Analysts' Upgrades, Downgrades: Motorola

Change in Ratings

Legg Mason (LM Quote - Cramer on LM - Stock Picks) downgraded at Credit Suisse to Underperform from Neutral based on valuation and expected net redemptions. Maintained $42 target price.

Pharmaceutical Product Development (PPDI Quote - Cramer on PPDI - Stock Picks) upgraded at Goldman to Buy from Neutral based on valuation, lower Street expectations and potential Q3 bookings increase. Price target raised to $49 from $44.

Steel Dynamics (STLD Quote - Cramer on STLD - Stock Picks) upgraded at Goldman Sachs to Buy from Neutral based on near-term upside from widening metal margins. Note lower scrap prices and 46% pullback from June highs. Price target at $34.

Stock Comments/EPS Changes

Motorola (MOT Quote - Cramer on MOT - Stock Picks) target raised at Credit Suisse to $8 from $7.50 based on improved prospects for a turnaround in devices and recent appointment of CEO Sanjay Jha. However, still sees significant near-term challenges. Maintained Underperform rating.

Strategy Calls/Market Calls

Steel sector downgraded at Goldman Sachs to Neutral from Attractive based on emergence of risks including rising U.S. dollar, "China fear," weak global economic data and softness in steel and scrap pricing. Top-rated stocks remain Nucor (NUE Quote - Cramer on NUE - Stock Picks) and U.S. Steel (X Quote - Cramer on X - Stock Picks).

Chip-equipment sector downgraded at Morgan Stanley from Attractive to In-line. Stocks are up 10% to 15% from their lows, though fourth-quarter orders will likely fall short of expectations. Lam Research (LRCX Quote - Cramer on LRCX - Stock Picks) and KLA-Tencor (KLAC Quote - Cramer on KLAC - Stock Picks) were also downgraded to Underweight. On the other hand, the rating on Novellus (NVLS Quote - Cramer on NVLS - Stock Picks) was raised to Overweight, given its relatively low exposure to DRAM and expectations for market share gains.

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