Analysts' Upgrades, Downgrades: Eli Lilly

CHANGE IN RATINGS

Aventine Energy (AVR Quote) downgraded at Credit Suisse to Underperform from Neutral based on weak Q4 results and real risk of bankruptcy.

Consolidated Edison (ED Quote) upgraded at Jefferies from Hold to Buy. $40 price target. Valuation call, as the company will likely receive a positive rate order from state regulators next month.

Frontier Oil (FTO Quote) downgraded at BofA/Merrill to Underperform from Neutral based on valuation and a less favorable earnings outlook. Lowered target price to $15 from $16.

Intel (INTC Quote) upgraded at Needham to a buy with $18 price target. Although visibility into 2H09 remains clouded, Needham believes that normalized inventory levels and the upside potential for Intel in new opportunities outweights the risks from new competitors in the netbook market.

Leap Wireless (LEAP Quote) upgraded at Thomas Weisel to buy with a $43 price target. Recent market launches (Chicago, Philadelphia) and positive outlook for prepaid carriers bode well for LEAP's growth story.

Eli Lilly (LLY Quote) upgraded at Citigroup from Hold to Buy. $41 price target. Estimates also raised to reflect price increases and higher volumes.

Lincoln National (LNC Quote) downgraded at Merrill/BofA from Neutral to Underperform. $10 price target. Company has a bad combination of credit exposure and equity market risk without much of a capital cushion.

MetLife (MET Quote) upgraded at Merrill/BofA to Buy. $32 price target. Company is a market leader, and trading at just 90% of reported book value.

Northeast Utilities (NU Quote) downgraded at Jefferies from Buy to Hold. $22.50 price target. Valuation call, as the company is spending a lot on construction.