Analysts' Upgrades, Downgrades: FreeSeas

CHANGE IN RATINGS

Burlington Northern Santa Fe (BNI Quote) upgraded at Goldman to its Conviction Buy List based on valuation. Also cites best in class intermodal franchise and company is taking share from Union Pacific. Raised target price to $72 from $66.

CBS (CBS Quote) downgraded at UBS from Neutral to Sell. $3.80 price target. Expect lower advertising estimates through 2010. Credit rating could also be cut.

Church & Dwight (CHD Quote) upgraded at Oppenheimer to Outperform, Oppenheimer said. $62 price target. Company should benefit as consumers trade down toward its value-oriented portfolio.

FreeSeas (FREE Quote) downgraded at Credit Suisse to Neutral from Outperform based on weak freight outlook in 2009 and expectations for lower utilization for two older vessels. Lowered target price to $2 from $5.

Gap (GPS Quote) added to Goldman Conviction Buy List based on improving sales trends in coming months and valuation. Raised target price to $15 from $14.

Lincoln National (LNC Quote) downgraded at Credit Suisse to Neutral from Outperform. Cites liquidity tensions over next few months and further pressure on subsidiary capital levels. Lowered target price to $14 from $23.

Nalco Holding (NLC Quote) upgraded at Goldman to Buy based on better refinancing outlook and valuation -- since company trades at a 25% discount to peers. Sets 6-month target price at $16.

Potash (POT Quote) downgraded at Soleil to Hold from Buy based on short-term fertilizer demand destruction and longer-term lower potash prices. Lowered target price to $100.

Quality Systems (QSII Quote) downgraded at UBS from Neutral to Sell. $44 price target. Valuation call, as the company is likely facing a volatile year. Insider selling has also remained steady.

STOCK COMMENTS / EPS CHANGES

Allergan (AGN Quote) target raised at UBS to $54. Stock has moved higher on GSK takeover rumors. Maintain Buy rating, as earnings look too conservative. The pipeline also has good potential.