Analysts' Upgrades, Downgrades: AT&T

CHANGE IN RATINGS

Amgen (AMGN Quote) upgraded at Bernstein from Market Perform to Outperform. Company should benefit from a re-acceleration of sales and earnings growth next year.

ARRIS Group (ARRS Quote) downgraded at Needham to Hold from Buy. Cites indications of lessening demand for 3.0 CPE gear for 2010 and full valuation in the stock price.

Boston Scientific (BSX Quote) rated new Hold at Collins Stewart. $9 price target. Management is executing well, but faces slower future sales growth.

Frontier Oil (FTO Quote) downgraded at Credit Suisse to Neutral from outperform based on downside risks to earnings. Decreased target price to $14 from $16.

Illinois Tool Works (ITW Quote) numbers boosted at Barclays through 2010. Base revenues continue to stabilize, and should be leveraged through cost-cutting. Underweight rating and new $32 price target.

Illinois Tool Works (ITW Quote) upgraded at William Blair due to base revenues showing signs of stabilization. Increase to 2009 forecast principally reflects the inclusion of Decorative Surfaces in continuing operations. Management had previously planned to sell this business and had classified it as a discontinued operation. The increase in 2010 forecast also includes the expected benefits of elevated restructuring actives in 2009, which should be realized in the form of significantly higher operating margins in 2010 and beyond, on modest organic sales growth. ITW's operating margin are projected to expand from 8.7% in 2009 to 13.0% in 2010, and more thereafter.

Magna International (MGA Quote) upgraded at JP Morgan. Rating raised to Overweight from Neutral. Maintains $52 price target and 2009 EPS estimates of -$4.28.

Sina (SINA Quote) upgraded at Goldman to Conviction Buy. Sustaining market share throughout the tough economic conditions, an increase in advertising trends, and clarity on the Focus deal led to the increase in ratings. Increased price target to $38 from $31.