Analysts' Upgrades, Downgrades: AT&T

Change in Ratings

Alcoa (AA Quote) downgraded at Goldman Sachs to Neutral from Buy based on lower aluminum price expectations in 2008-2010. See drop in metal prices in 2009, with modest recovery in 2010. Expect robust consumption in China despite slowing economic growth. Price target slashed to $26 from $50.

Akamai (AKAM Quote) downgraded at Goldman Sachs to Sell from Neutral based on mounting competition in media and software-delivery spaces. See downside risk to longer-term estimates based on lasting pressure. Price target cut to $14.50 from $21.50.

AptarGroup (ATR Quote) downgraded at Merrill from Buy to Neutral. $42 price target. Estimates also cut, given the company's reliance on growth in Europe.

Con-Way (CNW Quote) downgraded at Goldman Sachs to Neutral from Buy based on negative Q3 earnings preannouncement. Note worse-than-expected volumes at other LTL carriers, decelerating tonnage trends and weakness in U.S. economy. Prefer to remain on sidelines now based on company's operating leverage and pricing pressure from competitors. Target cut to $40 from $56. Con-Way downgraded at JPMorgan to Neutral from Overweight.

Digital River (DRIV Quote) upgraded at Goldman Sachs to Neutral from Sell based on more accurate risk/reward following recent pullback. See some potential risk from consumer spending weakness in Europe, but also see opportunity for expansion into new areas including games and electronics. Price target trimmed to $34 from $37.

eBay (EBAY Quote) downgraded at Morgan Stanley from Overweight to Equal-weight. Seller checks indicate that trends deteriorated more than expected during the third quarter. Estimates also cut through 2009.