Analysts' Upgrades, Downgrades: Google

CHANGE IN RATINGS

ADC Telecom (ADCT Quote) upgraded at UBS from Neutral to Buy. $8 price target. Valuation call, as the company could return to normalized earnings by 2011.

Activision Blizzard (ATVI Quote) upgraded at Merrill/BofA to a buy and price target increased to $15 from $12. Activision's 1Q results have alleviated concerns since downgrade in early Nov. on weak industry trends. Specifically, A/R fell from $1.2bn to $0.2bn (retail channel improved), catalog sales were robust in 1Q (estimated at $280mn despite full channel), and 2Q guide will make stock less sensitive to negative NPD data expected in July. BofA thinks ATVI has best holiday slate in sector, which historically translates to strong performance from June-Nov.

Bank of America (BAC Quote) upgraded at Wachovia from Underperform to Market Perform. Company seeing less than expected dilution to the stock and still trades at a discount to its peers.

Best Buy (BBY Quote) downgraded at Morgan Stanley. Rating lowered to Underweight from Equalweight. Maintains fiscal 2010 EPS estimates of $2.65.

Career Education (CECO Quote) upgraded at UBS from Neutral to Buy. $30 price target. Enrollment remains strong, despite lower revenue per student and interest income.

Eaton Vance (EV Quote) downgraded at BofA/Merrill. Rating lowered to Neutral from Buy. Price target raised to $28 from $26. 2009 EPS estimates lowered to $0.96 from $0.99.

Marathon Oil (MRO Quote) downgraded at Goldman Sachs to Sell from Neutral after shares recently outperformed peers. See upside from current levels based on bullish oil view, but prefer other names such as PBR, SU and HES. Price target raised to $35 from $31.