Analysts' Upgrades, Downgrades: Yahoo!

Change in Ratings

Apollo Group (APOL) was upgraded at Bank of America to Neutral from Sell. Maintains $60 price target and 2008 EPS estimates of $2.70.

Bank of America (BAC) was upgraded to Market Perform, Keefe, Bruyette & Woods said. $25 price target. Valuation call, with the stock trading at 9.5 times expected 2009 earnings and 2.1 times tangible book value.

J.P.Morgan said it is upgrading BMC Software (BMC) to Neutral from Underweight based on value of maintenance revenue stream. Note mainframe database tools business is experiencing stable pricing environment.

Celgene (CELG) was upgraded from Neutral to Outperform, Cowen said. Valuation call, as the stock is not fully pricing in the company's expected growth over the next few years.

J.P.Morgan said it is upgrading Citrix (CTXS)to Overweight from Neutral based on valuation and low market expectations. Note that shares trade at 22% discount to NPV of recurring revenue. Price target at $26.

Estee Lauder (EL) was downgraded from Equal-weight to Underweight, Morgan Stanley said. $48 price target. Estimates also cut, because of weaker expected sales demand.

Energizer (ENER) was downgraded to Equal-weight, Morgan Stanley said. $102 price target. Estimates also cut, given the company's foreign currency exposure.

KLA-Tencor (KLAC) was downgraded from Buy to Neutral, Bank of America said. $29 price target. Expect lower industry cap-ex spending, heading into 2009.

Kimberly-Clark (KMB) was upgraded from Underweight to Equal-weight, Morgan Stanley said. $70 price target. Moderating input costs should give the company some margin relief.