Analysts' Upgrades, Downgrades: Starwood

CHANGE IN RATINGS

Choice Hotels (CHH) upgraded at Friedman Billings Ramsey from Market-weight to Overweight. $32 price target. Valuation call, with signs of life in the leisure travel market.

Concur Technologies (CNQR) downgraded at Deutsche from Buy to Hold. Valuation call, based on a $32 price target.

Amdocs (DOX) upgraded at Oppenheimer. Rating raised to Outperform from Perform. Introduces $27 price target. Maintains 2009 EPS estimates of $2.02.

Electronic Arts (ERTS) upgraded at ThinkEquity to Buy. $25 price target. Company has a solid pipeline of free online games and consensus estimates may prove conservative.

Goldman Sachs (GS) upgraded at Merrill/BofA to Buy. Estimates also raised, to reflect better trading, principal gains and investment banking revenue. $175 price target.

Starwood Hotels (HOT) upgraded at Friedman, Billings Ramsey from Neutral to Overweight. $19 price target. Starting to see some positive demand signs and the stock no longer deserves a trough multiple.

IntercontinentalExchange (ICE) upgraded at Pali. Rating raised to Neutral from Sell. Maintains 2009 EPS estimates of $4.48.

Intuit (INTU) initiated at Deutsche Bank. Initiated with a Buy rating and $40 price target. Introduces 2009 EPS estimates of $1.50.

KB Home (KBH) upgraded at Credit Suisse to Outperform from Neutral based on solid order trends through the 2H09 and valuation. Maintained price target of $13.

KLA-Tencor (KLA) Upgraded at Barclays to overweight from equal weight and price target increased to $32 from $25. Medium to longer term, 4 drivers behind outperformance relative to WFE - (i) memory move to copper, (ii) self-aligned double patterning, (iii) adoption of high-k/metal gate by foundry/memory, and (iv) ongoing NAND shrinks. Layer in aggressive cost cutting, and Barclays sees $2.00 in earnings power in 2011.Next otential catalysts - SemiconWest trade show next week and July earnings report.