Analysts' Upgrades, Downgrades: SunTrust

CHANGE IN RATINGS

Arrow Electronics (ARW Quote) coverage initiated at Goldman with a Buy rating based on improving components distribution. Note attractive valuation and potential upside to conservative earnings guidance. Price target at $30.

Avnet (AVT Quote) coverage initiated at Goldman Sachs with a Neutral rating. Expect company to benefit from components recovery, but see greater upside potential in ARW. Price target at $26.

Continental Airlines (CAL Quote) upgraded at JPMorgan to Overweight from Neutral based on relative weakness. Shares are down 33% since April 21, much more than other airlines. Believe washed out sentiment led to over-correction. Maintained $13 target.

Dover (DOV Quote) upgraded at BofA Merrill. Rating raised to Buy from Neutral. Price target raised to $45.00 from $34.50. 2009 EPS estimates maintained at $2.00.

FirstEnergy (FE Quote) downgraded at Merrill/BofA from Buy to Neutral. Estimates also cut ahead of the analyst meeting, because of limited visibility.

MDS (MDZ Quote) upgraded at Jefferies to Buy from Hold based on potential asset sales. Maintained target of $6.50.

Medicis Pharma (MRX Quote) downgraded at Thomas Weisel to Market Weight from Overweight. Switching to a new formulation and a decrease in consumer spending has led to the decline in ratings. Target price lowered to $18 from $20.

SunTrust Banks (STI Quote) upgraded at Morgan Keegan to Outperform from Market Perform. Citing that dilution concerns have passed and compelling valuations provide attractive entry points.

STOCK COMMENTS / EPS CHANGES

American Express (AXP Quote) price target higher at Goldman, raised to $28 from $26. Company is raising $500 million, which is less than originally expected and will result in only 2% share dilution. Maintained Neutral rating.