Analysts' Upgrades and Downgrades

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Analysts' Upgrades, Downgrades: Amgen

TheStreet.com Ratings Staff

Change in Ratings

Aflac(AFL Quote) upgraded at Merrill Lynch to Neutral from Underperform.. Challenges within the financial sector have highlighted the value of AFL as they generate an ROE in the 20s without meaningful risk. 2008 EPS lower to $3.98 from $4.00 based upon the expectation of a weaker yen/dollar exchange rate.

Amgen(AMGN Quote) upgraded at Weisel to Overweight from Market Weight. $71 price target. AMGN has announced positive results from its Phase III placebo for postmenopausal osteoporosis. It should be noted that conclusions are difficult to draw from AMGN's press release as reduction in fracture rates were not cited.

Best Buy(BBY Quote) upgraded at Bank of America to Buy from Neutral. $46 price target. Market share gains should offset industry weakness for BBY. 2008 earning estimate increased to $3.31 from $3.21 and 2009 to $3.66 from $3.50.

Chattem(CHTT Quote) upgraded at JPMorgan to Overweight from Neutral. The large pullback within the stock is based upon concerns over slow revenue growth and has created a prime entry point given JPMorgan's view that revenue growth will rebound.

Clorox(CLX Quote) downgraded at Goldman Sachs to Sell from Neutral based on increased risk of weak earnings due to commodity inflation and slowing sales growth in core categories. Price target lowered to $54 from $57.

Dick's Sporting Goods(DKS Quote) upgraded at Goldman Sachs to Buy from Neutral based on long-term potential and premier growth profile vs. peers. Note poor visibility but likelihood that smaller competitors will fold amid current weak conditions for sporting goods retailers. Price target at $22.

Federated Investors(FII Quote) downgraded at KBW to Market Perform. $35 target. Estimates also cut, driven by lower realized investment fees.

51job(JOBS Quote) downgraded at Goldman Sachs to Sell from Neutral due to weak macroeconomic conditions and increasing competition. See slowing export market for Chinese companies, labor cost inflation and increased competition from well-funded private peers. Price target lowered to $15 from $17.

Kimberly-Clark(KMB Quote) upgraded at Goldman Sachs to Neutral from Sell. See limited valuation downside following recent weak quarterly results that were driven by rising commodities costs. Believe bad news priced into shares now. Target price at $58.

NetApp(NTAP Quote) upgraded at Merrill Lynch to Buy from Neutral. $30 price target. It is expected that NTAP will benefit from an increase in their share repurchase authorization, a refreshed midrange and an extra week that should support October estimates.

Priceline.com(PCLN Quote) upgraded at Weisel from Market-weight to Overweight. $145 price target. Domestic business is accelerating in a tough environment. European slowdown could actually push hotel sales online.

Rowan(RDC Quote) upgraded at JP Morgan from Underweight to Neutral. Stock lagged its peers, and has several potential positive catalysts over the coming months.

Range Resources(RRC Quote) upgraded at SunTrust to Buy. $70 price target. Economics within the Marcellus shale have improved driving the upgrade; however, lower gas prices reduced the price target by $2.

StanCorp Financial(SFG Quote) downgraded at Merrill to Neutral from Buy. $65 price target. DCF suggests there is a 30% upside potential for SFG, but this is far below the total return expectations for the life insurance companies under coverage.

UDR(UDR Quote) downgraded at RBC to Sector Perform rating from Outperform. Price target dips to $26 from $28 and maintains Above Average Risk qualifier.

Stock Comments / EPS Changes

East West Bancorp(EWBC Quote) numbers lowered at RBC to $1 from $15 and FY09 eps estimates lowered to $1.00 from $1.20. Reiterates Sector Perform rating and Above Average Risk qualifier.

Gulfmark Offshore(GLF Quote) numbers lowered at RBC to $67 from $73 and FY09 eps estimates lowered to $6.72 from $7.26. Reiterates Sector Perform rating and Speculative Risk qualifier.

L-3 Communications(LLL Quote) target cut at Credit Suisse to $113 from $119 based on market weakness and valuation. Maintained Neutral rating.

Thor Industries(THOR Quote) numbers lowered at RBC to $23 from $30 and FY09 eps estimates lowered to $1.60 from $1.70. Reiterates Sector Perform rating and Above Average Risk qualifier.

XTO Energy(XTO Quote) target lowered at Credit Suisse to $67 from $78 to reflect restrained market appreciation for unproved reserves. Believes stock is attractive - maintained Outperform rating.