Analysts' Upgrades, Downgrades: BNY Mellon

CHANGE IN RATINGS

Bank of NY Mellon (BK Quote) initiated as a Buy with a $38 price target at SunTrust. Of the three trust banks, BNY Mellon clearly offers the most diversified revenue and earnings stream, which will allow for greater than market growth as the market begins to turn around. With the retrenchment of the financial markets and opportunities to rebuild earnings growth firm expects investors will continue to develop confidence in the earnings stream and valuations will migrate toward historical norms.

Cummins (CMI Quote) downgraded at UBS. Rating lowered to Neutral from Buy. Price target lowered to $36 from $38. 2009 EPS estimates lowered to $1.00 from $1.35.

3 Com (COMS Quote) initiated at Needham. Initiated with a Buy rating and $7 price target. Introduces fiscal 2009 EPS estimates of 41 cents.

Ensco (ESV Quote) numbers raised at Credit Suisse to $37 from $28 following a build up in the co.'s backlog. Maintained Neutral rating.

Kellogg (K Quote) upgraded at BMO Capital Markets. Rating raised to Outperform from Market Perform. Price target raised from $49 to $52. 2009 EPS estimates raised to $3.11 from $3.10.

Kindred Healthcare (KND Quote) upgraded at Wachovia. Rating raised to Market Perform from Underperform. Maintains valuation range of $10-$13. 2009 EPS estimates lowered to $1.20 from $1.37.

Northern Trust (NTRS Quote) initiated with a Neutral at SunTrust, as shares currently trade at 18.6x and 14.1x their 2009 and 2010 EPS estimates, respectively; given a historical range of 15x to 20x earnings, NTRS is trading near historic norms thus the valuation opportunity is less compelling than for other trust banks in the space.