Analysts' Upgrades, Downgrades: General Motors

Change in Ratings

AGCO(AG Quote) upgraded at Credit Suisse from neutral to outperform with a $72 price target. Due to increasing commonality across platforms, components, parts and sourcing from lower cost countries AG is in a strong position for margin expansion.

American Axle(AXL Quote) upgraded at Citigroup from hold to buy with a $24 price target. Recent UAW deal should help keep a lid on costs. Company also has a strong liquidity position.

Baker Hughes Incorporated(BHI Quote) upgraded at Merrill from neutral to buy with a $105 price target. Upgrade is attributed to continuing growth in the international sector and a recovery in the North American market.

Anheuser-Busch(BUD Quote) downgraded at Deutsche from buy to hold with a $56 price target. Stock has traded sharply higher on press reports of a takeover by Inbev. Such high pricing requires cost reduction and runs the potential risk of harming brands and distribution.

BorgWarner(BWA Quote) downgraded at KeyBank from buy to hold. The long-term outlook of BWA remains very solid through the current market conditions, however, current valuation foresees little upside to the share price.

Citizens Communications(CZN Quote) upgraded at Credit Suisse from neutral to outperform with a $12.50 price target. With rural local exchange carriers (RLECs) underperforming the market and the spread widening with the Credit Suisse High Yield Index there is potential upside as the spread should come back within historical norms.

Darden Restaurants(DRI Quote) upgraded at Merrill from hold to buy with a $39 price target. Macroeconomic factors are due to impact DRI less, and could allow the chain to take share in the market. In addition, supply chain efficiencies leading to lower pricing will enhance the brand's competitive position.