Analysts' Upgrades, Downgrades: Citigroup

CHANGE IN RATINGS

Amazon.com (AMZN Quote) upgraded at Citigroup from Buy to Hold. $97 price target. Company's operating margins are coming back faster and sales growth may be sustainable longer than previously expected.

Cheesecake Factory (CAKE Quote) downgraded at Goldman Sachs to Neutral due to recent 77% price appreciation since March 11. Recommended long CAKE/short PFCB trade resulted in 31% relative performance gain. Expect upward revisions in estimates for CAKE, but note that valuation appears extended. Price target at $13.

Capital One (COF Quote) downgraded at Goldman Sachs to Neutral from Buy due to likely extended weakness in credit card into 2010. Note rising delinquencies and preference for DFS. Price target lowered to $17 from $18.

City National (CYN Quote) downgraded at Goldman Sachs to Sell from Neutral due to likely weakness in quarterly pre-provision results caused by asset sensitivity and asset management results. Price target trimmed to $30 from $35.

Discover Financial (DFS Quote) upgraded at Goldman Sachs to Buy from Neutral, Goldman said. Note attractive valuation, track record of book valuation growth, and TCE/TA ratio of 8.4%. Company will continue to receive Visa/Mastercard settlement payments during a tough 2009. Price target upped to $12 from $6.50.

Energizer Holdings (ENR Quote) downgraded at UBS. Rating lowered to Sell from Neutral. Price target raised to $53 from $40. 2009 EPS estimates raised to $5.40 from $5.31.

King Pharmaceuticals (KG Quote) upgraded at UBS from Sell to Buy. $10.50 price target. Expect a higher probability of Skelaxin settlement with SGP.

Quicksilver Resources downgraded to sector perform from outperform and price target reduced to $9 from $10 at RBC. Downgrade based on tight liquidity, near term covenant risk and relative valuation.