Correction, select is not required
UPDATE ImpPricesSys21 SET [Item] =
CASE ?
WHEN 'E:\Web_FTP_home\WEBPRICEDUMP\001_Prices.txt' THEN 'AA'
WHEN 'E:\Web_FTP_home\WEBPRICEDUMP\002_Prices.txt' THEN 'BB'
WHEN 'E:\Web_FTP_home\WEBPRICEDUMP\003_Prices.txt' THEN 'CC'
ELSE [Item]
END
Your original WHEN form works as well, but a bit more repetitive with the variable. Also the ELSE preserves [Item] when none of the cases are met, otherwise it is equivalent to the implicit ELSE NULL.
UPDATE ImpPricesSys21 SET [Item] =
CASE
WHEN ? = 'E:\Web_FTP_home\WEBPRICEDUMP\001_Prices.txt' THEN 'AA'
WHEN ? = 'E:\Web_FTP_home\WEBPRICEDUMP\002_Prices.txt' THEN 'BB'
WHEN ? = 'E:\Web_FTP_home\WEBPRICEDUMP\003_Prices.txt' THEN 'CC'
ELSE NULL
END