Analysts' Upgrades, Downgrades: Eli Lilly

CHANGE IN RATINGS

Archer-Daniels-Midland (ADM Quote) downgraded at Citigroup from Hold to Sell. $25 price target. Deteriorating trends will likely become evident at the upcoming earnings report.

Ansys (ANSS Quote) downgraded at JPMorgan to Neutral from Overweight. Following recent 52% rally, company will likely have to deliver results at high end of guidance range to maintain high multiple. Remain bullish long-term, but would look for better entry point. Price target at $27.50.

Cabot (CBT Quote) downgraded at JPMorgan to Underweight from Neutral. Believe earnings will remain under pressure over next several quarters due to declining volumes of rubber black, tantalum and fumed metal oxides. Additional restructuring may be needed if fundamentals do not turn around. Price target at $8.

Cullen/Frost Bankers (CFR Quote) downgraded at Oppenheimer to Underperform. Economy is beginning to deteriorate in Texas, and the stock has outperformed its peers over the past year.

Duke Energy (DUK Quote) downgraded at Credit Suisse from Outperform to Neutral. $16 price target. Valuation is now in-line with its peers and there's the potential for lower industrial usage in the coming quarters.

Brinker International (EAT Quote) numbers raised at Barclays to $18. Estimates also increased, to reflect new earnings guidance, helped by cost control. Equal-weight rating.

Brinker International (EAT Quote) upgraded at Wachovia from Market Perform to Outperform. Company guided to higher earnings, drive by cost savings. Estimates also raised.

Con Edison (ED Quote) downgraded at Credit Suisse from Outperform to Neutral, Credit Suisse said. $41 price target. Valuation call, even though the company is likely to receive a positive rate case review in the coming weeks.