Analysts' Upgrades, Downgrades: Verizon

Teradyne (TER Quote) upgraded at Barclays from Equal-weight to Overweight. $6 price target.

Union Pacific (UNP Quote) upgraded at Goldman Sachs to Buy from Neutral based on valuation and high visibility. Price target at $57.

Varian Medical (VAR Quote) downgraded at Oppenheimer from Outperform to Perform. The decline in hospital spending will likely be worse and last longer than expected.

Verizon (VZ Quote) downgraded from Market Perform to Underperform at Sanford Bernstein and price target reduced to $27 from $32.

STRATEGY CALLS / MARKET CALLS

Bank estimates cut at Deutsche Bank. Citigroup (C Quote) 2009 estimate cut to a loss of $1 a share. Price targets also cut for JPMorgan Chase (JPM Quote) and Bank of America (BAC Quote) because of higher expected credit costs and loan losses in 2009. Hold ratings maintained.