Analysts' Upgrades, Downgrades: CVS

NEW YORK (TheStreet.com) -- CHANGE IN RATINGS

Berry Petroleum (BRY Quote) downgraded at Goldman to Neutral from Buy. Estimates lowered for FY09 to $1.43 from $1.51. The co.'s valuation seems to be fairly valued, they received credit for higher WTI oil prices, and there are few near term catalysts. Increased target price to $27 from $22.

Cognizant Technology Solutions (CTSH Quote) upgraded at Goldman to Buy from Neutral. The co. is poised for growth after enduring the economic downturn with a potential catalyst being improvements in application development spending. This signals that packaged application declines are likely bottoming, with some signs showing that we could see YOY growth in the 4Q of 2009. Estimates raised for FY09 to $1.67 from $1.53. Increased target price to $39 from $24.

CVS Caremark (CVS Quote) target raised at Goldman to $40 from $37. The co. had a positive quarter supporting more of a reward than risk scenario. Positives include 2010 EPS guidance of $3 which takes concerns about Medicare Part D profit pressure of the table, the first solid operating performance from Caremark in several quarters stemming from accelerating script volumes, the repurchase of $700 million of stock, strong retail sales momentum, and the ongoing expansion of the Maintenance Choice program to 270 accounts. Estimates raised for FY09 to $2.63 from $2.62. Maintained Conviction Buy rating.

CVS Caremark (CVS Quote) upgraded at William Blair from Market Perform to Outperform. Estimates also raised, to expect higher growth in the PBM business.

City National (CNY Quote) downgraded at KBW from Outperform to Market Perform. Valuation call, based on a $42 price target.