Analysts' Upgrades, Downgrades: Hershey

Change in Ratings

Cadence Design (CDNS Quote) upgraded at Citigroup from Hold to Buy. $11.50 price target. Stock also added to the Top Picks list.

Hershey Foods (HSY Quote) downgraded at Citigroup from Buy to Hold. $42 price target. Valuation call, as the stock is up 27% since July 1. Estimates also cut to reflect the lower expected demand from price increases and the net effect of hedging commodity cost.

Lennox (LII Quote) downgraded at Keybanc from Buy to Hold. Valuation call, though the long-term thesis remains intact.

Luminex (LMNX Quote) downgraded at Weisel from Overweight to Market-weight. Valuation call, based on a $26 price target. Business remains highly leveraged to 2 key partners.

Manpower (MAN Quote) downgraded to Equal-weight at Lehman due to belief that recent sharp deterioration in Europe and dollar appreciation will challenge future results. Price target reduced to $56 from $60.

Robert Half (RHI Quote) downgraded to Underweight at Lehman. Price target maintained at $23. Lehman believes company has little near-term upside potential due to deteriorating economic environment.