Analysts' Upgrades, Downgrades: Biogen

Change in Ratings

AK Steel(AKS) upgraded at JPMorgan to Overweight from Neutral. The market may be unjustly punishing AKS and most of the carbon steel names based upon concerns of a global slowdown and record high commodity prices.

Autoliv(ALV) downgraded at Deutsche to Hold from Buy. $49 price target. Industry headwinds are likely to dictate price movement in the shares in the near term. In addition, potential catalysts within the stock are skewed to the downside.

Anadigics(ANAD) downgraded at Jefferies to Hold from Buy due to concerns over wireless outlook. Note that Q2 results were solid but Q3 guidance included limited visibility in a key WiFi customer. Price target cut to $9 from $15.

Baker Hughes(BHI) upgraded at UBS to Buy from Neutral. 2008 EPS estimates raised to $5.45 from $5.35. Price target raised to $105 from $90.

Baker Hughes(BHI) upgraded at RBC to Sector Perform rating from Underperform. Price target jumps to $106 from $88 and FY09 eps estimates upped to $6.64 from $6.12. Reiterates Average Risk qualifier.

Caterpillar(CAT) downgraded at JPMorgan to Neutral from Overweight. 2009 appears to be close to a peak for CAT based upon the possibility of construction worsening, input cost headwinds and backlogs in energy and mining sectors remaining strong.

CH Robinson(CHRW) downgraded at JP Morgan from Overweight to Neutral. Estimates also cut, Gross margins pressures will likely persist for a few quarters.

Corinthian Colleges(COCO) upgraded at Merrill Lynch to Buy from Neutral. Price target $17. Corinthian is viewed as a countercyclical turnaround story as they make progress improving their operations with significant potential for operating leverage.