Analysts' Upgrades, Downgrades: Wells

Sanmina-SCI (SANM Quote) downgraded at Credit Suisse to Underperform from Neutral. Cites deteriorating economic outlook, negative channel checks and valuation. Lowered target price to $1.00 from $2.50.

Varian Medical (VAR Quote) downgraded at JP Morgan from Overweight to Neutral. Stock is already pricing in the company's strong market position. Macro outlook could hurt the entire industry.

Vulcan Materials (VMC Quote) downgraded at Goldman Sachs to Sell from Neutral based on valuation, weakness in U.S. state DOT budgets and exposure to US nonresidential markets. Lowered target price to $53 from $57.

Wells Fargo (WFC Quote) upgraded to Market Perform, Keefe Bruyette & Woods said. Scale from the Wachovia (WB Quote) purchase will make the company a stronger bank.

Strategy Calls/Market Calls

Blackbaud (BLKB Quote), Deltek (PROJ Quote) and VMware (VMW Quote) downgraded to Market Perform at Wachovia. Credit issues and the deteriorating economy continue to lead to negative channel checks.

Celestica (CLS Quote) and Benchmark Electronics (BHE Quote) were downgraded from Hold to Sell at Citigroup. No longer expect any organic sales growth in the industry next year, and excess capacity will breed increased competition.

Fairchild Semiconductor (FCS Quote) and RF Micro Devices (RFMD Quote) were downgraded to Sell at Citigroup. The rating on Intersil (ISIL Quote) was cut to hold, as field checks point to slower near-term sales.

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