Air Products upgraded at Prudential: Prudential said it is upgrading APD to an Overweight rating due to better than expected hydrogen demand. Target raised at $78. Ashland estimates raised at Jefferies: Jefferies said it was raising FY 2007 EPS estimates on ASH by 5-cents to $4.20 on the announcement of the acquisition of a water treatment business. Maintained $77 target and Buy rating. Blockbuster upgraded at Bear: BBI was upgraded from Underperform to Peer Perform, Bear Stearns said. $3.50 price target. Challenges still loom, though the company appears to be winning market share, and earnings will improve from store shutdowns. Cognos upgraded at Jefferies: Jefferies said it was upgrading COGN from Hold to Buy and raising the target form $36.50 to $43 on Q4 results ahead of expectations. Dow Chemical downgraded at Prudential: Prudential said it is downgrading DOW to a Neutral Weight rating due to disappointing demand and little prospect of an inventory restocking cycle. Energy Conversion rated new Neutral at UBS: UBS said it is initiating coverage on ENER with a Neutral rating. Believes stock price reflects favorable trends. Sets $57 target price. FPL Group upgraded at Jefferies: Jefferies said it was upgrading FPL from Hold to Buy on valuation. Maintained $45 target. Group 1 Automotive downgraded at Morgan Stanley: Morgan Stanley said it is lowering its rating on GPI to Underweight from Equalweight. $42 target price. Downgrade based on an above-average valuation versus that of its auto peers and its own history. Huntington Banc downgraded at UBS: UBS said it is downgrading HBAN to Reduce from Neutral. Believes risk/reward is not as compelling as it was. Maintained $28 target price. Orient-Express downgraded at CIBC: OEH was downgraded from Outperform to Sector Perform, CIBC said. Stock is up 30% since November, and is already pricing in a couple of good quarters. $43 price target.