Analysts' Upgrades, Downgrades: Cisco

CHANGE IN RATINGS

Affiliated Managers (AMG) upgraded at Goldman Sachs to Buy based on rebalancing of institutional allocations, which would push more funds into equities. Note better relative performance and believe company could be a beneficiary of rebalancing. Price target upped to $50 from $42.

Dell (DELL) downgraded at J.P. Morgan to Underweight from Neutral based on potential ongoing weakness in PC sales. Expect PC unit declines of around 13.5% in 2009, and see potential for companies to defer their PC replacement cycle. Price target cut to $8.50 from $12.

Entergy (ETR) downgraded at J.P. Morgan to Neutral from Overweight. See limited upside based on lack of near-term catalysts and delay in spin-off of Enexus. Price target lowered to $87 from $106.

Marvell Technology (MRVL) upgraded at Goldman Sachs to Buy from Neutral based on expectations for additional restructuring and new financial model. Believe company will have improved earnings power during next cycle, and expect PC supply chain to lead industry out of current inventory correction. Price target raised to $10 from $6.

Philip Morris (PM) downgraded at Credit Suisse to Neutral from Outperform to reflect reduced upside and the relative valuation compared to LO and MO. Lowered target price to $43 from $52.

Textron (TXT) downgraded at J.P. Morgan to Neutral from Overweight due to deteriorating fundamental outlook. See significant downside risk to estimates based on lack of visibility. Expect substantial losses at TFC through 2010 and note difficult liquidity situation. Price target cut to $5 from $19.