The Market Update

Analysts' Upgrades, Downgrades: Apple

Stock quotes in this article:AAPL, AMZN, HAL 

Amazon (AMZN) price target raised at Goldman to $81 from $70. Believe shares can command a higher multiple (around 22x) based on the 15x multiple being given to US internet peers. Believe company will take market share over the long-term and grow free cash flow at a faster rate than peers. Maintained Buy rating.

Ashland (ASH) target raised at Credit Suisse to $15.50 from $13.50 based on increased comfort with debt position following meeting with management. Maintained Outperform rating.

Activision (ATVI) cut from Top Picks Live list at Citigroup. Stock is up 26% year-to-date. Buy rating, as the company remains the best-positioned game publisher for 2009.

Baker Hughes (BHI) 2009 estimates cut because of lower drilling activity, at Barclays Capital. Overweight rating and new $39 price target.

Walt Disney (DIS) estimates cut at Barclays through 2010. Orlando vacation market remains soft. Underweight rating and $17 price target.

DreamWorks estimates raised at Morgan Stanley through 2011. Company likely to experience higher film attendance and realize lower film amortization costs. Equal-weight rating.

Halliburton (HAL) estimates, target cut at Barclays to $26. Estimates also lowered, because of price competition and lower drilling activity. Overweight rating.

SunPower (SPWRA) target raised at Merrill/BofA to $30. China subsidiaries could reduce pricing pressure. Neutral rating.

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This article was written by a staff member of TheStreet.com.

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