.


(DDS) - Get Dillard's, Inc. Class A Report

full-year estimates cut at Goldman to $1.26 a share from $1.74 to reflect Q4 miss and lowered sales and margin assumptions. Maintained Neutral rating.



target raised at Goldman to $8.50 following restructuring announcement.

Home Depot

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

2007 estimates cut at Piper by 3 cents to $2.33 a share to reflect sale of supply unit.

National City


numbers lowered at UBS. Price target lowered to $30 from $35. 2007 EPS estimates lowered to $2.29 from $2.35. Reiterates Neutral rating.



target price raised at Jefferies from $16 to $18 as execution and demand are on track. Maintained Buy rating.

Seagate Technology

(STX) - Get Seagate Technology PLC Report

estimates raised at UBS. Fiscal 2008 EPS estimates raised to $2.22 from $2.02. Reiterates Neutral rating and $27 price target.

Seagate 2008 estimates raised at Credit Suisse to $2.06 from $1.91 after company increased F1Q guidance. Sees market dynamics improving. Maintained Outperform rating.

Washington Mutual

(WM) - Get Waste Management, Inc. Report

2007 estimates cut at FBR from $3.60 a share to $2.50 to reflect possible loan writedowns. Target cut to $35 from $44, maintained Market Perform rating.


(XLNX) - Get Xilinx, Inc. (XLNX) Report

price target lowered at UBS. Price target lowered to $28.50 from $30.00. Reiterates Neutral rating at fiscal 2008 EPS estimates of $1.24.