Analysts' Upgrades, Downgrades: Microsoft

CHANGE IN RATINGS

Autodesk (ADSK Quote) downgraded at Merrill from Buy to Underperform. $10 price target. Estimates also cut, to match the company's new guidance. Even so, the company's long-term prospects remain favorable.

Celanese (CE Quote) downgraded at Citigroup to Hold. Chinese exposure will weigh on 2009 earnings. Liquidity outlook remains stable.

Gap (GPS Quote) upgraded at Citigroup from Hold to Buy. Company has cut costs and has a pristine balance sheet. $12 price target. Gap price target lowered at Goldman to $14 from $15, based on lower earnings expectations in tough environment. Maintained Buy rating.

Limited Brands (LTD Quote) upgraded at Citigroup from Hold to Buy. $9.50 price target. Company has an 8% yield with solid liquidity and no major debt coming due in the near future.

Microsoft (MSFT Quote) upgraded at Oppenheimer to Outperform. $22 price target. Market is overly discounting headwinds to growth.

STOCK COMMENTS / EPS CHANGES

GameStop (GME Quote) price target slashed at Goldman to $20 from $39 based on currency effects, market share declines and lower new store productivity. Maintained Neutral rating.

STRATEGY CALLS / MARKET CALLS

BioMarin (BMRN Quote) and Myriad Genetics (MYGN Quote) were upgraded to Buy at Citigroup. Sector is not cyclical and earnings expectations appear reasonable. Amgen (AMGN Quote) was also added to the Top Picks list.