Analysts' Upgrades, Downgrades: Red Hat

CHANGE IN RATINGS

Analog Devices (ADI) upgraded at Merrill/BofA from Underperform to Buy. Estimates also increased, to reflect efficiency and cost-cutting measures. $29 price target.

American Reprographics (ARP) downgraded at Credit Suisse to Neutral from Outperform based on a balanced risk/reward scenario and a recent rally in share price. Maintained price target of $10.

Cameron (CAM) upgraded at Goldman to Conviction Buy and established a new target price at $42. Expectations of a long term upside, secular growth for oil spending, and a pick up in orders led to the increase in ratings.

Conoco Phillips (COP) downgraded at Goldman to Neutral from Buy. Concerns about the co.'s strategic direction and beliefs that they will no longer outperform the sector led to the decline in ratings. Lowered target price to $53 from $60.

Deere (DE) upgraded at Goldman to Neutral and established a target price at $42. Current drivers for the upgrade include a more balanced risk/reward scenario, recent sell offs, and a favorable commodity outlook.

Edison International (EIX) downgraded at Goldman to Neutral from Buy based on valuation. Increased target price to $31 from $26.

Exterran Holdings (EXH) upgraded at Credit Suisse to Outperform from Neutral. Cites reduced U.S. fleet utilization risk and that current share prices are adequately discounting risks. Maintained price target of $22.

Freeport-McMoran (FCX) rated new Hold at Citigroup. $53 price target. Stock is already pricing in higher copper prices.

Corning (GLW) rated new Outperform at Morgan Keegan. Higher utilization and stable prices should lead to earnings growth. LCD glass demand remains strong.