ADC Telecom ( ADCT) downgraded at Cowen: ADCT was downgraded from Outperform to Neutral at Cowen. Stock also cut from the focus list, as the company continues to operate in a difficult sales environment. AK Steel ( AKS) upgraded at Deutsche Bank: Deutsche Bank is upgrading AKS to Hold from Sell. Believes stock performance hasn't tracked fundamentals. Raised target price to $16 from $10.50. AK Steel ( AKS) upgraded at Deutsche: AKS was upgraded from Sell to Hold at Deutsche Bank. $16 price target. Despite lower earnings, the stock has not reacted to some improving fundamental signs. Alaska Air Group ( ALK) rated new Outperform at Credit Suisse: Credit Suisse is initiating coverage on ALK with an Outperform rating. Believes smaller carrier has attractive niche. Sets $56 target price. Boeing ( BA) downgraded at Wachovia: BA was downgraded from Outperform to Market Perform at Wachovia. Commercial aircraft cycle has likely already peaked, and several potential delays could hang over the 787 program. Cardinal Health ( CAH) upgraded at Morgan Stanley: Morgan Stanley upgrades Cardinal Health from equalweight to overweight, with an $85 price target. Campbell Soup ( CPB) upgraded at Morgan Stanley: Morgan Stanley upgrades Campbell Soup from underweight to equalweight and raises 2007-2008 EPS estimates. Diamond Offshore ( DO) upgraded at Credit Suisse: Credit Suisse is upgrading DO to Outperform from Neutral based on valuation. Raised target price to $101 from $93. Hewitt Associates ( HEW) initiated with Neutral rating at UBS: HEW initiated with Neutral rating at UBS. Price target set at $29 and 2007 EPS estimates start at $1.15. Limited Brands ( LTD) upgraded at Piper: LTD was upgraded from Market Perform to Outperform at Piper Jaffray. La Senza acquisition should add to earnings and drive the company's international growth. $33 price target.