Analysts' Upgrades, Downgrades: Nokia

CHANGE IN RATINGS

Biomarin (BMRN Quote) upgraded at Citigroup from Hold to Buy. $17 price target. Valuation call, as the company should see little effect from the new Obama healthcare plan.

Chicago Bridge & Iron (CBI Quote) upgraded at Goldman Sachs to Neutral from Sell. Shares are down 32% since last week due to concerns over liquidity and capacity to back future awards. Believe market is pricing in a high level of financial distress that isn't warranted. Price target cut to $7 from $9.

CBS (CBS Quote) upgraded at Pali from Sell to Neutral. Valuation call, even though estimates were also cut.

Celanese (CE Quote) upgraded at Goldman Sachs to Buy from Neutral based on valuation and early signs of improvements in China. Note company's early-cycle end markets and defensive growth opportunities. Price target at $10.

Edison International (EIX Quote) downgraded at Wachovia to Market Perform. Estimates also cut, because of disappointing merchant guidance.

Foster Wheeler (FWLT Quote) initiated as new Buy at Jefferies. $20 price target. Company remains positioned well to benefit once customer demand comes back and energy prices normalize.

Hewlett-Packard (HPQ Quote) upgraded at Argus to Buy. $35 price target. Company should benefit from cost reductions, and the outsourcing business acquired from EDS should perform well in this environment.

Interpublic Group (IPG Quote) upgraded at Credit Suisse to Neutral from Underperform based on easing liquidity concerns and management's ability to navigate the downturn. Raised target price to $4.50 from $3.

McDermott (MDR Quote) upgraded at Natixis Bleichroder to Buy. $15 price target. Estimates cut because of higher pension expenses and tax rate, though the stock continues to hold considerable upside potential.