Tuesday's Analysts' Upgrades, Downgrades

Change in Ratings

American Railcar(ARII Quote) downgraded at UBS to sell rating from neutral. Price target holds at $19, but 2009 EPS estimates cut to $1.60 from $1.75.

CSX(CSX Quote) upgraded at UBS to buy rating from neutral. Price target upped to $66 from $54 and fiscal-year 2009 EPS estimates jump to $4.11 from $3.72.

Goldman Sachs(GS Quote) upgraded at Wachovia to outperform. Company has a superior capital position and is trading near its trough historical valuation. Also the largest beneficiary of Bear's(BSC Quote) demise.

Goldman Sachs downgraded at JPMorgan from neutral to underweight. Stock is not yet pricing in a mild recession, and potential downside earnings risk remains.

International Paper(IP Quote) downgraded at JPMorgan from overweight to neutral. Less constructive on the company, following the purchase of Weyerhaeuser's(WY Quote) containerboard business, which shifts its focus back toward North America.

National City(NCC Quote) upgraded at KBW to market perform. Valuation call, with the stock trading at just 70% of tangible book value.

Telmex(TMX Quote) downgraded at Goldman Sachs to sell from neutral due to valuation, exposure to Mexican economy and rising competition. View spin-off of international operations as nonaccretive to shareholders. Price target at $37.70.