Analysts' Upgrades, Downgrades: Aflac

CHANGE IN RATINGS

Aflac (AFL) upgraded at Morgan Stanley. Rating raised to Overweight from Equal-weight. Establishes $36 price target. Maintains 2009 EPS estimates of $4.85.

Dollar Tree (DLTR) upgraded at Goldman Sachs to Buy from Hold based on consumers continuing to trade down to inexpensive goods. Believe company will benefit from deflationary environment and note compelling relative valuation. Price target raised to $43 from $38.

FLIR Systems (FLIR) upgraded at JP Morgan to Overweight from Neutral based on valuation. Note strong 2009 guidance and potential to hit earnings targets. Price target trimmed to $29 from $32.

Goodyear Tire (GT) downgraded at Goldman Sachs to Sell from Neutral. Expect earnings to fall further and note company's high fixed cost base. Believe consensus estimates will be revised and shares will weaken after 47% rise from November lows. Price target cut to $4 from $6.

Lexmark (LXK) downgraded at Barclays. Rating lowered to Underweight from Equal weight. Price target lowered to $17 from $26. 2009 EPS estimates lowered to $2.05 from $2.08.

WebMD (WBMD) upgraded at Citigroup. Rating raised to Buy from Hold. Maintains price target of $25. 2009 EPS estimates lowered to $0.60 from $0.64.

Xerox (XRX) downgraded at Barclays. Rating lowered to Equal weight from Overweight. Price target lowered to $7 from $15. 2009 EPS estimates lowered to $0.94 from $1.10.

Zoran (ZRAN) downgraded at JP Morgan to Underweight from Neutral due to high exposure to weakest parts of consumer electronics market. Expect prolonged period of cash burn with limited positive catalysts. Price target cut to $6 from $7.