Tuesday's Analysts' Upgrades and Downgrades

CHANGE IN RATINGS

American Eagle (AEO Quote) upgraded at Cowen to Outperform. Company posted strong August sales, and should be able to deliver 15% earnings growth.

American Financial Group (AFG Quote) upgraded at Credit Suisse to Outperform from Neutral based on valuation. Cites company has improved profitability and deleveraged its balance sheet. Lowered target price to $33 from $38.

AGCO (AG Quote) upgraded at Credit Suisse to Neutral from Underperform based on margin expansion opportunities and very strong farm cycle. Raised target price to $46 from $17.

Bristol-Myers Squibb (BMY Quote) downgraded at Goldman to Sell from Neutral due to valuation. Although management has made attractive moves to lower costs and invest in pipeline, valuation continues to run ahead of fundamentals. Price target at $30.

Dominion Resources (D Quote) downgraded at Bernstein from Outperform to Market Perform. Stock lacks potential catalysts, following the E&P sale and buybacks. $96 price target.

Davita (DVA Quote) upgraded at Deutsche Bank from Hold to Buy. $68 price target. Company should be able to navigate through a Medicare price cut better than previously thought. Company also has the capital to make accretive acquisitions or buy back stock.

Exelis (EXEL Quote) downgraded at Wachovia from Outperform to Market Perform. Late-stage pipeline news is already priced into the stock.

FTI Consulting (FCN Quote) downgraded at Merrill Lynch from Neutral to Sell. Valuation call, as the stock is up 88% for the year.