Analysts' Upgrades, Downgrades: FedEx

Change in Ratings

Concur Technologies(CNQR Quote) downgraded at RBC to Sector Perform from Outperform. However, price target and FY09 revenue estimates raised to $43 from $39 and $265 million from $259 million, respectively. Reiterates Average Risk qualifier.

Cemex(CX Quote) downgraded at Credit Suisse to Underperform from Neutral based on significant weakness in Mexico and bearish pricing scenario that is starting to materialize. Lowered target price to $26 from $29.

Eastman Chemical(EMN Quote) downgraded at Citigroup to Hold. Company's coal advantaged has been overshadowed by increases in other energy costs.

FedEx(FDX Quote) downgraded at Morgan Stanley from Overweight to Equal-weight. Slowing GDP growth will cut into shipping volumes. Oil prices also likely to stay well above $100 a barrel.

Gaylord Entertainment(GET Quote) downgraded at JPMorgan to Neutral from Overweight. Price target suspended. Downgrade is based upon current valuation as the stock now represents an even risk/reward profile.

Harsco(HSC Quote) upgraded at JPMorgan to Overweight from Neutral. There is significant EPS leverage as the company's Mills margins recover, and Access should hold up due to the broad geographic mix and mobile business model.

LandAmerica Financial Group(LFG Quote) downgraded at RBC two notches to Underperform from Outperform. Price target slashed to $10 from $36. Reiterates Above Average Risk qualifier.

Lousiana-Pacific(LPX Quote) downgraded at RBC to Underperform rating from Sector Perform. Price target dips to $8.5 from $10 while FY09 eps estimates hold at loss of $(0.44). Reiterates Above Average Risk qualifier.

Lam Research(LRCX Quote) target lowered at Morgan Stanley to $48 based on reduced outlook for 2009. Macroeconomic concerns and weakness in memory market continue to plague industry. Believe one more round of earnings revisions are likely before sustainable order recovery.