Analysts' Upgrades, Downgrades: Nortel

Change in Ratings

Broadcom (BRCM Quote - Cramer on BRCM - Stock Picks) downgraded at Oppenheimer to Perform. Expect business to decelerate in the fourth quarter, which could last well into 2009.

Cott (COT Quote - Cramer on COT - Stock Picks) upgraded at UBS to Neutral from Sell. Fiscal 2009 EPS estimates lowered to $0.09 from $0.10. Price target lowered to $2.85 from $2.95.

Salesforce.com (CRM Quote - Cramer on CRM - Stock Picks) upgraded at Citigroup from Hold to Buy. $70 price target. Valuation call, as the stock is down 13% in three days.

Integrated Device Technology (IDTI Quote - Cramer on IDTI - Stock Picks) downgraded at Oppenheimer to Perform from Outperform due to upcoming Intel (INTC Quote - Cramer on INTC - Stock Picks) server-memory transition headwind. See DisplayPort as big revenue driver, but expect ongoing pressure as investors weigh revenue impact from transition.

Marvell (MRVL Quote - Cramer on MRVL - Stock Picks) downgraded at Jefferies to Hold from Buy. Fiscal 2009 EPS estimates lowered to $0.91 from $0.97. Price target lowered to $15 from $22.

Nortel (NT Quote - Cramer on NT - Stock Picks) downgraded at Lehman Brothers to Underweight from Equal-weight. 2008 EPS estimates cut to $0.38 from $0.92. Maintains $6 price target.

Stock Comments/EPS Changes

CME (CME Quote - Cramer on CME - Stock Picks) price target lowered at Bank of America to $415 from $475. 2008 EPS estimates lowered to $15.47 from $16.39. Maintains Buy rating.

Janus (JNS Quote - Cramer on JNS - Stock Picks) price target trimmed at Credit Suisse to $29 from $30 based on lower assets under management forecast. Note concerns regarding overweight positions in commodities in flagship funds, but see shares as increasingly attractive following recent underperformance. Maintained Neutral rating.