Analysts' Upgrades, Downgrades: Lehman

Updated from 9:10 a.m. EDT

Change in Ratings

Albemarle (ALB Quote) upgraded at JP Morgan to Overweight from Neutral. Maintains 2008 EPS estimates of $2.75.

Becton Dickinson (BDX Quote) downgraded at Credit Suisse to Neutral from Outperform based on currency effects to earnings. Note that 57% of sales come from international markets, and see reduced potential for earnings surprises in 2009 and 2010. Price target at $89.

H.B. Fuller (FUL Quote) downgraded at JP Morgan to Neutral from Overweight. Maintains 2008 EPS estimates of $1.55. Removes $32.50 price target.

Kenexa (KNXA Quote) downgraded at Credit Suisse to Neutral from Outperform due to deteriorating macroeconomic environment and strengthening dollar. Management lowered 2008 guidance based on failure to sign verbal contracts that it had expected to close. See limited growth catalysts. Price target cut to $18 from $25.

Lehman Brothers (LEH Quote) downgraded at Goldman Sachs to Neutral from Buy based on Q3 loss that was much worse than expected. Believe that strategic initiatives have fallen short in sufficiently enhancing capital position and reducing mortgage exposure. Previous hope was that Lehman would find a strategic partner to provide balance sheet support. Price target cut to $7 from $22.

Lehman Brothers downgraded at Citigroup from Buy to Hold. $9 price target. Don't see potential liquidity issues, but investor confidence and perception are damaged. Estimates also cut through 2010.

Nvidia (NVDA Quote) downgraded at Lehman from Overweight to Equal-weight. $12 price target. Following recent checks and meetings with management, it might take longer for the company to bounce back.