Analysts' Upgrades, Downgrades: J. Crew

CHANGE IN RATINGS

Burger King (BKC Quote) downgraded at Citigroup from Buy to Hold. $18 price target. Checks show that same-store sales are trending below plan.

CBS Corp (CBS Quote) upgraded at UBS. Rating raised to Buy from Sell. Price target raised to $9.00 from $3.80. 2009 EPS estimates lowered to $0.44 from $0.48.

J. Crew (JCG Quote) upgraded at Goldman Sachs to Neutral from Sell due to Q1 results that included strong sales improvement that didn't rely on markdowns. See little reason to remain negative now that near-term risk is greatly reduced. Price target raised to $23 from $13.

J. Crew (JCG Quote) numbers raised at Jefferies through 2010. Company is realizing higher margins and has clean inventories. Hold rating and new $20 price target.

Level 3 Communications (LVLT Quote) downgraded at UBS from Neutral to Sell. $0.80 price target. Valuation call, as enterprise and wholesale trends are weakening.

Morgan Stanley (MS Quote) upgraded at Keefe, Bruyette & Woods to Outperform. $35 price target. New analyst believes the joint venture with Smith Barney will be a big winner.

News Corp. (NWS Quote) upgraded at JPMorgan to Overweight from Neutral based on valuation. Note that the market is assigning a negative value to several of the company's segments that generate positive cash flow. Price target raised to $12 from $9.

Office Depot (ODP Quote) upgraded at JPMorgan to Overweight from Neutral. See potential for positive earnings revisions as economic environment stabilizes over the next year. Shares remain high risk, but offer a 3-to-1 risk-reward scenario. Price target raised to $8 from $5.