Analysts' Upgrades, Downgrades: GE

Change in Ratings

Agco (AG Quote) downgraded at Goldman Sachs to Neutral from Buy. Expect U.S. farmer income to be down 15% in 2009, with ag equipment down 20% in 2010. Price target cut to $39 from $71.

Aon (AOC Quote) upgraded at Goldman Sachs to Buy from Neutral based on continuing strong fundamentals. Believe Aon and Marsh & McLennan (MMC Quote) are victims of overall market decline, and see significant upside even in poor environment. Marsh & McLennan upgraded to Buy from Neutral.

Air Products (APD Quote) upgraded at Jefferies to Buy from Hold. Price target raised to $79 from $63. Maintains 2008 EPS estimates of $4.98.

Franklin Resources (BEN Quote) downgraded at Credit Suisse to Neutral from Outperform due to low relative fund performance, above average foreign currency exposure and international distribution tilt to weak emerging markets. Maintained $78 target price.

Blackstone Group (BX Quote) upgraded at Jefferies to Hold from Underperform. Price target lowered to $10 from $14. 2008 EPS estimates lowered to 22 cents from 44 cents.

Crane (CR Quote) upgraded at Goldman Sachs to Neutral from Sell based on valuation. Note that shares are down 48% year to date and carry a multiple of 8 times 2009 estimates.

Carlisle (CSL Quote) downgraded at Goldman Sachs to Sell from Neutral. Note late-cycle business mix and primary exposure to commercial construction. Price target at $22.

Citrix Systems (CTXS Quote) upgraded at Jefferies to Hold from Underperform. Price target lowered to $22 from $25. Maintains 2008 EPS estimates of $1.55.