Analysts' Upgrades, Downgrades: Google

CHANGE IN RATINGS

BHP Billiton (BHP Quote) downgraded to Neutral at Merrill Lynch/Bank of America. Valuation call, as the stock is up 45% in March.

Google (GOOG Quote) upgraded at Canaccord to Buy from Hold. Believes estimates for weaker search and CPC growth trends are largely priced-in. Raised target price to $400 from $300.

Janus Capital (JNS Quote) downgraded at J.P. Morgan to Neutral from Overweight based on valuation following recent rally. Note positive fund performance, but shares no longer offer the same downside protection based on asset values. Price target raised to $8 from $7.

KBR (KBR Quote) rated new Hold at Jefferies. $16 price target. Company is continuing to transition away from its military roots.

Nokia (NOK Quote) upgraded at UBS from Neutral to Buy. $14.80 price target. Improving leading indicators, new product launches and a weaker Yen should help the company.

STOCK COMMENTS / EPS CHANGES

American Electric Power (AEP Quote) target cut at Credit Suisse to $34 from $40 to put more of a discount valuation on its Off-System Sales component. Maintained Outperform rating.

Blackrock (BLK Quote) estimates lowered through 2010, target cut at Credit Suisse. Company seeing lower asset inflows and has new accounting rules. Neutral rating and new $104 price target.

Celanese (CE Quote) added to Top Picks Live list at Citigroup. Company is likely to benefit from Chinese stimulus. Buy rating.

Emerson Electric (EMR Quote) numbers reduced at UBS through 2010. Orders remain weak, ahead of the April 7 investor meeting. Neutral rating and new $30 price target.

Goldcorp (GG Quote) target raised at Credit Suisse to $38 from $31 based on higher gold reserves and prices. Maintained Outperform rating.