Analysts' Upgrades, Downgrades: Xerox

Change in Ratings

Caterpillar (CAT Quote) downgraded at Merrill Lynch to Neutral from Buy. Price target lowered to $41 from $76. Fiscal 2009 EPS estimates lowered to $4.10 from $6.80.

Coca-Cola Enterprises (CCE Quote) upgraded at Goldman Sachs to Neutral from Sell based on easing comparisons, more benign commodity outlook and improved take-home profitability. Note attractive valuation on 2009 earnings estimates and solid free cash flow yield. Price target at $11.

Fortress Investment Group (FIG Quote) upgraded at Citigroup to Hold from Sell. Price target lowered to $4.75 from $9.00. 2008 EPS estimates lowered to $0.45 from $0.47.

Juniper Networks (JNPR Quote) upgraded at Oppenheimer to Outperform from Perform. Introduces $22 price target. 2008 EPS estimates are $1.19.

Pepsi Bottling Group (PBG Quote) upgraded at Goldman Sachs to Neutral from Sell following recent selloff. See attractive valuation of 8 times 2009 earnings and note attractive free cash flow yields. Price target lowered to $27 from $31

Boston Beer (SAM Quote) downgraded at Goldman Sachs to Sell from Neutral due to slowing demand trends and potential earnings misses. Slower traffic in bars and restaurants could result in decelerating volume, making premium valuation of 18x-19x times 2009 earnings estimates difficult to maintain. Price target cut to $35 from $41.

T. Rowe Price (TROW Quote) upgraded at Wachovia to Outperform. 2008 EPS estimates raised to $2.30 from $2.17.

Stock Comments/EPS Changes

ITT (ITT Quote) numbers cut at Morgan Stanley. Shares now seen reaching $48. Estimates also cut to reflect the company's new guidance. Equal-weight rating.