Arthur J. Gallagher ( AJG) upgraded at Bear Stearns from Underperform to Peer Perform. Stock has an attractive 4.8% dividend yield, supported by solid free cash flow. AJG has also underperformed its peers since August. Akamai ( AKAM) upgraded at Weisel from Market-weight to Overweight. Recent sell-off creates an attractive valuation. $42 price target. Akamai target price cut at Credit Suisse to $39 from $45. Maintained Neutral rating given near-term pricing environment and lack of significant revenue upside. BlackRock ( BLK) upgraded at Goldman Sachs to Buy from Neutral based on continuing earnings strength and widening P/E gap vs. peers. Believe company is best positioned asset manager given leverage to globalization and continuing shift toward non-traditional (alternative) mandates. Price target raised to $240 from $210. Cincinnati Financial ( CINF) downgraded at Keybanc from Buy to Hold. Fundamentals in the company's core markets are deteriorating faster than expected. FormFactor ( FORM) downgraded at FBR to an Underperform rating following disappointing Q3 results and guidance. Target price is now $35. Kendle International ( KNDL) downgraded at UBS to Neutral rating from Buy. Price target dips to $47 from $50 and FY08 EPS estimates drop to $2.25 from $2.43. Eli Lilly ( LLY) downgraded at Oppenheimer from Buy to Neutral. Decision to suspend early stage trials for Prasurgel raises the overall risk profile of the pipeline.