Analysts' Upgrades, Downgrades: Goldman

Change in Ratings

ACE (ACE Quote) upgraded at Goldman Sachs to Buy from Neutral based on potential market share gains in the wake of AIG (AIG Quote) problems. Note strong balance sheet and credit rating, as well as valuation. Price target raised to $67 from $61.

Ashland (ASH Quote) upgraded at JPMorgan from Neutral to Overweight. Stock has pulled back 24% since the beginning of the month and looks attractive on an earnings basis.

Colgate-Palmolive (CL Quote) downgraded at Goldman Sachs to Neutral from Buy based on stronger U.S. dollar and pullback in commodity prices. See strong fundamentals but believe multinational companies no longer have advantage vs. commoditized names. Price target raised to $61 from $54.

Goldman Sachs (GS Quote) upgraded at Wachovia from Market Perform to Outperform. Company remains in a position of power within the industry, and the stock should trade back up toward 1.5 times book value.

Kimberly-Clark (KMB Quote) upgraded at Goldman Sachs to Buy from Neutral based on upside earnings potential due to lower oil prices, ongoing sales momentum and attractive valuation. Price target raised to $71 from $58.

Monsanto (MON Quote) upgraded at BB&T to Buy. Valuation call, based on a $132 target. Company has the best fundamentals in the industry, and the stock is down 26% over the past three months.

Penske Automotive (PAG Quote) downgraded at Wachovia to Market Perform. Slower sales in the U.K. and continued luxury softness in the U.S. will weigh on earnings.

Travelers (TRV Quote) upgraded at Goldman to Buy from Neutral. Believe company is well-positioned to gain market share following credit shakeout. Note strong balance sheet, strong credit rating and favorable valuation. Price target raised to $57 from $49.