Analysts' Upgrades, Downgrades: Intel

CHANGE IN RATINGS

Bunge (BG) downgraded at Merrill from Neutral to Underperform. $36 price target.

Cubist Pharma (CBST) downgraded at Oppenheimer from Perform to Underperform. Company has few compelling licensing opportunities, and may have to look outside of its core market for growth.

Energy Conversion Devices (ENER) downgraded at Barclays from Equal-weight to Underweight. $15 price target.

Leap Wireless (LEAP) upgraded at Goldman to Buy from Neutral based on outsized growth and strong subscriber momentum expectations. Sets $43 target price.

STOCK COMMENTS / EPS CHANGES

Advanced Micro Devices (AMD) numbers cut at Morgan Stanley through 2010. Company warned of materially lower sales, and can't cut costs fast enough. Underweight rating and new $1.50 price target.

Broadcom (BRCM) numbers cut at Morgan Stanley. Shares now seen reaching $13. Estimates also lowered, to reflect rising inventory levels. Underweight rating.

Chicos FAS (CHS) target cut at Credit Suisse to $4 from $6 based on lower-than-expected margins. However, sees longer-term value in portfolio of brands. Maintained Outperform rating.

DuPont (DD) numbers cut at Barclays. Shares now seen reaching $23. Estimates also lowered, to reflect weakness in autos and construction demand. Equal-weight rating.

Goldman (GS) estimates, target cut at Morgan Stanley. Shares now seen reaching $137. Estimates also lowered below consensus. Overweight rating.

Intel (INTC) numbers cut at Barclays. Recent industry checks and AMD's warning suggest that near-term margins will suffer. Equal-weight rating and new $14 price target.

Merck (MRK) estimates, target cut at Barclays. Shares now seen reaching $31. Estimates also lowered, to match the company's new guidance. Overweight rating.