Monday's Analysts Upgrades, Downgrades

Change In Ratings

Allegheny Tech(ATI Quote) upgraded at Goldman Sachs to buy from neutral based on valuation, low stainless steel inventories and stabilized nickel prices. See delays in Boeing's 787 as already priced in. Price target at $106.

American Express(AXP Quote) downgraded at KBW to market perform. $49 price target. Estimates also cut, to reflect a weaker economic outlook.

FirstMerit(FMER Quote) downgraded at Oppenheimer to underperform. Oppenheimer said the stock has outperformed its peers over the past year, and is already pricing in recent restructuring efforts.

General Maritime(GMR Quote) upgraded at JPMorgan from neutral to overweight. Estimates also raised to reflect higher spot rates. Cash flow and dividends also look secure.

GlaxoSmithKline(GSK Quote) upgraded at UBS to buy from neutral. Price target holds at $52.55 and fiscal year 2008 EPS estimates hold at $94.48.

Microsoft(MSFT Quote) downgraded at RBC from outperform to sector perform. $31 price target. Company will likely boost its bid for Yahoo!(YHOO Quote), which would dilute earnings.

Northeastern Utilities(NU Quote) upgraded at Jefferies to buy rating from neutral. Price target dips to $30.50 from $31 and fiscal year 2008 EPS estimates lowered to $1.75 from $1.79.

Reliance Steel and Aluminum(RS Quote) downgraded at Goldman to neutral from buy based on relative valuation. Remain positive but prefer Allegheny Technologies due to greater upside. Maintained $64 price target.

Raytheon(RTN Quote) upgraded at Goldman Sachs to neutral from sell, based on improved cash flow generation. See likely increase in higher-margin international sales, and believe estimates will be revised upward. Price target at $64.

SRA International(SRA Quote) upgraded at UBS to neutral rating from sell. Price target and fiscal year 2008 EPS estimates hold at $27 and $1.24, respectively.

Stock Comments/EPS Changes

MasterCard(MA Quote) numbers raised at Morgan Stanley. Shares now seen reaching $245, Morgan Stanley said. Estimates also raised, to reflect expected price increases. Overweight rating.

Teekay(TK Quote) estimates cut at Morgan Stanley through 2009. Rates will remain choppy for the time being. Equal-weight rating.