Analysts' Upgrades, Downgrades: Citi

Change in Ratings

Albermarle (ALB) downgraded at Oppenheimer from Perform to Underperform. The company's two main end-markets are likely to remain under pressure into 2009. 2009 estimate also cut by 23%.

BJ Services (BJS) upgraded at Wachovia to Outperform. Survey shows a tighter market in North America, and the stock could outperform its peers over the next 6-9 months.

Stock Comments/EPS Changes

Citigroup (C) numbers cut at Deutsche Bank. Shares now seen reaching $9. Estimates also lowered, to reflect the company's new guidance for consumer credit losses. Hold rating.

Covidien (COV) numbers cut at Morgan Stanley. Shares now seen reaching $51. Estimates also lowered, given the company's new guidance regarding the strong dollar and a higher expected tax rate. Overweight rating.

Illinois Tool Works (ITW) target cut at Goldman to $39 from $41 based on weak October sales that reflected the soft macroeconomic environment. Note weakness appears to have been driven mainly by Europe. Maintained Buy rating.

Sierra Pacific (SRP) added to Conviction Buy List based on valuation. Expect resolution of Nevada Power rate case by mid-2009 to be a catalyst in driving shares toward peer multiples. Price target at $15.

Target (TGT) estimates cut at Credit Suisse to $45 from $50 to account for lower gross margins and comparable store sales. Maintained Neutral rating.

TransCanada (TRP) target cut at Credit Suisse to $38 from $40 to account for equity issuance. Maintained Neutral rating.

Strategy Calls/Market Calls

Coal estimates cut at Morgan Stanley. Numbers were cut for Peabody Energy (BTU) and Alpha Natural (ANR). Companies will be hurt by lower consumption and competition from natural gas. Maintain Overweight ratings and an In-Line sector rating.

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