Analysts' Upgrades, Downgrades: Stryker

NEW YORK (TheStreet) -- CHANGE IN RATINGS

American Express (AXP Quote) upgraded at Barclays from Equal-weight to Overweight. $38 price target. Delinquencies appear to have reached an inflection point and the stock looks inexpensive based on normalized earnings.

Cheesecake Factory (CAKE Quote) upgraded at Piper Jaffray. Rating raised to Neutral from Underweight. Price target raised to $18 from $14. Maintains 2009 EPS estimates of $0.86.

Capital One (COF Quote) upgraded at Barclays from Equal-weight to Overweight. $50 price target. Card delinquencies appear to have reached an inflection point.

Cree (CREE Quote) downgraded at Kaufman to Hold. Valuation call, based on a $36 price target. Stock is at 4 times book value and 48 times expected 2010 earnings.

Discover Financial (DFS Quote) upgraded at Barclays from Equal-weight to Overweight. $16 price target. Stock is trading at a discount to normalized earnings and delinquencies are improving.

Kansas City Southern (KSU Quote) downgraded at UBS from Buy to Neutral. $25 price target. Valuation call, as the company will struggle to match second-half earnings.

Microsemi (MSCC Quote) upgraded at Weisel from Market-weight to Overweight. $17 price target. Hi-Rel business is showing signs of recovery.

PPD (PPDI Quote) downgraded at Barclays from Overweight to Equal-weight. $22 price target. There is no quick fix to the challenges the company is facing.

Parexel (PRXL Quote) upgraded at Barclays from Equal-weight to Overweight. $17 price target. Clinphone franchise is being overshadowed by the revenue recognition issue.

Stryker (SYK Quote) downgraded at Weisel from Overweight to Market-weight. $44 price target. MedSurg division will likely be a damper on revenue growth.