Apple Computer upgraded at Merrill Lynch: Merrill Lynch said it is upgrading AAPL to Buy from Neutral. Sees risk/reward improving after favorable quarter. Raises target price to $72. American Eagle Outfitters upgraded at UBS: UBS upgraded AEOS to Buy from Neutral and raised its price target to $41 from $34. This is based on their belief that this company is well positioned for the back to school shopping. Business Objects upgraded at Piper: Piper said it is upgrading BOBJ to an Outperform rating on valuation following recent decline in share price. BP downgraded at JPMorgan: JPMorgan said it is downgrading BP to Neutral from Overweight due to rich valuation and near-term risks. See overall Global oil sector valuations creating worsening risk/reward balance. FirstEnergy downgraded at Citigroup: FE was downgraded to Hold, Citigroup said. Weather is weighing on earnings, though the Pennsylvania rate case should help the forward years. That said, the stock is already trading at a premium valuation. Golden West Financial downgraded at Bear Stearns: Bear Stearns downgraded GDW from Outperform to Peer Perform noting that the difficult lending environment is likely to persist at least until short term rates stop climbing. Maintained $77 price target. Global Crossing upgraded at Jefferies: Jefferies said it is upgrading GLBC to Buy from Hold due to the company's improving liquidity position, expected improvement in ROW operations, and expectation that EBITDA will turn positive in Q3. Price target at $20. Life Time Fitness upgraded at Merrill Lynch: Merrill Lynch said it is upgrading LTM to Buy from Neutral based on valuation. Sees recent pullback as buying opportunity. Establishes a $52 target price. MGI Pharma downgraded at JP Morgan: JP Morgan downgraded MOGN to Neutral from Overweight due to underperformance and poor visibility of their Aloxi drug. Estimates were lowered across the board with 2006 dropped to -$0.40 from $0.25, 2007 estimates down to $0.30 from $0.90 and 2008 estimates cut to $0.65 from $1.30.