Monday's Analysts' Upgrades and Downgrades

CHANGE IN RATINGS

Assurant ( AIZ) upgraded at Goldman Sachs to Buy from Neutral based on robust earnings from special property and better 2008 results from Solutions segment. Also expect management to restart buyback program next year. Price target raised to $66 from $64.

Boeing ( BA) downgraded at Bernstein from Outperform to Market Perform. $107 price target. 787 delays could continue, which will limit upside potential.

Strategic Hotel ( BEE) downgraded at UBS to Neutral rating from Buy. However, price target and FY 2008 EPS estimates hold at $23.50 and $1.91, respectively.

BankUnited ( BKUNA) downgraded at JP Morgan from Overweight to Neutral. Upside could be limited by the challenging credit outlook, and deepening housing downturn.

Calamos Asset Management ( CLMS) downgraded at Credit Suisse to Neutral from Outperform. Stock has essentially reached its $32 target price.

Cognos ( COGN) downgraded at UBS to Neutral rating from Buy. However, price target lifts at $55 from $50 while FY 2008 EPS estimates hold at $1.78.

Quest Diagnostics ( DGX) downgraded at Wachovia to Market Perform. Stock is already pricing in stabilizing volumes and cost savings.

Dick's Sporting Goods ( DKS) downgraded at Robert Baird from Outperform to Neutral. $72 price target. Valuation call, after the stock rallied following second quarter earnings.

Dril-quip ( DRQ) downgraded at UBS to Sell rating from Neutral. Price target holds at $46 while FY 2008 EPS estimates dip to $2.70 from $2.80.

Encana ( ECA) downgraded at Credit Suisse to Neutral from Outperform. Remains cautious on North American gas fundamentals and sees limited upside from its $70 target price.

FTI Consulting ( FCN) coverage initiated at Deutsche Bank with a Buy rating and $65 target price. Company well-positioned to sustain double-digit growth.

Forest Labs ( FRX) upgraded at Merrill to Buy. Stock is down 23% for the year, and the Lexapro patent risk appears to have been resolved. $48 price target.

Georgia Gulf ( GGC) upgraded at UBS to Buy rating from Neutral. Price target lifts at $17 from $16 while FY 2008 EPS estimates jump to $0.75 from flat.

Heico ( HEI) downgraded at Suntrust from Buy to Neutral. Valuation call, though high-end markets should remain strong.

KeyCorp ( KEY) downgraded at Morgan Stanley from equalweight to underweight and lowers price target from $38 to $30.

Medco Health ( MHS) downgraded at Wachovia to Market Perform. Stock is up 70% for the year, and new 2008 guidance will not likely be enough to drive the price higher.

Microstrategy ( MSTR) upgraded at Suntrust to Buy. Additional channel checks suggest the company hit third quarter sales targets. $96 price target.

Novellus Systems ( NVLS) upgraded at UBS to Neutral rating from Sell. Price target lifts at $30 from $28 while FY 2008 EPS estimates holds at $1.65.

Office Depot ( ODP) downgraded at Credit Suisse to Neutral from Outperform. Sees significant challenges in all busines segments. Lowered target price to $24 from $30.

PetSmart ( PETM) downgraded at Credit Suisse to Neutral from Outperform. Sees numerous headwinds that should limit upside near-term. Lowered target price to $29 from $36.

Warner Chilcott ( WCRX) downgraded at Morgan Stanley from overweight to equalweight and moves price target to $21.

STOCK COMMENTS / EPS CHANGES

CBS ( CBS) 2007 estimates cut at Goldman to $1.84 from $1.88. See continuing sluggish trends at Television and Radio as well as higher share count. Do not expect any improvement in trends despite easier Q2 comps. Note that 2008 EBITDA growth of 3% is 50% slower than peers. Maintained Sell rating.

Emcore ( EMKR) numbers raised at Jefferies. Price target upped to $13 from $11 and FY 2008 EPS estimates lift to $(0.11) from $(0.16). Reiterates Buy rating.

ICON ( ICLR) numbers raised at Jefferies. Price target upped to $64 from $55 and FY 2008 EPS estimates lift to $2.35 from $2.31. Reiterates Buy rating.

McDonald's ( MCD) target price raised at Goldman to $64 from $61 based on positive preliminary Q3 earnings announcement stemming from better than expected September same store sales. 2007 estimates raised to $2.84 from $2.79.

Nam Tai Electronics ( NTE) numbers raised at Jefferies. Price target upped to $13.50 from $12 and FY 2008 EPS estimates lift to $0.91 from $0.86. Reiterates Hold rating.

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