Analysts' Upgrades, Downgrades: Semtech

The numbers: Fiscal first-quarter revenue fell 9.7% to $2.81 billion as net income declined 20% to $250 million and earnings per share dropped 18% to 75 cents. Edison has $3.6 billion of cash, which works out to a less-than-ideal quick ratio of 0.77. The company has a hefty $13 billion debt load and a high debt-to-equity ratio of 1.22. The net margin has shed 113 basis points since the year-earlier quarter, but is still strong at 8.9%.

The stock: Edison International has fallen 3.6% in 2009, trading at a very low price-to-earnings ratio of 8.8 and offers a strong 4.01% dividend yield. The company has a market capitalization of more than $10 billion.

TheStreet.com Ratings upgraded OGE Energy(OGE Quote) to "buy." The company is an energy-services provider in the south-central U.S.

The numbers: Fiscal first-quarter revenue decreased 39% to $606 million. But net income and earnings per share increased 29% to $17 million and 18 cents, respectively. OGE has a weak financial position, as reflected by just $146 million of cash and $2.6 billion of debt, which amounts to a quick ratio of 0.3 and a debt-to-equity ratio of 1.36. The net margin improved 146 basis points to 2.76% since the year-earlier quarter.

The stock: OGE Energy is up 9.3% in 2009 but still trading at a low price-to-earnings ratio of 11. The company offers a 5% dividend yield, more than double the average of the S&P 500. The company has a market value of $2.8 billion.

TheStreet.com Ratings upgraded Semtech(SMTC Quote) to "buy." The company develops and markets analog and mixed-signal semiconductor products.