Analysts' Upgrades, Downgrades: H-P

CHANGE IN RATINGS

Analog Devices (ADI Quote) upgraded at Deutsche Bank from Hold to Buy. $26 price target. Leverage story is just beginning to unfold.

Analog Devices (ADI Quote) numbers raised at Barclays through 2010. Company is a good defensive stock, because of its limited PC exposure. Overweight rating and new $22 price target.

Analog Devices (ADI Quote) target raised at Credit Suisse to $23 from $16 following strong Q2 results and guidance. Maintained Neutral rating.

Biogen Idec (BIIB Quote) upgraded at Barclays from Underweight to Equal-weight. $52 price target. Tysabri utilization has been rising, and the company could exceed near-term earnings expectations.

Colgate (CL Quote) downgraded at Barclays. Rating lowered to Equal Weight from Overweight. Price target lowered to $68 from $71. Maintains 2009 EPS estimates of $4.23.

Costco (COST Quote) upgraded at Credit Suisse to Outperform from Neutral based on valuation. Stock is trading at a discount to its normal multiple. Raised target price to $55 from $39.

Home Depot (HD Quote) downgraded at Friedman, Billings Ramsey from Outperform to Market Perform. $25 price target. Company is now starting to hurt from the acceleration of foreclosure activity.

Home Depot (HD Quote) estimates, target increased at Barclays through 2010. Company is seeing better sales and keeping a tight lid on costs. Overweight rating and new $26 price target.

Kansas City Southern (KSU Quote) upgraded at Merrill/BofA from Neutral to Buy. $21 price target. Valuation call, as the worst of the company's balance sheet concerns have passed. Liquidity also appear sustainable.

McDonald's (MCD Quote) upgraded at Deutsche Bank from Hold to Buy. $65 price target. Company generates attractive cash flow and has several potential upcoming catalysts.