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param([string]$oc,[string]$nc)
Write-Host "Searching for: "$oc
Get-ChildItem test.config -recurse |
    Foreach-Object {
        
        $c = ($_ | Get-Content) 
        $n = $c -replace [RegEx]::Escape($oc), $nc
        if($c -ne $n) {
            Write-Host $_.FullName
            if($nc -ne $NULL) {
                Write-Host "    Replacing $oc with $nc"
                [IO.File]::WriteAllText($_.FullName, ($n -join "`r`n"))
            }
        }
    } 



Invoke like 
.\ConnectionChange.ps1 -oc aspen\reporting -nc dw

oc: old connection
nc: new connection