Analysts' Upgrades, Downgrades: Goldman

Change in Ratings

Ashland (ASH Quote) downgraded at J.P. Morgan to Neutral from Overweight. Deal to acquire Hercules appears to be on track, but financing costs are likely higher now than when deal was announced. See significant earnings risk based on contracting demand and uncertainty regarding integration costs/savings. Price target at $20.

Cemex (CX Quote) rated new Underperform at Credit Suisse. Believes financial liquidity is a major concern and sees significant downside risk to EBITDA forecasts. Sets $7 target price.

Janus Capital (JNS Quote) upgraded at J.P. Morgan to Neutral from Underweight based on valuation. Believe risks to earnings and degradation of franchise are priced in and note potential status as acquisition target.

Newmont Mining (NEM Quote) upgraded at J.P. Morgan to Overweight from Neutral based on solid production outlook and expected improvement in gold market. Note large-cap position and modest valuation multiples, and believe gold fundamentals will be supported by falling mine supply and lower central bank sales.

Nalco (NLC Quote) upgraded at J.P. Morgan from Neutral to Overweight. $15 price target. Stock is down 51% year-to-date, even though earnings are on track to grow 37%.

Silicon Labs (SLAB Quote) upgraded at Citigroup from Hold to Buy. $33 price target. Valuation call, as the company also has several new products expected to hit the market in 2009.

Stock Comments/EPS Changes

Agco (AG Quote) target cut at Credit Suisse to $40 from $74. Despite order book strength highlighted in Q3 results, firm is cautious due to volatility in commodity prices and potential credit issues. Maintained Outperform rating.