Analysts' Upgrades, Downgrades: Qualcomm

CHANGE IN RATINGS

Alcoa (AA) downgraded at Deutsche Bank to Sell from Hold and price target cut to $8 from $10.

Burlington Northern (BNI) downgraded at Morgan Stanley from Equal-weight to Underweight. Industry traffic is expected to fall 7.5%-9% in the fourth quarter.

Commerce Bancshares (CBSH) upgraded at Barclays to Overweight from Equal-weight. Price target at $42.

Cullen/Frost Bankers (CFR) upgraded at Barclays to Overweight from Equal-weight. Price target lowered to $50 from $55.

France Telecom (FTE) downgraded at Credit Suisse to Underperform. Price target lowered to $21 from $24.

Harley-Davidson (HOG) downgraded at Goldman Sachs to Sell from Neutral based on additional downside potential. Price target cut to $30 from $11.

Hologic (HOLX) upgraded at Jefferies to a Buy from Hold. Price target increased to $14 from $10.90.

Palm (PALM) upgraded at Citigroup from Sell to Hold. New Pre smartphone has the ability to be a blockbuster. $6.50 price target.

Pfizer (PFE) upgraded at Goldman Sachs to Neutral from Sell following recent underperformance vs. other large-cap pharma. Price target unchanged at $19.

Polaris Industries (PII) downgraded at Citigroup from Buy to Hold. $29 price target. Estimates also cut.

STOCK COMMENTS / EPS CHANGES

Activision (ATVI) added to Top Picks list at Citigroup. $15 price target. Buy rating.

Clorox (CLX) numbers lowered at Barclays. Shares now seen reaching $49. Estimates also cut. Underweight rating.

CME Group (CME) price target cut at Credit Suisse to $275 from $350 based on volume declines. Maintained Outperform rating.