Analysts' Upgrades, Downgrades: Carnival

CHANGE IN RATINGS

Carnival (CCL Quote) upgraded at Wachovia to Outperform from Market Perform. The increase in ratings was prompted by improvements in global pricing, expanding valuations, and improving comps. Valuation cited at $28-$30.

Carnival (CCL Quote) upgraded to Equal Weight from Underweight and price target increased to $26 from $17. Upgrade is based on belief that cruise pricing has bottomed as evidenced by commentary on CCL's earnings call yesterday. $26 price target is based on new 2010E EPS of $2.05 and a 13 P/E multiple.

Expedia (EXPE Quote) initiated with a hold at Kaufman. Expected long term growth and improving performance in a tough environment led to the initiation of coverage. Price target set at $16.

Fidelity National Financial (FNF Quote) upgraded at RBC to outperform from sector perform and price target reduced to $16 from $21. 2009 estimate reduced to $1.20 from $1.35 in light of higher interest rates reducing top-line growth (mainly in 4Q). $16 price target is based on 1.2x estimated ending 2009 book value -- a level well below its 1.5x long-term average and the level the shares reached back in April.

Microsoft (MSFT Quote) upgraded to Conviction Buy from Buy at Goldman. Improved expense management, sizeable cash balances, and innovative revenue drivers consisting of Bing and yet to be released Windows 7 and Office 2010 led to the increase in ratings. Increased target price to $29 from $25.

Priceline.com (PCLN Quote) initiated with a buy at Kaufman Bros. A strong Q1 prompted the coverage while gaining market share in the US and Europe. The co. is becoming more recognized with its value pricing in the tough economic conditions and its strong cost cutting initiatives. Price target set at $145.