Analysts' Upgrades, Downgrades: Citigroup

J.P. Morgan (JPM Quote) upgraded to Outperform at Keefe, Bruyette & Woods. $30 price target. Valuation call, as earnings could outperform its peers in the coming quarters.

Kohl's (KSS Quote) upgraded at Goldman Sachs to Neutral from Sell sue to passing of negative catalysts. Consensus estimates for 2009 have declined significantly, and valuation appears less stretched. Price target unchanged at $32.

Steel Dynamics (STLD Quote) upgraded at Morgan Stanley to Overweight. $15 price target. Company is a low-cost producer, and trades at a 40% discount to NUE.

State Street (STT Quote) downgraded at Goldman Sachs to Neutral from Buy based on further potential for securities write-downs. Note that company has not been aggressive in recognizing securities losses. Expect earnings to suffer by about $1 per year in both 2009 and 2010. Price target at $25.

Tyco (TYC Quote) upgraded at Citigroup from Hold to Buy. $25 price target. Valuation call, as organic growth remains resilient.

STOCK COMMENTS / EPS CHANGES

Citigroup (C Quote) estimates, target cut at Barclays to reach $3. Estimates also reduced, because of share dilution. Overweight rating.

Calpine (CPN Quote) 2009 estimate cut because of the weak economy and tight credit markets, at Barclays Capital. Equal-weight rating and new $4 price target.

CSX (CSX Quote) estimates, targets cut at UBS through 2010. Company hurting from the weak economy, and the current quarter should be the worst. Buy rating and new $46 price target.

Eaton (ETN Quote) estimates, target cut at Jefferies. Shares of ETN now seen reaching $32. Estimates also reduced, following the company's somber analyst meeting. Hold rating.