Analysts' Upgrades, Downgrades: Apple

(For more recent analyst calls, visit our Analyst Upgrades/Downgrades page.)

Change in Ratings

AmerisourceBergen (ABC Quote) downgraded at Morgan Stanley to Underweight. $34 price target. Shrinking U.S. end market will slow growth in the coming years.

Apple (AAPL Quote) was downgraded from Overweight to Equal-weight, Morgan Stanley said. $115 price target. PC unit growth is decelerating and the company faces difficult near-term comparisons for the iPhone.

Apple was also downgraded at RBC Capital, from Outperform to Sector Perform with a $140 price target. The company is not recession-proof, and there's higher risk to the growth story.

JPMorgan said it is downgrading Arch Capital (ACGL Quote) to Neutral from Overweight based on valuation following recent strong performance. Note conservative balance sheet, attractive underwriting returns, and lack of exposure to financial institutions liability risk.

Goldman Sachs said it is initiating coverage on Alberto-Culver (ACV Quote) with a Buy rating based on upside potential to earnings. Believe that consensus is underestimating potential organic sales growth and margins. Also note potential price increases (following P&G) and U.S. market share gains. Price target at $30.

Aracruz Celulose (ARA Quote) was downgraded at Goldman Sachs to Sell from Neutral. Believe lack of transparency regarding recent exposure to financial derivatives creates too much risk for investors. See any further weakening of the Real increasing financial losses and negating any operational gains.

BorgWarner (BWA Quote) was upgraded from Hold to Buy at Keybanc with a $46 price target. Robust demand should continue to drive revenue and margin, resulting in double-digit earnings growth.