ACCO Brands ( ABD) downgraded at Credit Suisse: Credit Suisse is downgrading ABD to Neutral from Outperform. Expects 2007 results to be lighter than expected. Lowered target price to $26 from $28. AmeriCredit ( ACF) initiated at Jefferies: ACF initiated with Hold rating at Jefferies. Price target starts at $28. FY 2007 EPS estimates set at $2.66 and FY 2008 EPS estimates at $2.87. Aflac ( AFL) upgraded at SunTrust: AFL was upgraded from Neutral to Buy, at Suntrust Robinson Humphrey. Japan sales should ramp back up in the second half of the year, and the company remains on track to generate 15% earnings growth in 2007. CH Robinson ( CHRW) upgraded at JP Morgan: CHRW was upgraded from Neutral to Overweight at JP Morgan. Company posted solid fourth quarter growth, and the non-asset model can still generate solid returns in a slow trucking market. EchoStar Communications ( DISH) upgraded at Morgan Stanley: Morgan Stanley upgrades EchoStar Communications from equalweight to overweight and raised its price target from $40 to $44. Dick's Sporting Goods ( DKS) downgraded at Credit Suisse: Credit Suisse is downgrading DKS to Neutral from Outperform based on valuation. Maintained $55 target price. Frontier Oil ( FTO) upgraded at Credit Suisse: Credit Suisse is upgrading FTO to Neutral from Underperform based on valuation. Raised target price to $31 from $28. Getty Images ( GYI) upgraded at Bear: GYI was upgraded from Peer Perform to Outperform at Bear Stearns. $60 price target. Current valuation is already pricing in potential market share erosion. In the meantime, the company continues to generate significant cash flow. Kellogg ( K) downgraded at JP Morgan: Rating on K was cut to Neutral at JP Morgan. See little room for P/E growth in 2007, given the company's conservative outlook. Kellogg price target cut at Goldman: Goldman is reducing its target on K to $54 from $56 due to reduced margin expectations following Q4 results. Better than expected revenues were offset by gross margin pressure related to input cost inflation and higher SG&A costs. Maintained Neutral rating. Kinetic Concepts ( KCI) upgraded at Deutsche: KCI was upgraded from Hold to Buy at Deutsche Bank. $58 price target. VAC business appears to be performing well, and the new CEO will likely help diversify the revenue stream. Current valuation also appears attractive. Manitowoc ( MTW) downgraded at Baird: MTW was downgraded from Outperform to Neutral at Robert Baird. $56 price target. Crane order growth slowed last quarter, and Foodservice once again came in short of expectations. Office Depot ( ODP) downgraded at Credit Suisse: Credit Suisse is downgrading ODP to Neutral from Outperform. Believes expectations are overly optimistic. Lowered target price to $41 from $48. O'Reilly Automotive ( ORLY) upgraded at Credit Suisse: Credit Suisse is upgrading ORLY to Outperform from Neutral based on improving sales trends, lower gas prices and rising minimum wage. Raised target price to $38 from $36.