Analysts' Upgrades, Downgrades: Cisco

CHANGE IN RATINGS

CA (CA Quote) downgraded at RBC to sector perform from outperform and price target reduced to $20 from $24. Over the next several quarters, RBC believes that investors will shift to more growth names over defensive software stocks, which will likely limit CA's multiple expansion.

Covance(CVD Quote)downgraded at Goldman Sachs to Neutral from Buy due to ongoing weakness in preclinical industry demand. See company as well-positioned long-term but also believe current consensus estimates are too high. Price target trimmed to $40 from $43.

Energy Conversion Devices (ENER Quote) numbers cut at Barclays to $10. Estimates also lowered, to reflect the company's new guidance, based on weak demand. Underweight rating.

Energy Conversion Devices (ENER Quote) downgraded at Jefferies. Rating lowered to Hold from Buy. Price target lowered to $15 from $37. 2009 EPS estimates lowered to $0.80 from $1.32.

Ensco (ESV Quote) upgraded at Deutsche from Sell to Hold. $32 price target. Stock is now pricing in over-supply and weaker shallow-water demand. Estimates also raised, to reflect new Mexico jackup contracts.

Goldman Sachs (GS Quote) downgraded at Keefe, Bruyette & Woods from Outperform to Market Perform. Don't see catalysts for further multiple expansion. $101 price target.

Home Depot (HD Quote) upgraded at Jefferies to Buy from Hold based on strong capital discipline and accelerating market share gains. Raises target price to $24 from $20.

JP Morgan (JPM Quote) upgraded at Merrill/BofA to Buy. $40 price target. Stock still looks cheap based on book value, which is discounting mid-single digit ROE.