Analysts' Upgrades, Downgrades: Autozone

Change in Ratings

Advanced Micro (AMD Quote - Cramer on AMD - Stock Picks) upgraded from Sell to Neutral at Bank of America with a $6 price target. Cash flow generation is improving and business fundamentals should pick up in the coming quarters.

Ashworth Mortgage (ANH Quote - Cramer on ANH - Stock Picks): Credit Suisse said it is upgrading ANH to Outperform from Neutral. Cites removal of GSE overhang is a positive. Maintained $7.50 target price.

AutoZone (AZO Quote - Cramer on AZO - Stock Picks): Goldman Sachs said it is downgrading AZO to Neutral from Buy based on valuation following recent rally in share price. Note renewed commercial momentum and solid margin performance. See limited potential for upside earnings surprises. Price target raised to $149 from $142.

Investment Technology (ITG Quote - Cramer on ITG - Stock Picks) was downgraded to Neutral, Bank of America said. $33.50 price target. Growth could slow in the US and Europe, given the softer economic outlook.

Mohawk Industries (MHK Quote - Cramer on MHK - Stock Picks) was downgraded from Neutral to Underweight, JP Morgan said. Non-residential and European markets continue to weaken, though the stock is up 22% from its July 14 low.

Nalco Holding (NLC Quote - Cramer on NLC - Stock Picks): Goldman Sachs said it is upgrading NLC to Neutral from Sell based on valuation and moderating concerns over pricing and growth rates. Note operational improvement in Europe, aggressive pricing and stable growth in core divisions. Price target upped to $23 from $21.

Annaly Capital (NLY Quote - Cramer on NLY - Stock Picks): Credit Suisse said it is upgrading NLY to Outperform from Neutral. Cites GSE conservatorship by Tresury remove the negative supply/demand imbalances from the MBS market. Maintained $18 target price.

NVIDIA (NVDA Quote - Cramer on NVDA - Stock Picks) downgraded at UBS. Rating lowered to Sell from Hold. Price target lowered to $11 from $12. Fiscal 2009 EPS estimates maintained $0.50.

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