Amylin Pharma downgraded at Wachovia: AMLN was downgraded from Outperform to Market Perform, Wachovia said. Valuation call, as the shares already trade at 48 times expected 2011 earnings, assuming a 12% annual discount rate. Amazon estimates lowered at Goldman: Goldman said it is lowering its 2006 EPS estimates for AMZN by 9% and lowering its target price to $30 from $34 following disappointing 2Q results. Maintained Neutral rating. Amazon downgraded at Piper: Piper said it is downgrading AMZN to an Underperform and cutting its target price to $25 due to declining gross margins. Anixter upgraded at Baird: AXE was upgraded from Neutral to Outperform, Robert Baird said. $65 price target. Organic growth should continue to drive margin expansion. Bed Bath & Beyond upgraded at JP Morgan: BBBY was upgraded from Underweight to Neutral, JP Morgan said. Stock is already pricing in lower margins, and looks attractively valued against other large-cap retailers. Business Objects downgraded at Citigroup: BOBJ was downgraded from Buy to Hold, Citigroup said. $21 price target. Short-term execution risks outweight long-term attractive valuation. Ciena upgraded at UBS: UBS upgraded CIEN to Neutral from Reduce and maintained $3.80 price target. Centex downgraded at Credit Suisse: Credit Suisse said it is downgrading CTX to Neutral from Outperform based on valuation and outlook. Lowered target price to $52 from $60. Darden Restaurants upgraded at Jefferies: Jefferies said it is upgrading DRI to Hold from Underperform based on valuation and strong cash flow. See shares supported by aggressive share buybacks. Price target changed to range of $33-$36.50 from $34. Digital River upgraded at Oppenheimer: Oppenheimer said it is upgrading DRIV to Buy from Neutral due to increasing deal flow coupled with decreasing risk. Expect increased relationship with Microsoft and Amazon in coming quarters. Price target established at $46. Getty Images downgraded at Credit Suisse: Credit Suisse said it is downgrading GYI to Neutral from Outperform. Does not believe company can achieve same momentum growth as in the past. Lowered target price to $53 from $97.