Analysts' Upgrades, Downgrades: Nike

CHANGE IN RATINGS

Adtran (ADTN Quote) downgraded at Morgan Stanley to Equal-weight and 2009 and 2010 estimates reduced.

Aflac (AFL Quote) downgraded at Citigroup from Buy to Hold. $50 price target. Valuation call, as risks are rising in the company's investment portfolio.

Atheros (ATHR Quote) downgraded at Jefferies from Buy to Hold. $14 price target. Estimates also cut, to reflect weakness in the general semiconductor market.

BB&T (BBT Quote) downgraded at Goldman Sachs to Sell from Neutral due to exposure to Florida and Georgia. Believe real estate problems in those states are accelerating and underestimated. Price target cut to $24 from $28.

Blackrock (BLK Quote) upgraded at Morgan Stanley to Overweight from Equal-weight and is now a top pick.

Bucyrus (BUCY Quote) downgraded at JP Morgan to Underweight from Neutral based on expected negative revisions to earnings through 2010. Price target at $23.

Comerica (CMA Quote) upgraded at Goldman Sachs to Neutral from Sell. Price target unchanged at $23.

Joy Global (JOYG Quote) downgraded at JP Morgan to Neutral. $25 price target.

Kohl's (KSS Quote) downgraded at Merrill from Buy to Neutral. $40 price target.

NYSE Euronext (NYX Quote) downgraded at Jefferies from Buy to Hold. $32 price target.

Steel Dynamics (STLD Quote) upgraded at Barclays to overweight and price target of $18 remains unchanged.

MEMC Electronic (WFR Quote) downgraded at Merrill from Buy to Underperform. $16 price target. Estimates also cut.

U.S. Steel (X Quote) downgraded at Goldman Sachs to Neutral from Buy based on 17.7% gain since Dec. 8 upgrade. Price target unchanged at $41.

STOCK COMMENTS / EPS CHANGES