Change in RatingsAdobe ( ADBE) downgraded to underperform from buy at Jefferies. Price target slashed to $30 from $50 and fiscal-year 2008 earnings-per-share estimates cut to $1.78 from $1.90. Alliance Data ( ADS) upgraded from peer perform to outperform by Bear Stearns with a $66 price target. Company posted solid fourth-quarter results, and the stock should resume multiple expansion now that the Blackstone deal is done. Astoria Financial ( AF) upgraded from underperform to outperform by Bear Stearns. Bear also raised estimates, as the company's balance sheet is set up to benefit from recent interest-rate cuts. Bear set a $28 price target. Affiliated Managers ( AMG) downgraded from outperform to market perform, Keefe, Bruyette & Woods said. Asset flows were disappointing during the quarter and cut into future earnings. Baker Hughes ( BHI) downgraded from outperform to market perform by Wachovia. Company has product and regional weaknesses relative to its peers. Estimates also cut. Baker Hughes ( BHI): 2008 estimates on BHI lowered to $5.30 from $5.66 by Goldman. See lower North American revenue growth assumptions due to pricing pressures. Price target reduced to $77 from $85 and maintained neutral rating. Cadence Design ( CDNS) downgraded at J.P. Morgan from neutral to underweight. Estimates also cut, as the company is seeing a longer sales cycle. Customers also feeling financial pressure. Century Aluminum ( CENX) downgraded from outperform to market perform, Friedman, Billings Ramsey said, giving a $50 price target. There is risk to 2008 estimates, given rising energy costs and volatile aluminum prices. Gilead Sciences ( GILD) upgraded at Wachovia from market perform to outperform. Company posted strong fourth-quarter results, and the stock looks attractive following the recent selloff. Hess ( HES) upgraded at J.P. Morgan from neutral to overweight. Exploration results should be the main catalyst for 2008. Nordstrom ( JWN) upgraded to outperform, Bear Stearns said. Earnings risk is largely priced into the stock. $44 price target. Monster Worldwide ( MNST) downgraded at Deutsche Bank to hold due to recession concerns and weak job-posting levels. Saks ( SKS) downgraded at Bear Stearns from peer perform to underperform. Stock is trading at 34 times expected 2008 earnings, and the current credit crunch could delay any potential takeover plans. W&T Offshore ( WTI) downgraded at J.P. Morgan from neutral to underweight. Company is increasing spending, despite three poor years of drilling results. Yum! Brands ( YUM) downgraded at Deutsche Bank to a hold rating as bar is set too high for 2008.