Analysts' Upgrades, Downgrades: Cisco

Change in Ratings

Ann Taylor (ANN Quote) upgraded at Goldman Sachs to Neutral from Sell based on valuation. Note that shares trade at three times 2009 EBITDA estimate, limiting major additional downside potential. Price target cut to $16 from $21.

Barnes & Noble (BKS Quote) downgraded at Goldman Sachs to Sell from Neutral based on recent outperformance in share price and expected estimate cuts in weakening environment. Price target trimmed to $24 from $28.

Church & Dwight (CHD Quote) upgraded at UBS to Buy from Neutral. Maintains 2008 EPS estimates of $2.85 and $64 price target.

Chipotle (CMG Quote) downgraded to Underperform from Neutral at Merrill Lynch. Price target reduced to $51 from $63. 2008 EPS reduced to $2.36 and 2009 EPS to $2.75. Downgrade based upon continued deterioration of consumer landscape.

Dow Chemical (DOW Quote) downgraded at J.P.Morgan to Neutral from Overweight based on near-term earnings risk and headwinds to growth potential from Rohm & Haas (ROH Quote) acquisition. Believe acquisition synergies will be delayed in contracting demand environment. Note lower near-term earnings due to outages caused by Hurricanes Gustav and Ike.

Brinker (EAT Quote) upgraded at Goldman Sachs to Neutral from Sell based on balanced risk-reward following recent selloff. Believe management has capitulated on company's earnings outlook over the next year. Price target at $13.

GameStop (GME Quote) upgraded at Piper Jaffray to Buy from Neutral based on valuation and fundamentals. Note that shares trade around 10 times 2009 earnings estimates despite earnings growth of 40% in 2008 and 18% in 2009. Price target lowered to $35 from $50.