Analysts' Upgrades, Downgrades

Change in Ratings

AdtranADTN 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 FinancialBOKF 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.

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

LSI LogicLIS downgraded at Merrill from buy to neutral. Company missed quarterly sales estimates, and inventory is rising. Also may soon lose market share to SeagateSTX and Marvell TechnologyMRVL.

Macy'sM downgraded at JPMorgan from neutral to underweight. Believe the stock has another leg down, as J.C. PenneyJCP and Kohl'sKSS have already cut first-quarter guidance.

AltriaMO 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.

SLMSLM 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 StreetSTT 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 LabsFRX 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.

IntelINTC 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 NetworksJNPR 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 & IlsleyMI 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 GrummanNOC 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.