Analysts' Upgrades, Downgrades: CIT Group

CHANGE IN RATINGS

American Express (AXP Quote) upgraded at JP Morgan. Rating raised to Neutral from Underweight. Price target raised to $25 from $16. 2009 EPS estimates raised to $1.00 from $0.99.

CIT Group (CIT Quote) downgraded at Stifel Nicolaus from Hold to Sell. Surprised that talks with the Government fell through, and the company will likely file bankruptcy shortly.

ConocoPhillips (COP Quote) upgraded at Benchmark from Sell to Hold. Valuation call, pricing in the company's weak growth outlook.

Covance (CVD Quote) initiated at JPMorgan. Initiated with an Overweight rating and $55 price target. Introduces 2009 EPS estimates of $2.60.

Dr. Pepper Snapple Group (DPS Quote) initiated at Merrill/BofA with a Buy rating noting margins well above peers and opportunities for brand distribution. Price target set at $27 and 2009 EPS estimate set at $1.77.

Darden Restaurants (DRI Quote) initiated at Credit Suisse with a neutral rating and price target of $37. Limited downside is seen due to its two primary concepts; stability in net unit growth and balanced guidance for F2010. The co. has excellent operational characteristics, strong value perception, and a large marketing budget which all culminates into a defensive and predictable outlook.

Esterline Technologies (ESL Quote) upgraded at Credit Suisse to Outperform from Neutral. The co. has strong market share across all the typical late-cycle aero defense markets where 18% of its sales are coming from the comm'l aftermarket. This exposure will allow for future benefits from the near term recovery in spares demand. Increased price target to $43 from $32.