CHANGE IN RATINGS

Adtran ( ADTN) downgraded at Morgan Stanley: Morgan Stanley downgrades Adtran from overweight to equalweight based on a slower than expected ramp in new products.

Abercrombie & Fitch ( ANF) upgraded at UBS: ANF upgraded to Buy rating from Neutral at UBS. Price target rises to $90 from $75. FY 2007 EPS estimates lowered to $4.58 from $4.63.

Citigroup ( C) downgraded at AG Edwards: Rating on C was cut from Buy to Hold at AG Edward. Stock is up 12% over the past month, and has caught up to its peers' average valuation.

Conseco ( CNO) downgraded at Goldman Sachs: CNO downgraded to Neutral from Buy at Goldman. See attractive long-term valuation but difficult near-term outlook as challenges in run-off block of LTC likely to persist. Price target at $22.

Coldwater Creek ( CWTR) upgraded at UBS: CWTR upgraded to Buy rating from Neutral at UBS. Maintains price target at $30 and FY07 EPS estimates of $0.70.

Ford ( F) upgraded at Morgan Stanley: Morgan Stanley upgrades Ford from equalweight to overweight with a price target of $9.50.

Hot Topic ( HOTT) downgraded at Wachovia: HOTT was downgraded from Outperform to Market Perform at Wachovia. Stock is now pricing in improved merchandising and cost-cutting efforts.

ITT ( ITT) upgraded at JP Morgan: ITT was upgraded from Neutral to Overweight at JP Morgan. Stock has underperformed this year, even though the company remains on track to deliver 15% annual earnings growth.

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