Analysts' Upgrades, Downgrades: Apple

Change in Ratings

Apple (AAPL Quote) downgraded at UBS to Neutral from Buy. Price target lowered to $115 from $125. Fiscal 2009 EPS estimates lowered to $5.20 from $5.60.

AmerisourceBergen (ABC Quote) initiated at Jefferies with a Buy rating and $39 price target. Introduces 2008 EPS estimates of $2.85.

AK Steel (AKS Quote) upgraded at Goldman Sachs to Neutral from Sell. Note that shares have rebounded sharply as markets recovered, and shares have historically outperformed peers during extreme volatility. Price target raised to $16 from $15.

CF Industries (CF Quote) downgraded at JP Morgan from Overweight to Neutral. Stock has come down a lot, but the slower economy and tight credit market could continue to weigh on valuation. Estimates also cut.

Coventry Health (CVH Quote) downgraded at JP Morgan from Neutral to Underweight. Estimates also slashed, to reflect higher medical costs. Coventry Health target cut at Credit Suisse to $27 from $42 following weak Q3 results. Sees further margin pressure. Maintained Outperform rating.

GATX (GMT Quote) downgraded at Piper from Buy to Neutral. $35 price target. Estimates also cut, to reflect an accelerated slowdown in the domestic economy.

Lexmark (LXK Quote) upgraded at Citigroup from Hold to Buy. $37 price target. Estimates also raised, as management will follow Hewlett-Packard (HPQ Quote) by raising ink prices 5%.

Scripps Networks (SNI Quote) downgraded at UBS to Sell from Neutral. 2008 EPS estimates lowered to $1.68 from $1.74. Price target lowered to $26 from $43.

Steel Dynamics (STLD Quote) upgraded at Goldman Sachs to Buy from Neutral based on attractive valuation. Despite high debt level, see no reason for liquidity concerns based on strong cash flow. Price target raised to $15 from $11.