Analysts' Upgrades, Downgrades: Wachovia

Change in Ratings

TD Ameritrade (AMTD Quote - Cramer on AMTD - Stock Picks) downgraded at Credit Suisse to Neutral from Outperform. Believes shares are fully valued at 14.8 times 2009 earnings estimates. Maintained $22 target price.

Kimberly-Clark (KMB Quote - Cramer on KMB - Stock Picks) upgraded at Citigroup from Hold to Buy. $71 price target. Energy prices have pulled back sharply since the company's warning on July 14, and KMB has less currency exposure than its peers.

Potlatch (PCH Quote - Cramer on PCH - Stock Picks) downgraded at Credit Suisse to Neutral from Outperform based on valuation. Stock is essentially trading within $53 target price after announcing plans to spin off paper business.

Procter & Gamble (PG Quote - Cramer on PG - Stock Picks) downgraded at Merrill from Buy to Neutral. $75 price target. Valuation call, as the stock has run 19% from its June lows.

TW Telecom (TWTC Quote - Cramer on TWTC - Stock Picks) downgraded at Citigroup from Buy to Hold. $17 price target. New growth areas will likely be overshadowed by rising economic headwinds.

Wachovia (WB Quote - Cramer on WB - Stock Picks) downgraded at Merrill to Underperform. Estimates also cut given a weaker outlook for credit losses, loan-loss provisions and fee income. Company will see little benefit from the GSE support. $16 price target.

Wet Seal (WTSLA Quote - Cramer on WTSLA - Stock Picks) downgraded at Credit Suisse to Neutral from Outperform. Cites difficult productivity comparisons going forward. Lowered target price to $5 from $6.

Weight Watchers (WTW Quote - Cramer on WTW - Stock Picks) downgraded at Merrill from Neutral to Underperform. $40 price target. Expect sluggish enrollment and retention trends to continue through the end of the year.

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