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Adobe: Analysts' Upgrades, Downgrades

Stocks in this article: ADBETOLSFD

NEW YORK ( TheStreet) -- CHANGE IN RATINGS

Adobe Systems (ADBE) numbers boosted at Jefferies through 2010. Headcount reduction should boost margins. Hold rating and new $40 price target.

Adobe Systems (ADBE) downgraded at Oppenheimer from Outperform to Perform. Valuation call, as the selling environment remains challenging.

Allegheny Energy (AYE) downgraded at Citigroup from Buy to Hold. $23 price target. Estimates also cut, to reflect new details about the merchant supply business.

Dime Communications (DCOM) upgraded at Barclays to Overweight from Equal Weight. Price target increased to $15 from $12. 2009 and 2010 EPS estimates raised to $0.93 and $1.15, respectively.

Education Management (EDMC) initiated at BofA/Merrill with a Buy rating and $26 price target. 2010 and 2011 EPS estimates set at $1.10 and $1.33, respectively.

Education Management (EDMC) initiated at Barclays with an Overweight rating and $27 price target. 2010 and 2011 EPS estimates set at $1.12 and $1.43, respectively.

Fluor (FLR) upgraded at Citigroup from Sell to Hold. Company had a mixed quarter, but risks are already being priced into the stock. $50 price target.

FPL Group (FPL) upgraded at Citigroup from Hold to Buy. $58 price target. Stock looks attractive ahead of its next rate case in Florida.

Hewitt Associates (HEW) upgraded at Deutsche Bank. Rating raised to Buy from Hold. Price target raised to $55 from $35. 2009 EPS estimates raised to $2.67 from $2.60.

Microchip Tech (MCHP) upgraded at Goldman from Sell to Neutral. $24 price target. Valuation call, as the company is poised to gain market share in the near term.

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