Analysts' Upgrades, Downgrades: Dell

Change in Ratings

Apple (AAPL Quote) upgraded at JP Morgan to Overweight from Neutral. Lowered 2009 EPS estimates to $5.27 from $6.02 and believes model has staying power despite macro risks.

ADP (ADP Quote) rated new Neutral at Credit Suisse. Cites robust business model with strong management team but believes company is fairly valued. Sets $40 target price.

Abercrombie & Fitch (ANF Quote) upgraded at Credit Suisse to Outperform from Neutral based on valuation and significant longer-term growth opportunities. Lowered target price to $40 from $55.

Bill Barrett (BBG Quote) downgraded to Neutral from Buy at Merrill with a $26 price target. Merrill notes that company has an increased sensitivity to a higher discount rate as lower margins reduce the value of future gas given exposure to the Rockies. This region's prices are significantly lower than the rest of the country. Delta Petroleum (DPTR Quote) also downgraded.

Berry Petroleum (BRY Quote) upgraded to Neutral from Underperform at Merrill with a price target of $28. Merrill notes that the stock now trades at $1.51/Mcfe (vs. peer avg. of $3.10), a level not seen since 2004 when oil prices were $40/barrel and gas prices were $6/Mcf.

Capital Product Partners (CPLP Quote) upgraded to a Buy from Neutral at Merrill. Price target reduced to $12 from $17. Price target reduction due to an expected lack of access to capital, which will stunt industry growth, wider credit spread demands owing to increased market risk premium, and increased risk of a charter default due to higher credit concerns.

Dell (DELL Quote) downgraded at JP Morgan to Neutral from Overweight. Cites PC exposure and fine-tuning could hurt growth profile.