UPDATE dbo.TestStudents  
SET     LASTNAME =  CASE  
                        WHEN LASTNAME = 'AAA' THEN 'BBB' 
                        WHEN LASTNAME = 'CCC' THEN 'DDD' 
                        WHEN LASTNAME = 'EEE' THEN 'FFF' 
                        ELSE LASTNAME
                    END 
WHERE   LASTNAME IN ('AAA', 'CCC', 'EEE')