Analysts' Upgrades, Downgrades: Cisco

Change in Ratings

Best Buy (BBY) upgraded at Goldman Sachs to Neutral from Sell based on lower competition from Circuit City (CC), cost-cutting efforts, balance sheet strength and valuation. Believe margins may decline further, but valuation discounts some issues. Price target at $28.

Cisco Systems (CSCO) upgraded at Morgan Keegan from Market Perform to Outperform. Company is well-positioned for the downturn, including its strong balance sheet.

Cablevision (CVC) upgraded at Citigroup from Sell to Buy. $23 price target. Company needs a lot of cash, but has ample liquidity.

Deere (DE) downgraded at Morgan Stanley from Overweight to Equal-weight. 2009 estimates also cut, as lower access to credit across the globe could hurt demand.

Intel (INTC) downgraded at Goldman Sachs to Neutral from Buy. Believe margins have already peaked for current business cycle, and note historical correlation between margins and share price for deep cyclicals. Price target at $18.

Kraft Foods (KFT) upgraded at UBS to Buy from Neutral. Maintains 2008 EPS estimates of $1.91 and $33 price target.

MDC (MDC) upgraded at Citigroup from Hold to Buy. $37 price target. Valuation call. Strong balance sheet provides downside protection.

MetLife (MET) downgraded at Goldman Sachs to Neutral from Buy based on potential for losses on topical asset portfolio, reducing company's $7 billion capital cushion. Note potential negative impact on book value from asset write-downs. Price target lowered to $38 from $42.

Monster Worldwide (MNST) downgraded at Citigroup from Buy to Hold. $14 price target. Estimates also cut, to reflect deteriorating global conditions.