Friday's Analysts' Upgrades, Downgrades

Change in Ratings

Analog Devices(ADI Quote - Cramer on ADI - Stock Picks) upgraded at Goldman Sachs to buy from neutral based on strong position relative to other analog stocks. See heavy exposure to industrial end markets as major positive. Price target upped to $34 from $28.

American Tower(AMT Quote - Cramer on AMT - Stock Picks) coverage initiated at Credit Suisse with a neutral rating and $41 target. See valuation as full, noting premier assets and operating mechanics relative to peers.

Bed, Bath & Beyond(BBBY Quote - Cramer on BBBY - Stock Picks) downgraded at JPMorgan from neutral to underweight. Estimates also cut, as the company's margins will likely pull back in the coming quarters, along with sales.

Crown Castle(CCI Quote - Cramer on CCI - Stock Picks) coverage initiated at Credit Suisse with a neutral rating. Note favorable track record of capital structure management and solid fundamentals, but see shares fairly valued. Price target at $37.

Chico's FAS(CHS Quote - Cramer on CHS - Stock Picks) downgraded at Merrill from neutral to sell. Stock trades at a premium to its peers, and consensus earnings estimates are likely too high.

CommScope(CTV Quote - Cramer on CTV - Stock Picks) initiated at UBS with neutral rating at UBS. Price target starts at $40 and fiscal year 2009 EPS estimates begin at $3.55.

Starwood Hotels(HOT Quote - Cramer on HOT - Stock Picks) downgraded at Wachovia to market perform. Valuation call. U.S. economy has slipped into a mild recession, and RevPAR numbers will likely fall across the industry.

Intersil(ISIL Quote - Cramer on ISIL - Stock Picks) upgraded at Goldman Sachs to buy from neutral based on new product cycle in notebooks, LCD DTV/displays and wireless handsets. Expect stock to fare better than peers during current downturn. Price target raised to $31 from $24.

Lehman(LEH Quote - Cramer on LEH - Stock Picks) upgraded at Citigroup from hold to buy, with a $65 price target. Attractive buying opportunity, after being on the sidelines for a couple of years. Government support will likely stop any further liquidity-driven meltdown.

Linear Technology(LLTC Quote - Cramer on LLTC - Stock Picks) upgraded at Goldman Sachs to buy from neutral. Positives include limited exposure to wireless handsets and consumer along with premier business model and adjustable spending. Price target pushed to $36 from $30.

Monolithic Power Systems(MPWR Quote - Cramer on MPWR - Stock Picks) downgraded at Goldman to neutral from buy based on reduced growth expectations. Annual revenue growth estimates trimmed to 15% from 21.5% due to macroeconomic headwinds. Target lowered $3 to $19.

Murphy Oil(MUR Quote - Cramer on MUR - Stock Picks) upgraded at Deutsche to buy with a $104 price target. Company is one of the most leveraged to rising oil prices.

National Semiconductor(NSM Quote - Cramer on NSM - Stock Picks) downgraded at Goldman to sell from neutral. See concerns over wireless business, which makes up over 30% of sales, as well as increasing competition. Price target cut to $16 from $20.

SBA Communications(SBAC Quote - Cramer on SBAC - Stock Picks) coverage initiated at Credit Suisse with a neutral rating and $32 target. See solid industry fundamentals and note company's superior organic growth rate, but see potential for further multiple contraction.

Tiffany(TIF Quote - Cramer on TIF - Stock Picks) downgraded at Merrill from neutral to sell. Management's guidance expects a second half recovery, and but even high-end consumers could be affected in the U.S. by layoffs in the financial services industry.

USANA Health Services(USNA Quote - Cramer on USNA - Stock Picks) downgraded at Jefferies to hold rating from buy. Price target slashed to $22 from $52 while 2008 EPS estimates cut to $2.00 from $2.90.

US Steel(X Quote - Cramer on X - Stock Picks) upgraded at Merrill to buy with a $150 price target. Estimates also raised, to reflect strong steel pricing. 100% vertical integration allows the company to better manage rising raw materials costs.

Stock Comments/EPS Changes

Accenture(ACN Quote - Cramer on ACN - Stock Picks) target price cut at Deutsche Bank by $2 to $46 on compressed earnings multiple, despite superior FCF and ROIC. Maintained buy rating.