Analysts' Upgrades, Downgrades

Change in Ratings

Adtran(ADTN Quote) upgraded at Weisel to overweight. Company is emerging from a multiyear transition in its business, where new products are offsetting legacy items. $27 price target.

BOK Financial(BOKF Quote) upgraded at Suntrust from neutral to buy with a $58 price target. Estimates also raised, as management is highly disciplined, and will continue to grow in a difficult environment.

ITT(ITT Quote) downgraded at Credit Suisse from outperform to neutral. New management changes offset the recent positive pre-announcement. $62 price target.

LSI Logic(LIS Quote) downgraded at Merrill from buy to neutral. Company missed quarterly sales estimates, and inventory is rising. Also may soon lose market share to Seagate(STX Quote) and Marvell Technology(MRVL Quote).

Macy's(M Quote) downgraded at JPMorgan from neutral to underweight. Believe the stock has another leg down, as J.C. Penney(JCP Quote) and Kohl's(KSS Quote) have already cut first-quarter guidance.

Altria(MO Quote) downgraded at JPMorgan from overweight to neutral with a $25 price target. Stock also removed from the Focus List, as it should perform in line with its domestic peers.

SLM(SLM Quote) downgraded at Morgan Stanley to underweight with a $13 price target. Estimates also cut, as earnings will be hit by both lower government subsidies and the current credit crunch.

State Street(STT Quote) downgraded at Merrill from buy to neutral. Estimates also cut, to reflect lower net interest margins, a smaller buyback program and higher realized security losses.

Stock Comments/EPS Changes

Adtran target raised, estimates cut at UBS. Price target increased to $22.50 from $20.00. 2008 EPS estimates lowered to $1.23 from $1.24. Reiterates neutral rating.

Forest Labs(FRX Quote) fiscal 2009 EPS estimates lowered at UBS to $3.20 from $3.48. Price target lowered to $50 from $54. Reiterates buy rating.

Forest Labs numbers cut at Morgan Stanley. FRX now seen reaching $39 a share. Estimates also lowered, to match the company's higher expected operating costs. Equal-weight rating.

Intel(INTC Quote) price target raised at Goldman to $30 from $27 based on solid first-quarter results and second-quarter guidance. Note strong margin guidance and execution in the core MPU business. Maintained buy rating.

Juniper Networks(JNPR Quote) numbers lowered at UBS. Price target $30.00 from $37.50. 2008 EPS estimates lowered to 98 cents from $1.01. Reiterates buy rating.

Marshall & Ilsley(MI Quote) numbers lowered at UBS. Price target lowered to $23.50 from $27.00. 2008 EPS estimates lowered $1.90 from $2.05. Reiterates neutral rating.

Northrup Grumman(NOC Quote) price target lowered at Goldman to $78 from $82 based on announcement that company will record a $320-360 million pretax charge due to poor workmanship and quality issues on LHD-8. Maintained sell rating.

Seagate target cut at Goldman to $23 from $25 based on expectations for lower pricing and gross margin declines starting in June quarter. See industry-wide inventory buildup in HDDs and deteriorating demand. Maintained neutral rating.