Analysts' Upgrades, Downgrades: Apple

CHANGE IN RATINGS

Apple (AAPL Quote) rated new Buy at Kaufman. Believes there is still room for sizable growth in its Mac and iPhone businesses. Sets $120 target price.

BT Group (BT Quote) downgraded to Neutral at Merrill Lynch and price target reduced to 140p from 190p.

Blackstone Group (BX Quote) coverage initiated at Goldman Sachs with a Neutral rating based on deteriorating private equity and real estate portfolio valuations, slowing allocations to alternatives and rising hedge fund redemptions. Highly depressed valuation implies little to no future carried interest potential. Price target at $7.

Campbell Soup (CPB Quote) downgraded to Neutral from Buy at Merrill Lynch and price target lowered from $42 to $35. Goldman said it is reducing its target on Campbell to $37 from $38 following weaker-than-expected Q1 results. Maintained Neutral rating.

Computer Sciences (CSC Quote) coverage initiated at Morgan Stanley with an Equal-Weight rating. Note stable government segment, low expectations and attractive valuation, but see difficulties in repositioning outsourcing and solutions businesses in more competitive environment.

Federated Investors (FII Quote) downgraded at J.P. Morgan to Neutral from Overweight due to potential zero-rate policy by Federal Reserve. See potential for limited meaningful fee waivers if the fed funds rate is lowered to zero, negating the defensive characteristics of the stock. Price target lowered to $22 from $28.

Kroger (KR Quote) added to Goldman's Conviction Buy List based on solid competitive position in economic downturn. Believe company can gain market share as consumer spending remains weak. Also note limited exposure to California and Florida. Price target at $31.