Analysts' Upgrades, Downgrades: Tyco

CHANGE IN RATINGS

American Movil (AMX Quote) downgraded at J.P. Morgan to Neutral from Overweight based on declines in Mexican mobile traffic. Expect 2009 earnings will come in below existing consensus. Price target cut to $34 from $41.

Arena Pharma (ARNA Quote) downgraded at UBS from Buy to Neutral. $7 price target. Valuation call, based on risks related to the outcome of recent lorcaserin trials.

Celgene (CELG Quote) rated new Outperform at Oppenheimer. $73 price target. Revlimid and Vidaza should drive sector-leading growth.

Genuine Parts (GPC Quote) downgraded at Merrill Lynch/Bank of America from Buy to Neutral. $30 price target. Estimates also cut, to reflect negative operating leverage and higher expected taxes.

NYSE Euronext (NYX Quote) upgraded at Goldman Sachs to Neutral from Sell due to lower downside risk to earnings. Shares declined 18% since being added to Sell list on Feb 1, 2009. Believe current valuation reflects ongoing risks, and note potential upside from UTP roll-out. Price target at $19.

Torchmark (TMK Quote) upgraded at Citigroup from Hold to Buy. $37 price target. Life insurance business remains weak, though the stock is attractively valued and earnings and book value should grow over the coming quarters.

Tyco (TYC Quote) upgraded at Goldman Sachs to Neutral from Sell based on valuation and better than expected results at ADT and Fire businesses. Believe cycliical pressures are now more balanced compared to peers, and note that Electrical & Metal products business appears less risky with steel bottoming. Price target at $24.

STOCK COMMENTS / EPS CHANGES

Agilent (A Quote) numbers lowered at Barclays to $17. Estimates also cut, to reflect the sharp decline in orders. Equal-weight rating.