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Analysts' Upgrades, Downgrades: Apple

Change in Ratings

Ameriprise Financial (AMP) upgraded at Credit Suisse to Outperform from Neutral. Says company has strong enough capital to weather the storm. Maintained $30 target price.

American Express (AXP) initiated at Jefferies with an Underperform rating and $17 price target. Introduces 2008 EPS estimates of $2.51.

Dell (DELL) downgraded at Goldman Sachs to Sell from Neutral based on expected deterioration in margins and earnings. Company remains highly dependent on hardware sales and pricing, both of which will suffer as demand continues to erode. Price target cut to $9 from $14.

Dish Network (DISH) price target cut at Goldman to $14 from $20 following disappointing Q3 results. Key negatives were increased marketing costs and a continued rise in churn. Note attractive valuation, but see no sign of turnaround happening soon. Maintained Neutral rating.

J.C. Penney (JCP) downgraded to Equal-weight from Overweight at Morgan Stanley due to dramatically weaker sales and margin outlook and higher pension headwinds. Morgan Stanley now forecasts $180 million in pension expense in FY09. Factoring in double-digit comp store sales declines through 1H09 and the pension expense, revised fiscal 2009 EPS estimate reduced to $1.40, 38% below consensus of $2.27.

Las Vegas Sands (LVS) upgraded to Neutral from Sell at Bank of America after completion of capital raise. BofA believes that the $2.1B capital raise reduces any near-term concerns and even with 45% dilution, Las Vegas Sands will likely now have enough cash on hand to remain in compliance with its covenants through at least 1H09. Maintain $5 price target.

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