CHANGE IN RATINGS

Brooks Automation ( BRKS) was downgraded to Peer Perform at Bear Stearns. Stock is up 20% on the year, and has reached the $19 price target. Company should deliver strong first quarter results, but near-term catalysts already appear to be priced into the stock.

Compucredit ( CCRT) was downgraded to Underperform at Wachovia. Company missed first quarter expectations, and poor execution could continue to weigh on results even as credit appears to be stabilizing.

Citizens Communications ( CZN) was downgraded at Credit Suisse to Neutral from Outperform. Says potential upside is limited following solid Q1 results. Maintained $16 target price.

Delta Air Lines ( DAL) coverage initiated at Goldman with a Buy rating and $25 price target. See above average growth from more robust domestic-to-international capacity shift, and best-in-class unit costs and free cash flows, and less labor cost risk than other large legacies. Believe growth in international demand will benefit Delta disproportionately because it has more widebody aircraft available.

FLIR Systems ( FLIR) was downgraded to Neutral at JP Morgan. The US Army needs a new helicopter badly, which means that Textron will be busy, and likely farming more work out to FLIR.

IBM ( IBM) upgraded at Goldman Sachs to Buy from Neutral due to accelerated buyback program that will add 8 cents a share this year and over 20 cents in 2008. Upgrade comes less than a weak after stock downgraded on weak US spending and no near-term catalysts. Expect management commentary at May 17 analyst meeting.

Marvel Entertainment ( MVL) downgraded at JP Morgan from Overweight to Neutral. See few catalysts until the company's own movies come out in mid-2008.

Macrovision ( MVSN) upgraded to Buy rating from Hold at Jefferies. Price target jumps to $31 from $26 and 2007 EPS estimates rise to $1.33 from $1.28.

Sappi Limited ( SPP) downgraded at Credit Suisse to Neutral from Outperform based on valuation. Believes stock is now fairly valued. Maintained $19 target price.

STOCK COMMENTS / EPS CHANGES

Electronic Arts ( ERTS) 2008 EPS estimates lowered at UBS to $1.14 from $1.30, while price target holds at $58. Reiterates Neutral rating.

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