Analysts' Upgrades, Downgrades: General Motors

Change in Ratings

Allied WasteAW downgraded at UBS to neutral from buy. Price target lowered to $13.10 from $15.00. Maintains 2008 EPS estimates of 92 cents.

Brown-FormanBF-B downgraded at UBS to neutral from buy. Price target lowered to $78 from $88. Fiscal 2009 EPS estimates lowered to $3.86 from $3.91.

BJ's WholesaleBJ upgraded at JPMorgan from neutral to overweight. Company has been converting free trial members to fully paid users, which has also helped to drive store traffic.

BlackRockBLK rated new underperform at Credit Suisse based on an updated estimate of equity marks and its impact on management fee revenue and a negative revision to estimates for investment income. Sets $176 target price.

CME GroupCME initiated at UBS with a neutral rating and $430 price target. Introduces 2008 EPS estimates of $16.90.

Concur TechCNQR downgraded at Piper to neutral with a $36 price target. New analyst believes that the stock is ignoring risk of AXP's entrance into the market.

EnscoESV downgraded at Wachovia from outperform to market perform. Valuation call, as the stock is already pricing in higher day rates.

General MotorsGM downgraded at Merrill to underperform from buy with a $7 price target. Auto sales within the U.S. are expected to be much lower than forecasted quickly draining cash and could lead to a greater than anticipated capital infusion.

Reynolds AmericanRAI upgraded at Morgan Stanley from underweight to equal-weight. Stock is pricing in domestic growth risks, and looks attractive based on earnings and the dividend yield.