Analysts' Upgrades, Downgrades: U.S. Steel

CHANGE IN RATINGS

Activision Blizzard (ATVI Quote) upgraded at Goldman Sachs to Buy from Neutral based on attractive late-2009 game slate and reduced investor focus on music genre fatigue. See potential for positive EPS revisions as Q1 results and E3 show ease concerns. Priec target raised to $14 from $10.

Bristol-Myers Squibb (BMY Quote) downgraded at Goldman Sachs to Neutral from Buy based on relative valuation and lower potential as a takeout candidate. See greater opportunity in other stocks within coverage universe. Price target trimmed to $23 from $25.

Coca-Cola Enterprises (CCE Quote) upgraded at Merrill/BofA from Neutral to Buy. $18 price target. Estimates also raised, to reflect higher volumes and a better pricing environment.

Dish Network (DISH Quote) downgraded at Goldman Sachs to Neutral from Buy. See shares as undervalued, but believe first-quarter results are likely to disappoint investors. Price target at $15.

DreamWorks Animation (DWA Quote) upgraded at Goldman Sachs to Buy from Neutral based on developing catalysts, including increased earnings expectations for 2009-2011. Believe recent estimate cuts are over and see potential for multiple expansion. Price target raised to $27 from $23.

Lincoln National (LNC Quote) upgraded to Equalweight at Morgan Stanley from underperform due to decreased downside risk. LNC has underperformed peers and is at a sizeable discount to the group. The need to borrow to fund debt and commercial paper maturities have already played out and reflected in consensus estimates.

Macy's (M Quote) downgraded at JP Morgan. Rating lowered to Neutral from Overweight. Maintains $13 price target and 2009 EPS estimates of $0.60.