Tuesday's Analysts' Upgrades, Downgrades

Change in Ratings

Agco(AG Quote) upgraded at Goldman Sachs to buy from neutral based on continuing strength in agricultural industry and recent underperformance in stock. Note AG's potential to rebound sharply and lack of exposure to weak construction equipment markets. Price target at $71.

CNH Global(CNH Quote) downgraded at Goldman Sachs to neutral from buy based on preference for AG. Note that company posted disappointing earnings in most recent two quarters, and also increased funding needed in CNH Capital unit. Maintained $53 target.

Hess(HES Quote) added to Buy List at Goldman Sachs, based on view that crude oil prices have additional upside over next six to 24 months. Note company's attractive exploration program. Maintained $130 price target.

Sunoco(SUN Quote) downgraded at JPMorgan from neutral to underweight. Company is highly leveraged to the challenging margin environment, given its exposure to sweet crude and East Coast gasoline.

Sunoco downgraded at Goldman Sachs to neutral from buy due to refining exposure. See companies leveraged to crude oil prices as more attractive than refiners, based on continuing weakness in crack spreads. Price target cut to $53 from $70.

Valero(VLO Quote) downgraded at JPMorgan from overweight to neutral. New analyst does not believe the stock will outperform integrated names. That said, the company is still the best positioned of the independent refiners.

Stock Comments/EPS Changes

Airgas(ARG Quote) numbers raised at Jefferies. Price target jumps to $66 from $56 and fiscal year 2008 EPS estimates upped to $2.68 from $2.65. Reiterates buy rating.