Analysts' Upgrades, Downgrades: Nordstrom

CHANGE IN RATINGS

Aflac (AFL Quote) downgraded at Morgan Stanley to Equal-weight. Valuation call. Even so, sales have held up better than expected, and the company will likely not have to raise capital or lower its dividend.

CBS (CBS Quote) upgraded at Barclays from Underweight to Equal-weight. $9 price target. Company is the best positioned to benefit from an eventual recovery in advertising.

Coca-Cola Enterprises (CCE Quote) downgraded at JPMorgan to Neutral from Overweight based on valuation and limited upside. Believe investors are anticipating improving fundamentals throughout 2009, leaving less room for multiple expansion despite potential earnings upside. Price target at $17.

FirstEnergy (FE Quote) downgraded at Barclays from Overweight to Equal-weight. $44 price target. Estimates also cut, to reflect lower prices at a recent Ohio power auction.

Nordstrom (JWN Quote) upgraded at Piper Jaffray to Buy from Neutral based on margin expansion. During Q1 conference call, management said margins are tracking better-than-expected. Note conservative guidance and reserves for bad debt. Price target raised to $25 from $24.

Nordstrom (JWN Quote) numbers increased at Barclays through 2010. Company is managing inventory well, keeping margins stable. Equal-weight rating and new $25 price target.

NCR (NCR Quote) coverage initiated at JPMorgan with a Neutral rating. Expect modest growth in ATM business and self-service checkout systems, but see negligible pricing power and operating leverage. Price target at $11.

Oil States International (OIS Quote) upgraded at Credit Suisse from Neutral to Outperform. $27 price target. Valuation call, given the company's oil sands exposure.

PetSmart (PETM Quote) upgraded at Piper Jaffray to Buy from Neutral. Expect minimal price deflation in second half of year, allowing positive comparisons throughout 2009. Note stabilization in hardgoods category and reduced cost structure. Price target raised to $25 from $19.