Analysts' Upgrades, Downgrades: Costco

CHANGE IN RATINGS

Costco Wholesale (COST Quote) upgraded at UBS to Buy from Neutral based on valuation and best in class business model. Believe margin headwinds (currencies, markdowns, fuel prices) are coming to an end, and note that membership renewal is better than ever. Price target lowered to $52 from $57.

Evergreen Solar (ESLR Quote) downgraded at Piper Jaffray to Neutral from Buy. Cites new strategy is unclear and polysilicon advantage is eroding. Lowered target price to $2.50 from $5.

Leap Wireless (LEAP Quote) coverage initiated at Oppenheimer with a Perform rating. Note potential market share gains and likely strong growth in revenues over next decade. Competition, slowing economy, balance sheet and cash burn are all near-term concerns. No price target.

Liquidity Resources (LQDT Quote) downgraded at Oppenheimer to Perform from Outperform based on valuation and limited visibility following first-quarter results.

MetLife (MET Quote) downgraded at Bank of America/Merrill to Neutral from Buy. Sees disappointment relative to consensus earnings expectations and management guidance. Maintained $53 target price.

Mettler-Toledo (MTD Quote) downgraded at Thomas Weisel to Market Weight from Overweight due to weak outlook and drop in earnings power. View company as more likely to outperform late in cycle. Price target lowered to $59 from $80.

NVR (NVR Quote) upgraded at Credit Suisse to Outperform from Neutral based on better traffic in Washington D.C. and valuation. Maintained $450 target price.

MetroPCS (PCS Quote) coverage initiated at Oppenheimer with a Neutral rating. Believe contract-free, inexpensive wireless services are an attractive long-term business. Note short-term risks from price competition and customer weakness caused by economic slowdown.

STOCK COMMENTS / EPS CHANGES

Burger King (BKC Quote) price target trimmed at Goldman to $25 from $27 based on headwinds in foreign exchange and margins. Believe dual themes of top-line growth and improving margins are intact. Maintained Buy rating. Cigna (CI Quote) target raised at Credit Suisse to $25 from $19 following fourth-quarter results that showed stabilization in balance sheet. Maintained Outperform rating. Monsanto (MON Quote) price target raised at Goldman to $91 from $80 based on progress in Roundup segment, where gross profits have almost quadrupled in last two years. Believe 2009 will mark the peak for glyphosate demand, and expect new supply to come online thereafter. Expect profits to remain healthy but decline in coming years. Maintained Neutral rating.