Analysts' Upgrades, Downgrades: E*Trade

CHANGE IN RATINGS

Bridgepoint Education (BPI) downgraded at Credit Suisse to Neutral from Outperform. The decrease in ratings was prompted after reaching full valuation and indications of a more challenging legal/regulatory environment that could hurt long term growth. Maintained price target of $15.

Conagra (CAG) upgraded at UBS from Neutral to Buy. $24 price target. Commodity inflation and private-label share gains are moderating. Promotional activity is also likely paying off.

Cree (CREE) upgraded at ThinkEquity to Accumulate and set a price target at $29. The boost in ratings was prompted by an increase in general demand for notebook backlighting in the US and China.

CapitalSouce (CSE) upgraded to buy from neutral and price target increased to $5.50 from $2.00. 2009 debt maturities have been extended, but $1.3B & $600M of debt is due in '10 & '11. CSE has options to receive further extensions or raise equity via the 1) IPO of its healthcare real estate or 2) a dilutive secondary offering. $119M in HUD financing should also close in 2H09. Debt extension or pay-down via equity raise should remove bankruptcy risk priced into CSE's stock.

DigitalGlobal (DGI) rated new Buy at Merrill/Bank of America. Strategic positioning for growth leaves the co. prone to grow in the Defense & Intelligence business after the US has committed to increasing its use of commercial satellite imagery. Established price target at $21.

Estee Lauder (EL) upgraded at Barclays. Rating raised to Equal Weight from Underweight. Price target raised to $32 from $24. Maintains 2009 EPS estimates of $1.44.