Analysts' Upgrades, Downgrades: Fluor

CHANGE IN RATINGS

Assurant (AIZ Quote) downgraded at Wachovia to Market Perform. Estimates also cut, as the company is facing multiple headwinds this year.

Abercrombie & Fitch (ANF Quote) upgraded to buy from hold and price target increased to $35 from $22 at Jefferies. Expecting continued near-term sales/margin pressure, earnings revision cycle has reached a trough. With Street estimates down big, sentiment already negative, compares easing in 2H09/'10, and a war chest of cash, risk/reward is favorable (Upside +40%/Downside ~10%).

Celanese (CE Quote) downgraded at Citigroup. Rating lowered to Hold from Buy. Maintains $24 price target. Maintains 2009 EPS estimates of $1.38.

Changyou.com (CYOU Quote) rated new Positive at Susquehanna with Financial. $37 price target. Stock is up 80% from its IPO price, but still has strong growth momentum.

Emcor (EME Quote) downgraded at Goldman Sachs to Sell from Neutral based on improving outlook for other areas of engineering space. Believe non-residential construction will underperform. Price target at $20.

Fluor (FLR Quote) upgraded at Goldman Sachs to Neutral from Sell. Note rising oil prices and believe major downward earnings revisions have passed. Price target raised to $50 from $32.

Home Depot (HD Quote) upgraded at Citigroup. Rating raised to Buy from Hold. Price target raised to $32 from $26. Fiscal 2010 EPS estimates raised to $1.55 from $1.30.

Jacobs Engineering (JEC Quote) upgraded at Goldman Sachs to Buy from Sell due to improving industry fundamentals and lower consensus expectations. Believe period of cancellations and delays has passed, and JEC represents an attractive defensive energy play at this point in cycle. Price target raised to $48 from $36.