Analysts' Upgrades, Downgrades: Apple

CHANGE IN RATINGS

Amgen (AMGN) upgraded at J.P. Morgan to Overweight from Neutral based on valuation and strong upside potential. Raised target price to $65.

3Com(COMS) upgraded at Barclays to equal weight from underweight and price target increased to $3.00 from $2.75. 3Com non-China pipeline appears to be improving, solid gross margin improvement and opex discipline should drive operating margin expansion.

Conoco Phillips (COP) upgraded at Goldman Sachs to Buy from Neutral based on valuation. Shares are down 23% this year, while domestic integrated oils are up 7%. The key catalyst for the stock is a recovery in oil prices during the second half of 2009. With shares having lagged peers during recent rally, the stock is now too cheap relative to peers and with respect to its assets. Price target lowered to $47 from $50.

DuPont (DD) rated new Buy and $28 price target at UBS. Agriculture business is turning a corner and the dividend appears safe.

Deckers Outdoor (DECK) rated new Underperform at Credit Suisse. Believes Ugg brand, which accounts for 84% of total sales, is approaching saturation. Sets $45 target price.

Brinker International (EAT) upgraded at Morgan Stanley to Equal-weight. Estimates also raised because of cost-cutting and expected debt repayment.

Guess (GES) rated new Outperform at Credit Suisse. Sees global growth opportunities and believes risks are priced-in. Sets $25 target price.

Lam Research (LRCX) downgraded at Merrill/BofA from Neutral to Underperform. $24 price target. Stock has moved, without an improvement in fundamentals.