National Financial ( NFP) downgraded at Merrill from Buy to Neutral. Valuation call, as the company also has near-term earnings risk. NII Holdings ( NIHD) upgraded at UBS to Buy rating from Neutral. Price target and FY08 eps estimates hold at $85.00 and $3.01, respectively. Blue Nile ( NILE) downgraded at Citigroup from Hold to Sell. $88 price target. Little visibility on third quarter results, and recent traffic trends suggest downside potential to earnings. PharmaNet Development ( PDGI) upgraded at Jefferies to Buy rating from Hold. Price target lifts to $39 from $30 and FY08 eps estimates upped to $1.71 from $1.51. Sprint-Nextel ( S) upgraded at Wachovia to Outperform. Stock is down 9% since last June, and is likely within 6 months of a sustainable turnaround in subscriber growth. Shaw Group ( SGR) downgraded at Citigroup from Buy to Hold. Valuation call, based on a $74 price target. Positive nuclear catalysts remain. Safeway ( SWY) upgraded at CIBC from Sector Perform to Outperform. Grocers have been unfairly punished, and the company continues to deliver strong numbers. $40 price target. ValueClick ( VCLK) downgraded at Jefferies to Hold rating from Buy. Price target lifts to $27 from $25 and FY08 eps estimates dips to $0.90 from $0.98.