Analysts' Upgrades, Downgrades: AIG

Change in Ratings

Avon Products (AVP Quote - Cramer on AVP - Stock Picks) downgraded at Credit Suisse to Neutral from Outperform based on recent sharp rally in shares. Q2 results showed strong revenue growth in multiple categories, supported by emerging markets. Price target raised to $47 from $44.

Edwards Lifesciences (EW Quote - Cramer on EW - Stock Picks) downgraded at JPMorgan to Underweight from Neutral based on increased risk to Sapien transcatheter valve program.

Femsa (FMX Quote - Cramer on FMX - Stock Picks) downgraded at Morgan Stanley to Equal-weight from Overweight. However, its raises its price target to $53 from $49 and FY09 EPS estimates to $2.67 from $2.51.

Haynes International (HAYN Quote - Cramer on HAYN - Stock Picks) upgraded at JPMorgan to Overweight from Neutral following strong Q3 results that included solid shipment growth and margins despite increased competition in commodity stainless market.

Stock Comments/EPS Changes

American Capital Strategies (ACAS Quote - Cramer on ACAS - Stock Picks) numbers lowered at RBC. Price target slashed to $24 from $32 while FY09 EPS estimates dip to $2.94 from $3.30. Reiterates Sector Perform rating and Above Average Risk qualifier.

AIG (AIG Quote - Cramer on AIG - Stock Picks) price target slashed at Credit Suisse to $30 from $45 following Q2 results that included worse-than-expected CDS losses and investment portfolio losses of $6 billion pretax. 2008 estimates now assume weaker results for both mortgage insurance and continued low private equity returns and alternative returns. Also expect additional capital raise that will be 10%-15% dilutive. Maintained Neutral rating.

Clean Harbors (CLHB Quote - Cramer on CLHB - Stock Picks) numbers raised at RBC. Price target jumps to $86 from $78, while FY08 revenue estimates drift down slightly to $1.045 billion from $1.046 billion. Reiterates Top Pick rating and Above Average Risk qualifier.

Global Industries (GLBL Quote - Cramer on GLBL - Stock Picks) numbers cut at RBC. Price target slashed to $14 from $24, while FY09 EPS estimates dip to $1.37 from $1.70. Reiterates Sector Perform rating and Above Average Risk qualifier.

Playboy (PLA Quote - Cramer on PLA - Stock Picks) numbers cut at RBC. Price target cut to $7 from $9, while FY09 EPS estimates dip to $0.31 from $0.33. Reiterates Sector Perform rating and Above Average Risk qualifier.

Ultra Petroleum (UPL Quote - Cramer on UPL - Stock Picks) numbers raised at RBC. Price target jumps to $95 from $90, while FY09 EPS estimates upped to $6.55 from $6.31. Reiterates Sector Perform rating and Average Risk qualifier.

Strategy Calls/Market Calls

Merrill Lynch revisited ratings and valuations in its utilities coverage, upgrading PNM (PNM Quote - Cramer on PNM - Stock Picks) to Buy. Also upgraded Alliant Energy (LNT Quote - Cramer on LNT - Stock Picks) and Scana (SCG Quote - Cramer on SCG - Stock Picks) to Neutral from Underperform. Edison (EIX Quote - Cramer on EIX - Stock Picks) and DPL (DPL Quote - Cramer on DPL - Stock Picks) were both downgraded to Underperform.