Wednesday's Analysts' Upgrades and Downgrades

Who made what calls.
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CHANGE IN RATINGS

American Eagle

(AEO) - Get Report

upgraded at Wachovia from Market Perform to Outperform. Company is positioned well for the end of the year. Estimates also raised.

Amylin Pharmaceuticals

(AMLN)

initiated at Jefferies with Buy rating. Price target starts at $58 with 2008 eps estimates at loss of $(0.90).

Arrow Electronics

(ARW) - Get Report

downgraded at Merrill Lynch from Buy to Neutral. Stock has rallied lately, and there could be some excess inventory in the channel.

Avnet

(AVT) - Get Report

downgraded at Merrill Lynch from Buy to Neutral. Stock has moved up lately, and there could be lower than expected fourth quarter enterprise spending.

Celanese

(CE) - Get Report

upgraded at BB&T from Hold to Buy. $43 price target. Estimates also raised, as the company is enjoying a strong pricing environment.

CIT Group

(CIT) - Get Report

upgraded at Credit Suisse to Outperfrom from Neutral based on valuation and improved liquidity. Lowered target price to $52 from $58.

CVS Caremark

(CVS) - Get Report

upgraded at JP Morgan from Neutral to Overweight. Company has the most sophisticated healthcare offering, according to the new analyst.

Jabil

(JBL) - Get Report

downgraded at Merrill Lynch to Sell. Stock could fall 20% from current levels, as consumer demand persists. Upcoming analyst meeting could also prove disappointing.

Monsanto

(MON)

initiated at Jefferies with Buy rating. Price target starts at $100 with 2008 eps estimates at $2.45.

Monsanto 2007 estimates increased to $2.00 from $1.82 at Goldman. Last week management raised guidance based on a combination of lower effective tax rates, continuing strength in corn prices, especially internationally, and better pricing for Roundup business. Price target upped to $89 from $78.

Office Depot

(ODP) - Get Report

upgraded at JP Morgan from Neutral to Overweight. Stock has underperformed since the arrival of CEO Steve Odland, and investors may soon push the company to change its strategy.

Resources Connection

(RECN) - Get Report

downgraded at Bear Stearns to Peer Perform. Revenue hurt by extra vacation time, and sales growth is generally decelerating anyway.

Sprint Nextel

(S) - Get Report

downgraded at Goldman Sachs to Neutral from Buy based on a combination of factors creating near-term headwinds and low visibility. Noted increased competition, macro headwinds, and continuing integration difficulties during Q3. Price target cut to $21 from $25.

Staples

(SPLS)

downgraded at JP Morgan from Neutral to Underweight. Consensus earnings estimates look aggressive, as margin gains will be difficult to generate.

Tyco Electronics

(TYC)

upgraded at Merrill Lynch to Buy. Stock is down 18% since the spin-off, and the market is conservative about the company's earnings expectations. $41 price target.

Under Armour

(UA) - Get Report

downgraded at UBS to Neutral rating from Buy. Price target lowered to $68 from $72 and FY 2007 eps estimates dip to $0.97 from $1.00.

VeriSign

(VRSN) - Get Report

downgraded at Credit Suisse to Neutral from Outperform based on limited strategic acquirers during long restructuring process. Maintained $36 target price.

Walgreen

(WAG)

downgraded at JP Morgan from Overweight to Neutral. New analyst believes the current valuation already reflects the company's top retail market position.

STOCK COMMENTS / EPS CHANGES

Hansen

(HANS)

2008 estimates pushed higher at Goldman to $2.30 from $2.20 based primarily on Java Monster. Also see upside bias to Q3 sales forecasts, as well as potential for announcement on European distribution before year end. Target increased to $60 from $54 and maintained Buy rating.

Merrill Lynch

(MER)

2007 estimates cut at Credit Suisse to $7.90 from $8.25 based on slower activity in current quarter compared to last. Maintained Outperform rating and $95 target price.