Wednesday's Analysts' Upgrades and Downgrades

Who made what calls.
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CHANGE IN RATINGS

American Oriental

(AOB)

initiated at Jefferies with Buy rating. Price target starts at $20 with FY 2008 eps estimates set at $0.81.

Aon

(AOC)

upgraded at Goldman Sachs to Buy from Neutral based on earnings growth and lack of exposure to mortgage crisis. See 13% earnings growth in 2008, with modest topline growth as company benefits from MMC's problems. Price target at $56.

Credicorp

(BAP) - Get Report

initiated at Morgan Stanley with an overweight rating and $97 price target.

BB&T

(BBT) - Get Report

upgraded at Oppenheimer from Sell to Neutral. Remain cautious on the group, but the company has an attractive balance sheet and sports an attractive dividend yield.

Circuit City

(CC) - Get Report

downgraded at JP Morgan from Overweight to Neutral. The company will likely struggle for the next couple of quarters and a turnaround would require deep pockets, potentially from a strategic partner.

Dick's Sporting Goods

(DKS) - Get Report

upgraded at Citigroup from Hold to Buy. Valuation call, as private label initiatives should help boost margins. $37 price target.

Dick's Sporting Goods target raised at Goldman to $32 from $31. Q3 earnings came in above expectations, showing market share momentum, unique product offerings, and better inventory control. Maintained Neutral rating.

Gorman-Rupp

(GRC) - Get Report

downgraded at Friedman, Billings Ramsey from Market Perform to Underperform. There is downside risk potential to 2008 earnings. $32 price target.

Hibbett Sports

(HIBB) - Get Report

downgraded at CIBC from Outperform to Sector Perform. Estimates also cut, as same-store sales and the EBIT margin are expected to shrink over the coming quarters.

Nova Chemicals

(NCX)

upgraded at UBS to Buy rating from Neutral. Price target holds at $41 and FY 2008 eps estimates dip to $3.20 from $3.75.

Office Depot

(ODP) - Get Report

downgraded at Bear to Peer Perform. Turnaround initiatives could disrupt near-term sales. Stock is not at a trough valuation, and the company lacks potential catalysts.

Office Depot numbers slashed at Jefferies. Price target drops to $18.50 from $23 and FY 2008 eps estimates lowered to $1.53 from $2.10. Reiterates Hold rating.

Orient-Express

(OEH)

upgraded at UBS to Buy rating from Neutral. Price target and FY 2008 eps estimates hold at $61.50 and $1.67, respectively.

Pinnacle Entertainment

(PNK) - Get Report

coverage initiated at Goldman with a Buy rating. See solid returns from casino business that is less capital-intensive. Note December St. Louis opening and February referendum on Baton Rouge opportunity. Price target at $35.

Wyndham Worldwide

(WYN)

upgraded at Weisel from Market-weight to Overweight. Company has a strong balance sheet and decent growth prospects. Timeshare business also not yet priced into the stock.

STOCK COMMENTS / EPS CHANGES

Continental Airlines

(CAL) - Get Report

added to Focus List at JP Morgan. The stock has dropped 30% in the past 30 days, and has rallied back each of the 18 times this has happened since 1993. $35 price target.

Whole Foods

(WFMI)

2008 price target cut at Goldman to $1.40 from $1.52 due to slower core growth and modestly higher OATS dilution. Price target lowered to $49 from $51 and maintained Neutral rating.