Analysts' Upgrades, Downgrades: Amazon

Change in Ratings

Akamai(AKAM Quote) downgraded at Citigroup from buy to hold with a $42 price target. Valuation call, as the stock already trades at 17 times expected 2009 EBITDA.

Amazon(AMZN Quote) added to the conviction buy list at Goldman based on its online-offline expansion strategy and share gains in a growing market. Raised target price to $98 from $75.

National City(NCC Quote) upgraded at Citigroup from hold to buy with a $7 price target. Recent capital raise gives the company the cushion to deal with its credit issues.

Optium(OPTM Quote) downgraded at Jefferies to hold rating from buy. Price target cut to $9.50 from $12 while fiscal year 2008 EPS estimates upped to 26 cents from 24 cents.

Texas Instruments(TXN Quote) upgraded at Citigroup from hold to buy. Stock also added to the Top Picks Live list. Rising handset sales should drive higher earnings. $39 price target.

Stock Comments/EPS Changes

Advanced Auto Parts(AAP Quote) target raised at Goldman to $45 from $40 following strong first-quarter results. However, maintained neutral rating due to fragile economic headwinds.

Airgas(ARG Quote) numbers raised at Jefferies. Price target jumps to $70 from $66 and fiscal year 2009 EPS estimates upped to $3.30 from $3.10. Reiterates buy rating.

Chesapeake Energy(CHK Quote) price target raised at Jefferies to $75 from $57 while fiscal year 2009 EPS estimates hold at $3.40. Reiterates buy rating.

Petrohawk Energy(HK Quote) numbers raised at Jefferies. Price target jumps to $38 from $27 and fiscal year 2008 EPS estimates upped to 88 cents from 78 cents. Reiterates buy rating.