CHANGE IN RATINGSAtlantic Tele-Networks ( ATNI) downgraded at UBS to Neutral rating from Buy. However, price target lifts to $40 from $35 and FY2008 EPS estimates bump to $2.09 from $2.06. BigBand Networks ( BBND) downgraded at Jefferies to Hold rating from Buy. Price target slashed to $7 from $16.50 and FY2008 EPS estimates drop to $0.30 from $0.50. Cullen/Frost Bankers ( CFR) upgraded at Keefe, Bruyette & Woods to Outperform. Estimates cut because of the interest rate cut, but the company has a solid balance sheet and the stock appears inexpensive. Chipotle ( CMG) downgraded at Citigroup from Buy to Hold. Valuation call, based on a $120 price target. Even so, estimates are also being raised as the company's fundamental growth strategy continues to be successful. Conseco ( CNO) upgraded at Friedman, Billings Ramsey to Outperform. $19 price target. Estimates also raised, based on management's call for lower LTC losses. Cognos ( COGN) upgraded at Goldman Sachs to Buy from Neutral based on improved outlook, business momentum and cost controls. Note valuation below peers. Price target pushed to $48 from $42. CRA International ( CRAI) upgraded at William Blair from Market Perform to Outperform. Valuation call, even after the company posted disappointing earnings last quarter. First Horizon ( FHN) downgraded at Keefe, Bruyette & Woods from Market Perform to Underperform. Estimates also cut, as the company is struggling to cut costs fast enough to weather the current credit crunch. $23 price target.
Harman International ( HAR) upgraded at Bear Stearns from Peer Perform to Outperform. $107 price target. Valuation call, plus the company has a record backlog. Spectra Energy ( SE) downgraded at Jefferies to Hold rating from Buy. Price target dips to $26 from $27.50 and FY2008 EPS estimates hold at $1.60. Target ( TGT) upgraded at Merrill Lynch to Buy. $77 price target. Company will likely sell its credit portfolio in a manner that adds to earnings. Ultra Petroleum ( UPL) initiated at Morgan Stanley with an overweight rating and a $72 price target. V ertex Pharma ( VRTX) downgraded at Merrill Lynch to Neutral. Market has high expectations ahead of the upcoming AASLD conference, though uncertainty remains about the data.