Analysts' Upgrades, Downgrades: SunPower

Change in Ratings

Disney (DIS Quote) downgraded at Merrill from Neutral to Underperform. $27 price target. Estimates also cut, as about 60% of the company's revenue is economically sensitive.

Forest Labs (FRX Quote) downgraded at JP Morgan from Neutral to Underweight. New analyst believes that margins will face pressure, given generic competition for its top two drugs over the next five years. Pipeline outlook remains mixed.

First Solar (FSLR Quote) downgraded at Goldman Sachs to Sell from Buy based on oversupply in solar market. See significant headwinds for all solar producers created by large supply of modules and less generous demand subsidies. Price target cut to $103 from $365.

SunPower (SPWRA Quote) downgraded at Goldman Sachs to Sell from Buy based on increasing supply and tight financing. See lower-than-expected earnings driven by falling module prices. Target cut to $43 from $100.

Jefferies (JEF Quote) upgraded at Wachovia to Market Perform. Cash equities business is performing well, and the investment from Leucadia (LUK Quote) should help provide a backstop.

Seagate Technology (STX Quote) downgraded at Morgan Stanley from Overweight to Equal-weight. Inventory was up 10% during the past month.

Stock Comments/EPS Changes

Alcoa (AA Quote) numbers reduced at Morgan Stanley. Shares now seen reaching $30. Estimates also cut to reflect weaker industry fundamentals. Overweight rating, as the stock remains below replacement and book value.

Bank of America (BAC Quote) numbers cut at Deutsche Bank. Shares now seen reaching $26. Estimates also lowered, given the company's third-quarter operating shortfall. Credit quality remains an issue, with problem assets up 37% over the past three months. Hold rating.