Analysts' Upgrades and Downgrades

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Analysts' Upgrades, Downgrades: Verizon

TSC Staff

CHANGE IN RATINGS

Amazon.com (AMZN) upgraded at JP Morgan to Overweight from Neutral based on market share growth within eCommerce sector. Price target at $65.

Bed Bath & Beyond (BBBY) downgraded at Goldman Sachs to Neutral from Buy. Shares are up 29% since being added to Buy list on Nov. 12 and are now nearing $28 target.

Best Buy (BBY) upgraded at Goldman Sachs to Buy from Neutral based on potential multiple expansion, cost-control initiatives and capital discipline. Price target raised to $34 from $31.

Biogen Idec (BIIB) downgraded at JP Morgan to Neutral from Overweight due to more cautious near-term view of Tysabri sales and lack of major positive catalysts in 2009. Price target at $50.

Continental Airlines (CAL) upgraded at Goldman Sachs to Buy from Neutral based on fuel cost savings and valuation. Believe company's liquidity position is sound and expect investors to grow more confident about potential for profitability in 2009. Price target raised to $24 from $17.

CarMax (KMX) downgraded at Goldman Sachs to Sell from Neutral based on expected underperformance caused by continued challenges beyond consumer spending. Expect additional stress in credit markets and ongoing erosion in bad debt. Maintained $7 price target.

Leap Wireless (LEAP) upgraded at Wachovia from Market Perform to Outperform. New market launches should drive subscriber growth in the first half of 2009.

Novellus Systems (NVLS) downgraded at Credit Suisse to Underperform. $9.50 price target.

AT&T (T) downgraded to Market Perform from Outperform at Sanford Bernstein and price target reduced to $27 from $35.

Teradyne (TER) upgraded at Barclays from Equal-weight to Overweight. $6 price target.

Union Pacific (UNP) upgraded at Goldman Sachs to Buy from Neutral based on valuation and high visibility. Price target at $57.

Varian Medical (VAR) downgraded at Oppenheimer from Outperform to Perform. The decline in hospital spending will likely be worse and last longer than expected.

Verizon (VZ) downgraded from Market Perform to Underperform at Sanford Bernstein and price target reduced to $27 from $32.

STRATEGY CALLS / MARKET CALLS

Bank estimates cut at Deutsche Bank. Citigroup (C) 2009 estimate cut to a loss of $1 a share. Price targets also cut for JPMorgan Chase (JPM) and Bank of America (BAC) because of higher expected credit costs and loan losses in 2009. Hold ratings maintained.