Adobe: Analysts' Upgrades, Downgrades

NEW YORK (TheStreet) -- CHANGE IN RATINGS

Adobe Systems (ADBE Quote) numbers boosted at Jefferies through 2010. Headcount reduction should boost margins. Hold rating and new $40 price target.

Adobe Systems (ADBE Quote) downgraded at Oppenheimer from Outperform to Perform. Valuation call, as the selling environment remains challenging.

Allegheny Energy (AYE Quote) downgraded at Citigroup from Buy to Hold. $23 price target. Estimates also cut, to reflect new details about the merchant supply business.

Dime Communications (DCOM Quote) upgraded at Barclays to Overweight from Equal Weight. Price target increased to $15 from $12. 2009 and 2010 EPS estimates raised to $0.93 and $1.15, respectively.

Education Management (EDMC Quote) initiated at BofA/Merrill with a Buy rating and $26 price target. 2010 and 2011 EPS estimates set at $1.10 and $1.33, respectively.

Education Management (EDMC Quote) initiated at Barclays with an Overweight rating and $27 price target. 2010 and 2011 EPS estimates set at $1.12 and $1.43, respectively.

Fluor (FLR Quote) upgraded at Citigroup from Sell to Hold. Company had a mixed quarter, but risks are already being priced into the stock. $50 price target.

FPL Group (FPL Quote) upgraded at Citigroup from Hold to Buy. $58 price target. Stock looks attractive ahead of its next rate case in Florida.

Hewitt Associates (HEW Quote) upgraded at Deutsche Bank. Rating raised to Buy from Hold. Price target raised to $55 from $35. 2009 EPS estimates raised to $2.67 from $2.60.

Microchip Tech(MCHP Quote) upgraded at Goldman from Sell to Neutral. $24 price target. Valuation call, as the company is poised to gain market share in the near term.