Analysts' Upgrades, Downgrades: Xerox

L-3 Communications (LLL Quote) target cut at Credit Suisse to $95 from $113 due to market weakness. Maintained Neutral rating after in-line Q3 results.

Xerox (XRX Quote) price estimates cut at Goldman. 2009 estimates cut to $1.04 from $1.32. Expect weakening industry demand and negative effects of strengthening dollar to remain headwinds. Maintained Neutral rating based on strong free cash flow generation. Price target lowered to $9 from $15.

Strategy Calls/Market Calls

Morgan Stanley cuts numbers on three wireless tower stocks. Estimates and price targets were cut across the board for American Tower (AMT Quote), Crown Castle (CCI Quote) and SBA Communications (SBAC Quote). Debt costs are rising, and the weak macro environment will weigh on results. Maintain Attractive industry rating.

Four biotech stocks downgraded at Morgan Stanley. Onyx (ONXX Quote), Medicines (MDCO Quote) and Affymax (AFFY Quote) were downgraded to Underweight. Companies will need significant capital over the next year or two, which will be hard to come by. Rating on Amylin (AMLN Quote) was also cut from Overweight to Equal-weight.

Aerospace/defense sector downgraded at Morgan Stanley from Attractive to In-Line. Raytheon (RTN Quote) and Rockwell Collins (COL Quote) were also downgraded. Stocks should be flat to down in the fourth quarter.