Analysts' Upgrades, Downgrades: eBay

Change in Ratings

Archer-Daniels-Midland (ADM Quote) upgraded at Merrill from Neutral to Buy. $26 price target. Recent 40% correction in commodity prices helps the company's outlook.

eBay (EBAY Quote) numbers lowered at UBS. 2008 EPS estimates lowered to $1.70 from $1.73. Price target lowered to $17 from $18. Maintains Neutral rating. eBay downgraded at Credit Suisse to Neutral from Overweight.

Ecolab (ECL Quote) upgraded at Goldman Sachs to Buy from Neutral based on valuation and likely outperformance in recessionary environment. Note strong competitive position, attractive growth platforms and pricing power. Price target at $51.

FPL (FPL Quote) downgraded at Citigroup from Buy to Hold. Valuation call, based on a $45 price target.

Stock Comments/EPS Changes

Johnson Controls (JCI Quote) target lowered at Credit Suisse to $29 from $39 based on credit market lock-up and deteriorating economy, which could impact 2009 results. Maintained Outperform rating.

Coca-Cola (KO Quote) target cut at Credit Suisse to $55 from $57 based on diminishing expectations for 2009. Maintained Neutral rating.

Linear Technology (LLTC Quote) numbers lowered at UBS. Fiscal 2009 numbers lowered to $1.58 from $1.85. Price target lowered to $26 from $38. Maintains Buy rating.

Novellus Systems (NVLS Quote) numbers cut at Morgan Stanley. Shares now seen reaching $19 a share. Estimates also cut, based on the company's cautious revenue outlook. Overweight rating.

U.S. Steel (X Quote) numbers lowered at UBS. 2008 EPS estimates lowered to $18.50 from $20.99. Price target lowered to $60 from $110. Maintains Buy rating.

Strategy Calls/Market Calls

Citigroup changes ratings on three natural gas utilities. MDU (MDU Quote) was downgraded from Buy to Hold. Estimates also cut because of higher borrowing costs. On the other hand, NiSource (NI Quote) and Energen (EGN Quote) were upgraded to Buy, based on valuation.