Analysts' Upgrades and Downgrades

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Analysts' Upgrades, Downgrades: Lowe's

TSC Staff

CHANGE IN RATINGS

Aecom Technology (ACM) downgraded at Morgan Stanley to Equal-weight. Stock has more than doubled from its October lows, and the company is already pricing in some expected near-term catalysts.

AK Steel (AKS) upgraded at Goldman Sachs to Buy from Neutral based on high sensitivity to rising steel prices. Note that electrical steel segment should get a boost from global stimulus packages, especially in China. Price target raised to $15 from $9.

Autozone (AZO) downgraded at BofA/Merrill from Buy to Neutral. Valuation call, as the stock is up 28% since late October. Expect near-term comp sales to remain flat.

Lazard (LAZ) downgraded at BofA/Merrill to Neutral. Estimates also cut, to reflect the collapse of potential deals in December. $32 price target.

Laboratory Corp. of America (LH) downgraded at Jefferies from Buy to Hold. $64 price target. Company lacks earnings visibility, and the stock will likely trade sideways for the time being.

Las Vegas Sands (LVS) downgraded at Deutsche Bank from Buy to Hold. Valuation call, based on a $9 price target. Stock is already pricing in a lot of good news.

Northern Trust (NTRS) upgraded at Goldman to Buy from Neutral. Believe strong foreign exchange trading quarter is likely to drive near-term results. Also note that company is gaining market share from competitor disruptions, and has the cleanest balance sheet among trust banks. Target raised to $64 from $59.

VCA Antech (WOOF) downgraded at Morgan Keegan from Outperform to Market Perform. Overall pet ownership may decline as the economy deteriorates.

STOCK COMMENTS / EPS CHANGES

Alcoa (AA) estimates, target cut at Morgan Stanley. Shares now seen reaching $23. Estimates also lowered, given the company's new fourth-quarter guidance. Overweight rating.

Lowe's (LOW) numbers raised at Morgan Stanley. Shares now seen reaching $25. Estimates also boosted, to reflect an eventual cyclical upturn. Overweight rating.

Microchip Technology (MCHP) numbers cut at Barclays. Shares now seen reaching $18. Estimates also lowered, to reflect the company's poor December sales guidance. Dividend will be maintained. Equal-weight rating.