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Wednesday's Analysts' Upgrades and Downgrades

Who made what calls.



(ADTN) - Get Report

upgraded at Merrill from Sell to Neutral. Buybacks should support the stock in the near term, and business is poised to recover some time in 2008.


(AME) - Get Report

downgraded at Friedman, Billings Ramsey from Outperform to Market Perform. Valuation call, based on a $46 price target. Fundamental outlook remains strong.


(AMED) - Get Report

downgraded at Deutsche Bank from Buy to Hold. Valuation call, as the stock is nearing the $44 price target. Short squeeze may also be over.



initiated at UBS with Neutral rating. Price target set at $31 and FY 2008 eps estimates begin at $0.07.

Dynamic Material

(BOOM) - Get Report

downgraded at Jefferies to Hold rating from Buy. FY 2008 eps estimates hold at $2.35 while price target lifts to $58 from $45.



downgraded at Robert Baird from Outperform to Neutral. Valuation call, as the stock has rallied following the BOBJ takeover. $50 price target.

Digital River

(DRIV) - Get Report

downgraded at Oppenheimer from Buy to Neutral. New analyst set a $50 price target, as SYMC is pressuring market pricing.

General Maritime


downgraded at Bear Stearns from Outperform to Peer Perform. Company will likely continue to realize lower tanker rates headed into the fourth quarter. The stock offers an 8% dividend yield, but lacks significant catalysts.

Juniper Networks

(JNPR) - Get Report

downgraded at Morgan Stanley from overweight to equalweight and removes $33 price target.

MGI Pharma


upgraded at JP Morgan from Neutral to Overweight. Stock is up 67% on the year, but sales growth and operating leverage potential over the next couple of years is far ahead of its peers.

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Qwest Communications


downgraded at UBS to Neutral rating from Buy. FY 2008 eps estimates dip to $0.43 from $0.47 while price target drifts down to $10 from $11.

Sigma Designs


initiated with Buy rating at UBS. Price target set at $65 and FY 2008 eps estimates begin at $1.45.

Thornburg Mortgage


downgraded at Keefe, Bruyette & Woods to Underperform. Company is increasing its loss estimates, which will further cut into book value. $10 price target.



upgraded at Bernstein from Market Perform to Outperform. $61 price target. Refining margins should recover from trough levels, buoyed by the usual seasonal trade.

Western Union

(WU) - Get Report

downgraded at Suntrust Robinson Humphrey from Buy to Neutral. $21 price target. Losing confidence in the company's long-term organic growth prospects.


Continental Air

(CAL) - Get Report

cut from Focus List at JP Morgan. Stock has led the sector since August, and now looks fairly valued. Overweight rating.


(CSCO) - Get Report

target raised at Goldman to $40 from $37 based on higher multiple assumptions. Believe 20x multiple is deserved considering sustainability of mid- to high-teens growth rate. Also, IT Spending survey results indicate positive trends for corporate networking. Maintained Buy rating.


(GOOG) - Get Report

target raised at Merrill Lynch. Now seen reaching $740 a share. Channel checks suggest strong third quarter results. Target raised based on shift to 2009 numbers, where the company could earn $24.62 a share. Buy rating.

International Paper

(IP) - Get Report

estimates trimmed at Goldman to $2.20 from $2.30. Company preannounced weak Q3 earnings, citing weaker land sales of $100 million vs. previous guidance for $110-$140 million. Maintained Neutral rating and $38 target.

Molson Coors

(TAP) - Get Report

price target raised at Goldman to $65 from $55 based on joint venture announcement with SABMiller. Companies agreed to combine U.S. businesses, with cost savings estimated at $500 million annually once completed. Maintained Buy rating.