Analysts' Upgrades, Downgrades: Google

CHANGE IN RATINGS

Alcoa (AA Quote) upgraded at Deutsche Bank from Sell to Hold. Financing fears have been pushed into 2010, following the recent equity placement.

Autodesk (ADSK Quote) upgraded at UBS from Sell to Neutral. $16 price target. Expect management to say that sales declines are decelerating at the upcoming analyst meeting. Also expect a new CFO to be named soon.

Freeport-McMoran (FCX Quote) downgraded at Deutsche Bank to Sell. Valuation call, as copper prices should pull back once again.

Guess (GES Quote) rated new Buy at Jefferies. $27 price target. Company should be able to weather the storm, with its diversified business model.

Google (GOOG Quote) upgraded at Merriman to Buy from Neutral based on stabilizing pricing and diminished foreign exchange headwinds. Also sees mobile search as a catalyst.

Microsoft (MSFT Quote) upgraded at Davenport to Buy. $24 price target. PC unit demand is likely rising in the U.S., Japan and China.

JM Smucker (SJM Quote) rated new Outperform at Oppenheimer. $44 price target. Company is benefiting from trend toward more home-prepared meals, and products are holding up well against private-label competition.

Telmex (TMX Quote) upgraded at Credit Suisse to Neutral from Underperform based on valuation. Maintained $16 target price.

STOCK COMMENTS / EPS CHANGES

Amazon.com (AMZN Quote) target raised at ThinkEquity to $85. Kindle will help margins and earnings, though not boost the top line as much. Buy rating.

Intel (INTC Quote) estimates, target raised at Morgan Stanley through 2010. Upstream data points are largely positive across the industry. Equal-weight rating and new $14 price target.