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Analysts' Upgrades, Downgrades: Ford

Change in Ratings

Chubb (CB) downgraded at Barclays from Overweight to Equal-weight. Expect higher insurance liabilities, given the continued financial market turmoil. $48 price target.

Dell (DELL - Get Report) downgraded at Merrill from Buy to Neutral. $13 price target. Expect a sharp downturn in the PC market, with a lack of near-term catalysts.

Ecolab (ECL) upgraded at Barclays from Equal-weight to Overweight. $43 price target. Stock is down 33% since the beginning of October, which has created an attractive entry point.

Freeport-McMoRan (FCX - Get Report) downgraded at JP Morgan to Neutral from Overweight due to rapid deterioration in molybdenum and copper prices. Lowered Q4 estimates to a loss of 74 cents from a gain of 55 cents, reflecting anticipated negative impact of Q3 provisional pricing adjustments. Price target lowered to $32 from $57.

Corning (GLW - Get Report) rated new Equal-weight at Morgan Stanley. LCD market will remain difficult into 2009, which offsets the attractive valuation.

Target (TGT - Get Report) downgraded at JP Morgan to Neutral from Overweight. See increasing concerns over sales softness and credit card exposure, and note decelerating same-store sales trends. Price target lowered to $34 from $46.

Stock Comments/EPS Changes

Agilent Technologies (A - Get Report) target cut at Credit Suisse to $23 from $37 following weaker-than-expected Q1 guidance. Maintained Neutral rating.

Adobe (ADBE) numbers cut at Merrill. Shares now seen reaching $35. Estimates also lowered through 2010 to reflect a weak economic outlook. Buy rating.

Altera (ALTR - Get Report) price target cut at Goldman Sachs to $14 from $16 based on increased confidence that there will be a significant pullback in communications infrastructure spending over next few quarters. Maintained Sell rating.

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