Analysts' Upgrades and Downgrades

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Analysts' Upgrades, Downgrades: General Motors

TheStreet.com Ratings Staff

Change in Ratings

Allied Waste(AW Quote - Cramer on AW - Stock Picks) downgraded at UBS to neutral from buy. Price target lowered to $13.10 from $15.00. Maintains 2008 EPS estimates of 92 cents.

Brown-Forman(BF-B Quote - Cramer on BF-B - Stock Picks) downgraded at UBS to neutral from buy. Price target lowered to $78 from $88. Fiscal 2009 EPS estimates lowered to $3.86 from $3.91.

BJ's Wholesale(BJ Quote - Cramer on BJ - Stock Picks) upgraded at JPMorgan from neutral to overweight. Company has been converting free trial members to fully paid users, which has also helped to drive store traffic.

BlackRock(BLK Quote - Cramer on BLK - Stock Picks) rated new underperform at Credit Suisse based on an updated estimate of equity marks and its impact on management fee revenue and a negative revision to estimates for investment income. Sets $176 target price.

CME Group(CME Quote - Cramer on CME - Stock Picks) initiated at UBS with a neutral rating and $430 price target. Introduces 2008 EPS estimates of $16.90.

Concur Tech(CNQR Quote - Cramer on CNQR - Stock Picks) downgraded at Piper to neutral with a $36 price target. New analyst believes that the stock is ignoring risk of AXP's entrance into the market.

Ensco(ESV Quote - Cramer on ESV - Stock Picks) downgraded at Wachovia from outperform to market perform. Valuation call, as the stock is already pricing in higher day rates.

General Motors(GM Quote - Cramer on GM - Stock Picks) downgraded at Merrill to underperform from buy with a $7 price target. Auto sales within the U.S. are expected to be much lower than forecasted quickly draining cash and could lead to a greater than anticipated capital infusion.

Reynolds American(RAI Quote - Cramer on RAI - Stock Picks) upgraded at Morgan Stanley from underweight to equal-weight. Stock is pricing in domestic growth risks, and looks attractive based on earnings and the dividend yield.

Raymond James Financial(RJF Quote - Cramer on RJF - Stock Picks) upgraded at KBW to outperform from market perform with a $33 price target. The recent decline of the stock has created a short-term potential upside. Third-quarter 2008 EPS raised by 5 cents to 56 cents based upon expectations of higher commissions and IB revenue.

Smuckers(SJM Quote - Cramer on SJM - Stock Picks) upgraded at Deutsche to buy from hold with a $49 price target. SJM's upgrade is due to a low valuation and likely consumer movement toward many of the company's center-of-the-store brands. In addition, pricing to offset inflation, an improved balance sheet and FCF put the company in a strong position to capitalize on the current market.

Susquehanna Bancshares(SUSQ Quote - Cramer on SUSQ - Stock Picks) upgraded at KBW to market perform from underperform with a $13 price target. Upgrade is based upon the company's current valuation of 67% first-quarter 2008 BV and 159% of tangible BV.

UAL Corp.(UAUA Quote - Cramer on UAUA - Stock Picks) downgraded at Goldman Sachs to neutral from buy, based on continued concerns over fuel prices and weak macroeconomic conditions. Note domestic capacity discipline, but previously solid free cash flow has suffered due to spike in fuel costs. Price target cut to $4.40 from $16.

Stock Comments/EPS Changes

Aecom(ACM Quote - Cramer on ACM - Stock Picks) price target raised at UBS to $37 from $34. Maintains 2008 EPS estimates of $1.36 and buy rating.

Bank of America(BAC Quote - Cramer on BAC - Stock Picks) numbers lowered at RBC. Price target cut to $22 from $36 and fiscal year 2009 EPS estimates dip to $3.50 from $4.00. Reiterates sector perform rating.

Chesapeake Energy(CHK Quote - Cramer on CHK - Stock Picks) price target raised at UBS to $89 from $76. Maintains 2008 EPS estimates of $9.95 and buy rating.

DuPont(DD Quote - Cramer on DD - Stock Picks) price target trimmed at Goldman to $52 from $57, based on lower multiple assumption. Believe shares are wrongly trading alongside industrial chemical companies, with little credit being given to pioneer and crop chemical assets. Maintained buy rating.

Graftech(GTI Quote - Cramer on GTI - Stock Picks) target raised, estimates cut at Jefferies. Price target raised to $26 from $21. 2008 EPS estimates lowered to $1.82 from $1.94. Maintains hold rating.

Kaiser Aluminum(KALU Quote - Cramer on KALU - Stock Picks) numbers lowered at UBS. 2008 EPS estimates lowered to $4.40 from $4.80. Price target lowered to $82 from $88. Maintains buy rating.

Merrill Lynch(MER Quote - Cramer on MER - Stock Picks) numbers lowered at UBS. 2008 EPS estimates lowered to -$2.55 from 50 cents. Price target lowered to $35 from $47. Maintains neutral rating.

Medicis Pharmaceutical(MRX Quote - Cramer on MRX - Stock Picks) numbers lowered at RBC. Price target cut to $25 from $27 and fiscal year 2009 EPS estimates dip to $1.68 from $1.74. Reiterates outperform rating.

MSC Industrial(MSM Quote - Cramer on MSM - Stock Picks) target cut, estimates raised at Jefferies. Price target lowered to $47 from $50. 2008 EPS estimates raised to $3.00 from $2.97. Maintains hold rating.

Polaris Industries(PII Quote - Cramer on PII - Stock Picks) numbers lowered at RBC. Price target drops to $44 from $51 and fiscal year 2009 EPS estimates dip to $3.57 from $3.70. Reiterates sector perform rating.

Pioneer Natural Resources(PXD Quote - Cramer on PXD - Stock Picks) numbers raised at UBS. 2008 EPS estimates raised to $13.00 from $7.98. Price target raised to $110 from $50. Maintains buy rating.

Schnitzer Steel(SCHN Quote - Cramer on SCHN - Stock Picks) target raised at Goldman Sachs based on higher steel and scrap price estimates. Note rising prices on scrap but believe metal spreads should narrow. Believe positive trends are more than priced into SCHN shares. Maintained sell rating.

Smithfield Foods(SFD Quote - Cramer on SFD - Stock Picks) target cut at Credit Suisse to $22 from $30 to account for higher priced corn, deeper hog production losses and an increase in share count following recent equity offering. Maintained neutral rating.

Wells Fargo(WFC Quote - Cramer on WFC - Stock Picks) numbers lowered at RBC. Price target cut to $28 from $33 and fiscal year 2009 EPS estimates dip to $2.30 from $2.60. Reiterates outperform rating.