Analysts' Upgrades, Downgrades: Motorola

Change in Ratings

Assured Guaranty(AGO Quote) initiated at UBS with a buy rating and $31 price target. Introduces 2008 EPS estimates of $1.55.

Blackrock(BLK Quote) upgraded at Goldman Sachs to buy from neutral based on robust near-term fundamentals, accelerating equity flow momentum and valuation. Note that concerns over Merrill Lynch(MER Quote) selling 49% stake seem overdone. Price target at $220.

Cabot(CBT Quote) downgraded at Keybanc from buy to hold. Recent surge in feedstock costs will affect second-half earnings and delay the company's turnaround.

Cummins(CMI Quote) upgraded at UBS to buy from sell. Price target raised to $86 from $42. 2008 EPS estimates raised to $4.75 from $4.60.

J.C. Penney(JCP Quote) upgraded at Deutsche from hold to buy with a $46 price target. Sales have likely improved at department stores, given recent channel checks and the ISI survey. Estimates also raised, as June sales are likely to exceed expectations.

MBIA(MBI Quote) initiated at UBS with a neutral rating and $6 price target. Introduces 2008 EPS estimates of -$11.45.

Motorola(MOT Quote) downgraded at Piper from neutral to sell with a $7 price target. Company is losing handset market share in North America, based on recent channel checks.

National Oilwell Varco(NOV Quote) upgraded at RBC to outperform with a $116 price target. Company should outperform its peers, with all business segments expected to reaccelerate in the second half of the year.

U.S. Steel(X Quote) added to Conviction List at Goldman, swapping out Nucor(NUE Quote). See significantly higher near-term upside earnings potential given high leverage to steel prices and recent increase in OCTG prices. Target price raised to $228 from $210.