Analysts' Upgrades, Downgrades: VMWare

Change in Ratings

Celestica (CLS Quote) upgraded at Goldman Sachs to Neutral from Sell. Expect organizational changes, impressive 2008 results and end to restructuring charges to provide stability to shares. Price target lowered to $4.90 from $7.60.

DTE Energy (DTE Quote) downgraded at Citigroup from Buy to Hold. Valuation call, based on a $37 price target.

Fossil (FOSL Quote) downgraded at J.P. Morgan to Underweight from Neutral based on risks to earnings and margins. Believe sell-side estimates could be at risk based on currency effects and combination of higher inventories and decelerating sales environment. Price target cut to $16 from $19.

Grainger (GWW Quote) downgraded at Merrill from Buy to Neutral. Estimates also cut, given lower expected results in the North American economy.

Health Net (HNT Quote) downgraded at Citigroup from Hold to Sell. $8 price target. Estimates also cut, assuming a higher medical loss ratio. Stock can trade down to tangible book value. Health Net target cut at Credit Suisse to $11 from $24. Maintained Neutral rating.

Iron Mountain (IRM Quote) upgraded at Credit Suisse to Outperform from Neutral. Cites attractive risk/reward coupled with solid defensive growth. Maintained $34 target price.

Lincoln National (LNC Quote) downgraded at Merrill to Neutral. $36 price target. Company may have to raise more capital if the market pulls back from current levels.

Microchip Technology (MCHP Quote) downgraded at Goldman Sachs to Sell from Neutral due to slowdown in core growth and impact from increasing competition in MCUs. Note increasing pace of customer upgrades away from 8-bit to 16- and 32-bit. Price target cut to $21 from $26.