Analysts' Upgrades, Downgrades: VMWare

Change in Ratings

Axsys Technologies (AXYS Quote) coverage initiated at J.P.Morgan with a Neutral rating. See attractive growth profile fully valued in shares. Also note 2009 cyclical headwinds and potential increase in operating expenses to support surveillance product sales. Price target at $59.

BorgWarner (BWA Quote) upgraded at J.P.Morgan to Overweight from Neutral based on valuation and medium-term revenue and earnings growth expectations. Also note strong liquidity position.

Holly Energy Partners (HEP Quote) downgraded at Goldman Sachs to Neutral from Buy based on valuation. Note that shares have outperformed sector over past 6 trading days. Price target raised to $32 from $26 based on higher target yield.

Henry Schein (HSIC Quote) upgraded at Credit Suisse to Outperform from Neutral based on attractive risk/reward following pullback. Lowered target price to $57 from $63.

Invitrogen (IVGN Quote) upgraded at UBS to Buy from Neutral. Price target lowered to $41 from $48. Maintains 2008 EPS estimates of $2.60.

Kroger (KR Quote) upgraded at Jefferies to Buy from Hold. Price target raised to $32 from $28. Raised fiscal 2009 EPS estimates from $1.91 to $1.92.

PPG Industries (PPG Quote) upgraded at UBS to Buy from Neutral. Price target lowered to $60 from $72. 2008 EPS estimates lowered to $5.15 from $5.25.

Whole Foods Market (WFMI Quote) downgraded at Jefferies to Underperform from Buy. Price target lowered to $9.50 from $23. Maintains 2008 EPS estimates of $0.92.

Weatherford (WFT Quote) upgraded at Citigroup from Hold to Buy. $30 price target. Valuation call, which offsets budget cuts at E&P firms. Company has a solid project book, and balance sheet concerns have been overblown.