Analysts' Upgrades, Downgrades: Texan

CHANGE IN RATINGS

Arrow Electronics (ARW Quote) initiated at Deutsche Bank with a Hold rating and $24 price target. Introduces 2009 EPS estimates of $1.43.

Avnet (AVT Quote) initiated at Deutsche Bank with a Hold rating and $25 price target. Introduces 2009 EPS estimates of $1.92.

Blackboard (BBBB Quote) downgraded at Merrill/BofA to Neutral from Buy as budget constraints cause little upside. Price target increased to $34 from $32. 2009 and 2010 EPS set at $1.29 and $1.83, respectively.

Brocade (BRCD Quote) initiated at UBS with a Buy rating and $10 price target. Introduces 2009 EPS estimates of $0.35.

Citrix (CTXS Quote) downgraded at Merrill/BofA to Underperform from Neutral as the company's ability to increase revenue is in question. Citrix price target lifted to $33 from $29.

Dollar Tree (DLTR Quote) reinstated at Merrill/BofA with Buy rating and $50 price target. Analysts mentioned favorable low-priced merchandise, room for store growth, and opportunities to improve gross margins & cost controls. 2009 and 2010 EPS set at $2.53 and $2.95, respectively.

International Paper (IP Quote) upgraded at Deutsche Bank. Rating raised to Buy from Hold. Price target raised to $24 from $16. Maintains 2009 EPS estimates of $0.15.

Las Vegas Sands (LVS Quote) upgraded at BMO from Market Perform to Outperform. $15 price target. See some stabilization in Las Vegas and Macau. Also see adequate profitability and liquidity to avoid covenant violation.

Nokia (NOK Quote) downgraded at Morgan Stanley from Overweight to Underweight. Company is facing increased competition from many different directions.

Nokia (NOK Quote) downgraded at Jefferies from Buy to Hold. Stock is not cheap, and several issues are hanging over the company.