Airtran downgraded at Raymond James: AAI was downgraded to Market Perform, Raymond James said. Company has benefited greatly from capacity reductions, especially in Atlanta, though record-high fuel costs will continue to cut into profits. Franklin Resources upgraded at AG Edwards: BEN was upgraded from Hold to Buy, AG Edwards said. Organic growth should begin to improve by early 2007. Management has also been aggressive in buying back stock. Bristol-Myers downgraded at JP Morgan: BMY was downgraded from Overweight to Neutral, JP Morgan said. Uncertainties around the ongoing investigation could hang over the stock for some time. Celestica upgraded at Credit Suisse: Credit Suisse said it is upgrading CLS to Neutral from Underperform following solid 2Q results and guidance. Maintained $10 target price. Conexant Systems downgraded at Credit Suisse: Credit Suisse said it is downgrading CNXT to Underperform from Neutral based on muted revenue growth and limited margin expansion. Lowered target price to $1.75 from $3.50. Embarq Corp upgraded at Morgan Stanley: Morgan Stanley said it is upgrading EQ to Overweight from Equal-weight following strong 1Q results. Believes company trades at a discount to peers. Maintained $53 target price. Equinix upgraded at Citigroup: EQIX was upgraded from Hold to Buy, Citigroup said. $67 price target. New centers are now online, and the company is entering a positive sales cycle. Expedia downgraded at Weisel: EXPE was downgraded from Outperform to Peer Perform, Thomas Weisel said. Estimates also lower, as the core hotel business continues to deteriorate. Harrah's downgraded at Merrill: HET was downgraded to Neutral, Merrill Lynch said. Future growth will be more expensive than previously though, and the company has aggressive spending plans over the next three years. Estimates also cut. Lubrizol upgraded at Jefferies: Jefferies said it is upgrading LZ to Buy from Hold due to margin expansion, 15% estimated earnings growth and free cash flow yield. Price target increased to $50 from $45. Massey Energy downgraded at Credit Suisse: Credit Suisse said it is downgrading MEE to Neutral from Outperform following extremely disappointing 2Q results. Lowered target price to $30 from $45. NCR downgraded at Merrill: NCR was downgraded to Neutral, Merrill Lynch said. Estimates also cut, as ATM margins are not likely to recover as quickly as expected. Penn Gaming upgraded at Jefferies: Jefferies said it is upgrading PENN to Buy from Hold based on valuation. Target lowered to $40 from $43.75. Rockwell Automation downgraded at Merrill: ROK was downgraded from Neutral to Sell, Merrill Lynch said. Estimates also lowered, because of cyclical risks. Sale of the Power Systems business will also dilute earnings.