Analysts' Upgrades, Downgrades: Wal-Mart

Change in Ratings

Alberto-Culver (ACV) downgraded at Citigroup from Buy to Hold on valuation. While Citi continues to believe company will deliver healthy growth in 2009, believes that all the good news is priced into the stock. Maintain $26 price target.

C.R. Bard (BCR) downgraded at Citigroup to Hold from Buy based on valuation. Says foreign-exchange headwinds and pending approval on several new products suggests limited upside to consensus estimates. Raised target price to $91 from $88.

Burger King (BKC) upgraded at Wachovia to Outperform. Valuation call, and the company is on track to meet near-term expectations, despite commodity pressures.

Carnival (CCL) upgraded at Deutsche Bank from Sell to Hold. $28.50 price target. Dividend will likely be suspended though 2010, and visibility remains poor.

Ciena (CIEN) downgraded at Merrill from Neutral to Underperform. Relative valuation call, as the 2009 consensus analyst estimate appears too optimistic.

Diamond Offshore (DO) downgraded at Goldman Sachs to Neutral from Buy based on valuation following recent outperformance. Note that shares trade at a 23% premium to peers on EV/EBITDA. Note increase in special quarterly dividend. Price target at $75.

Emerson (EMR) downgraded at Merrill from Buy to Neutral. $38 price target. Estimates also cut, as the company will be hurt by the global slowdown.

International Paper (IP) downgraded at Goldman Sachs to Neutral from Buy based on deteriorating sector outlook. Expect declining prices and volumes in uncoated freesheet, pulp and containerboard. Price target cut to $17 from $25.