Analysts' Upgrades, Downgrades: Nike

CHANGE IN RATINGS

Chipotle (CMG Quote) downgraded at Oppenheimer from Perform to Underperform. Estimates also cut, as commodity prices are rising and the company will struggle to keep up with square footage growth targets in the current economic environment.

DuPont (DD Quote) downgraded at Merrill/BofA from neutral to underperform with price target of $27. DD shares have appreciated 13.5% YTD vs. 22.0% for the S&P Chemicals index & 4.3% for the S&P500, and ML sees harder miles ahead. Expect EPA rulings to favor Monsanto. Patent expirations, pension & petrochemical input costs could all weigh on earnings in coming quarters.

Dendreon (DNDN Quote) rated new Buy at Deutsche Bank. $36 price target. Provenge will likely be approved in early 2010.

Gardner Denver (GDI Quote) downgraded at Keybanc from Buy to Hold. Estimates also cut, because of a weaker domestic natural gas business and lower European industrial demand.

Gap (GPS Quote) downgraded at Goldman Sachs to Neutral from Buy based on higher valuation and increased Street expectations. Previous bullish stance was based on improvements at Old Navy. Comps have turned positive and the catalyst has played out. Maintained $18 target.

Nike (NKE Quote) upgraded at Baird from Neutral to Outperform. $69 price target. Weaker dollar could significantly boost sales.

NVR (NVR Quote) downgraded at Credit Suisse to Neutral from Outperform. Cites declining traffic and weak valuation. Maintained target price of $500.

Pulte (PHM Quote) upgraded at Credit Suisse to Neutral from Underperform. Attractive valuation, cost reductions, and improving their position to gain volume led to the increase in ratings. Maintained target price of $10.