Analysts' Upgrades, Downgrades: Apollo

CHANGE IN RATINGS

AMR (AMR) downgraded at Argus to Sell from Hold based on higher fuel prices and weak industry demand.

Choice Hotels (CHH) upgraded at Wachovia from Market Perform to Outperform. Company has a high-margin franchise model and isn't affected as much by lower business travel.

Dendreon (DNDN) rated new Hold at Morgan Joseph. Stock is already pricing in success, though the company has attractive long-term growth prospects.

Electronic Arts (ERTS) upgraded at Merrill/BofA from Neutral to Buy. $26 price target. Expect the company to exceed earnings expectations the next couple of quarters and also benefit from the launch of Sims 3.

FedEx (FDX) upgraded at Barclays from Equal-weight to Overweight. $71 price target. Ground business will add to growth and patient investor should be rewarded.

Starwood Hotels (HOT) downgraded at Wachovia to Market Perform. Company is trading at a premium valuation and margins could be hurt by poor RevPAR trends.

Motorola (MOT) initiated at BMO. Initiated with a Market Perform rating and $6 price target. Introduces 2009 EPS estimates of -$0.10.

Nokia (NOK) initiated at BMO with an Underperform rating and $11 price target. Introduces 2009 EPS estimates of $0.73.

Qualcomm (QCOM) initiated at BMO. Initiated with an Outperform rating and $60 price target. Introduces 2009 EPS estimates of $1.78.

Research In Motion (RIMM) initiated at BMO. Initiated with an Outperform rating and $100 price target. Introduces fiscal 2010 EPS estimates of $4.19.

Shanda Interactive (SNDA) downgraded at Brean Murray to Hold from Buy. New regulations which may pressure core growth and the possibility of AION's performance being stalled led to the decline in ratings.