Analysts' Upgrades, Downgrades: Apple

Change in Ratings

Apple(AAPL Quote) target raised at Merrill to $215. Expect the iPhone to take even more market share, driven by subsidies. Estimates also raised for 2009 and 2010. Buy rating.

Apple added to Conviction Buy List at Goldman based on 3G iPhone launch next month and projected higher sales of iPhone sales in the second half of 2008. Target raised to $220 from $185.

ASML(ASML Quote) downgraded at UBS to neutral rating from buy. Price target lifts to $31.56 from $29.99.

Dell(DELL Quote) upgraded at Morgan to overweight with a $28 price target. Enterprise revenues currently account for over 40% of their operating income, and Dell is expected to take share as operating margins increase.

Dick's Sporting Goods(DKS Quote) upgraded at UBS to buy rating from neutral. Price target holds at $29 while fiscal year 2009 EPS estimates cut to $1.25 from $1.45.

Sun Microsystems(JAVA Quote) downgraded at Morgan Stanley to underweight. JAVA's server market share and margin expansion are at risk as demand shifts and pricing intensifies.

US Airways(LCC Quote) downgraded at Credit Suisse to underperform from outperform based on liquidity concerns and deal risk. Lowered target price to $4 from $12.

Linear Technology(LLTC Quote) downgraded at Deutsche from buy to hold with a $36 target price. Given LLTC's recent run of +15% year to date, the risk/reward is now balanced, so look for future recommendations if valuation or potential growth improves.

Nordson(NDSN Quote) downgraded at Jefferies to hold rating from buy. Price target jumps to $75 from $57 and fiscal year 2009 EPS estimates upped to $4.00 from $3.70.

Nalco(NLC Quote) downgraded at JPMorgan from neutral to underweight. With an increasingly difficult operating environment and raw material prices accelerating this will place pressure on Nalco's returns.

National Semiconductor(NSM Quote) upgraded at Deutsche from hold to buy with a $25 price target. NSM's revenues can benefit from macro/cyclical restocking with share price driven by resulting EPS upside and valuation expansion.