Analysts' Upgrades, Downgrades: Clorox

CHANGE IN RATINGS

AK Steel (AKS Quote) downgraded at Goldman to Neutral from Buy based on valuation. Maintained price target of $20.

Alpha Natural Resources (ANR Quote) upgraded at Goldman to Conviction Buy from Neutral. The co. proposed a purchase for Foundation Coal which would improve its competitive positioning and organic growth opportunities. New target price established at $38.

Beckman Coulter (BEC Quote) rated new Accumulate at ThinkEquity. $60 price target. Company has an attractive business model, with 80% recurring revenues.

Burlington Northern (BNI Quote) upgraded at Morgan Stanley to Equal-weight. There is better growth opportunity in the rails than other areas of transportation, and 2009 should mark the earnings bottom.

Cheesecake Factory (CAKE Quote) upgraded at Argus from Sell to Buy. Estimates also raised, to reflect cost-cutting and improving sales. $20 price target.

Caterpillar (CAT Quote) upgraded at Goldman to Sell from Conviction Sell following its negative outlook and the potential of a credit downgrade. Maintain price target of $36.

Clorox (CLX Quote) upgraded at Oppenheimer to Outperform from Underperform. Structural improvements and a meaningful level of pricing power has led to the increase in ratings. Price target established at $70.

CSX (CSX Quote) upgraded at Morgan Stanley to Overweight. Company is the cheapest rail stocks and 2009 should be the earnings trough for the group.

Ericsson (ERIC Quote) downgraded at Barclays to underweight from equal weight and price target maintained at $8. Digestion challenges in 3G equipment in China and additional European weakness will drive Ericsson's Networks revenues below consensus in 2H09. Expecting modest long-term growth in Ericsson's core Networks unit. Bright spots include healthy growth in Services, leading technology, and dominant market share. Visibility on a European capex uptick would make Barclays more positive on the shares.