Monday's Analysts' Upgrades, Downgrades

Change in Ratings

Eaton Vance(EV Quote - Cramer on EV - Stock Picks) upgraded at JPMorgan from underweight to neutral. Major risks are already priced into the stock. Company is addressing auction-rate problems, and tax-managed funds could prosper under a Democrat president.

General Electric(GE Quote - Cramer on GE - Stock Picks) downgraded at Oppenheimer from outperform to perform with a $34 price target. See continued uncertainty in commercial finance, while slowing industrial and healthcare demand are also dragging down earnings.

Hormel Foods(HRL Quote - Cramer on HRL - Stock Picks) downgraded at Stephens from overweight to equal-weight with a $43 price target. Stock is up 10% over the past year, but commodity prices will continue to negatively impact earnings.

Liberty Entertainment(LMDIA Quote - Cramer on LMDIA - Stock Picks) upgraded at Merrill to buy with a $33 price target. Stock is trading at a discount to its DTV holding, and operating trends remain favorable.

Marsh & McLennan(MMC Quote - Cramer on MMC - Stock Picks) upgraded at Keefe, Bruyette from market perform to outperform. New management should be able to improve margins. 2009 earnings estimate also raised to $1.95 a share. $32 price target.

SPX(SPW Quote - Cramer on SPW - Stock Picks) downgraded at Deutsche from buy to hold with a $120 price target. Valuation call, as the stock has rallied 78% since the beginning of 2007.

Visa(V Quote - Cramer on V - Stock Picks) coverage initiated with an outperform rating at Keefe, Bruyette with an $80 price target.

Wendy's(WEN Quote - Cramer on WEN - Stock Picks) coverage reinstated at Goldman Sachs with a sell rating, based on market share declines, high costs and low likelihood of a sale. Prefer McDonald's(MCD Quote - Cramer on MCD - Stock Picks) and Burger King(BKC Quote - Cramer on BKC - Stock Picks) for international presence, market share gains and established breakfast businesses. Price target at $21.

Stock Comments/EPS Changes

Citigroup(C Quote - Cramer on C - Stock Picks) estimates cut at Merrill through 2009. Despite a gain on the Visa sale, declining credit quality will continue to cut into earnings. Neutral rating.

IBM(IBM Quote - Cramer on IBM - Stock Picks) price target raised at Goldman to $130 from $120 ahead of April 16 quarterly results. See higher revenue, mix improvement and cost management driving operating margin improvement. Maintained buy rating.

Lubrizol(LZ Quote - Cramer on LZ - Stock Picks) estimates raised at Jefferies. Fiscal year 2008 EPS estimates upped to $4.29 from $4.20 while price target holds at $70. Reiterates buy rating.

News Corp.(NWS Quote - Cramer on NWS - Stock Picks) numbers lowered at UBS. Price target dips to $25 from $26 and fiscal year 2008 EPS estimates cut to $1.37 from $1.43. Reiterates buy rating.

Praxair(PX Quote - Cramer on PX - Stock Picks) estimates raised at Jefferies. Fiscal year 2008 EPS estimates upped to $4.17 from $4.15 while price target holds at $103. Reiterates buy rating.