Analysts' Upgrades, Downgrades: Apple

CHANGE IN RATINGS

AK Steel (AKS) upgraded at Morgan Stanley from Underweight to Equal-weight. Company has above-average mid-cycle earnings power.

AK Steel (AKS) estimates, target raised at Merrill/BofA. Shares of AKS now seen reaching $$14, Merrill Lynch/Bank of America said. Estimates also boosted, because of positive channel checks. Underperform rating.

Burlington Northern (BNI) downgraded at Goldman to Neutral from Buy. Cites valuation and balancing of the risk/reward scenario. Target price raised to $85 from $73.

Copa (CPA) downgraded at Credit Suisse to Neutral from Outperform. Valuation, lack of momentum, and weak traffic data led to the decline in ratings. Maintained price target of $42.

CSX Corp (CSX) upgraded at Goldman to Buy from Neutral based on valuation and management's aggressive reduction in variable costs. Target price raised to $40 from $36.

Hartford Financial (HIG) downgraded at Citigroup from Buy to Hold. $19 price target. Stock is inexpensive on book value, but the company's results will be more volatile than its peers.

Jabil Circuit (JBL) downgraded at Credit Suisse to Neutral from Outperform. Cites negativity in their networking segment, expectations of weaker guidance, and valuation. Target price raised to $8.50 from $6.00.

Marvell Technologies (MRVL) upgraded to Outperform at JMP and price target raised from $9 to $15. Upgrade due to a range of positive business momentum and design win checks that are driving upward revisions. Near-term, JMP believes that Marvell's controller technology is being adopted into a range of end-market devices and applications. These design wins augment its already formidable HDD presence, where checks suggest momentum continues to be strong and the outlook remains good for further market share capture in the out-year.