Analysts' Upgrades and Downgrades

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Analysts' Upgrades, Downgrades: Microsoft

TSC Staff

CHANGE IN RATINGS

Autodesk (ADSK) 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) downgraded at Citigroup to Hold. Chinese exposure will weigh on 2009 earnings. Liquidity outlook remains stable.

Gap (GPS) 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) 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) upgraded at Oppenheimer to Outperform. $22 price target. Market is overly discounting headwinds to growth.

STOCK COMMENTS / EPS CHANGES

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