Monday's Analysts' Upgrades and Downgrades

CHANGE IN RATINGS

ArvinMeritor (ARM Quote) downgraded at Goldman Sachs: Goldman is downgrading ARM to Sell from Neutral due to rising materials costs, slow margin progress and lack of catalysts. Price target cut to $12 from $16.

Freescale Semiconductor (FSL Quote) downgraded at UBS: UBS is downgrading FSL to Neutral from Buy based on valuation after board approved sale to private equity firms for $17.6 billion. Raised target price to $40 from $36.

Symantec (SYMC Quote) upgraded at Credit Suisse: Credit Suisse is upgrading SYMC to Outperform from Neutral based on near-term positives. Raised target price to $24 from $19.

Watson Wyatt (WW Quote) downgraded at UBS: UBS is downgrading WW to Neutral from Buy based on valuation. Sees no big boost from pension litigation. Lowered target price to $42 from $45.

STOCK COMMENTS / EPS CHANGES

Rockwell Collins (COL Quote) price target increased at Jefferies: Jefferies is upping its target on COL to $52 from $50 after company gave inline guidance. See opportunities in military and commercial communications priced into shares. Reiterated Hold rating.

Cisco (CSCO Quote) price target raised at Goldman: Goldman is increasing its target on CSCO to $27 from $25 based on positive IT spending survey results. Maintain Buy rating.

Convergys (CVG Quote) target price raised at FBR: FBR is raising its target price on CVG to $28 as company as strong industry fundamentals will benefit industry leader. Maintained Outperform rating.