Analysts' Upgrades, Downgrades: Apple

CHANGE IN RATINGS

Apple (AAPL) upgraded at RBC to outperform from underperform and price target increased to $165 from $95. RBC believes there is improved margin visability, stronger resiliency, sustainable outperformance and the belief that Steve Jobs will likely return to Apple.

Apple (AAPL) target raised at Credit Suisse to $140 from $133 following solid second-quarter results. Maintained Outperform rating.

Brocade (BRCD) upgraded at Jefferies to buy from hold at Jefferies and price target increased to $6 from $3.50. Jefferies believes opportunities will materialize as risk abates: channel checks indicate that first phase of IBM deal will be announced next week, phase II to start in June/July, new products enabling entry into adjacent markets and debt balance manageable.

CTXS (CTXS) downgraded at UBS. Rating lowered to Sell from Neutral. Price target lowered to $22.50 from $25.00. Maintains 2009 EPS estimates of $1.54.

Dick's Sporting Goods (DKS) downgraded at Citigroup from Buy to Hold. Valuation call, as comp sales will likely fall through the remainder of the year.

Equinix (EQIX) downgraded at Oppenheimer from Outperform to Perform. $67 price target. Valuation call, even though the company posted a strong quarter.

Morgan Stanley (MS) estimates, target cut at Barclays. Shares now seen reaching $26. Estimates also lowered, because of further write-downs. Equal-weight rating.

Morgan Stanley (MS) upgraded at Merrill Lynch/Bank of America from Underperform to Neutral. Valuation call, based on a $24 price target. Estimates also cut because of weak equities and more real estate losses.

Packaging Corp of America (PKG) downgraded at Goldman to Neutral from Buy based on valuation. Believe shares are discounting mid-cycle valuation and now offer limited upside. Price target raised to $16 from $13.