Philip Morris: Analyst Upgrades, Downgrades

NEW YORK (TheStreet) -- CHANGE IN RATINGS

AK Steel Holding(AKS) was downgraded from Buy to Hold by Deutsche Bank. $24 price target. Company has lower margin potential than its peers.

Baxter International(BAX) was downgraded from Buy to Hold by Citigroup. Estimates were also cut, as the Bioscience division is slowing. $63 price target.

Burger King(BKC) was downgraded to Neutral from Outperform on challenging industry conditions and increasing tensions with franchisees. Price target cut from $23 to $21. 2010 and 2011 EPS estimates reduced to $1.38 and $1.59, respectively.

Ciena(CIEN) was upgraded to Outperform from Neutral by Barclays, based on near-term revenue growth. Price target lifted to $19 from $15. 2010 and 2011 EPS estimates increased to -$0.89 and $0.27, respectively.

GSI Commerce(GSI) was downgraded to Neutral by Susquehanna Financial. Stock has already priced in a strong holiday season and deal momentum.

International Speedway(ISCA) was downgraded from Outperform to Market Perform by BMO Capital Markets. Valuation call, as the stock reached the $30 price target.

Lorillard(LO) was downgraded to Neutral from Outperform by Credit Suisse on uncertainty regarding the outstanding recommendation of menthol by the FDA's TPSAC. Price target reduced to $84 from $90. 2009 and 2010 EPS estimates cut to $5.79 and $6.29, respectively.

McDonald's(MCD) was upgraded to Outperform from Neutral on international growth by Credit Suisse. Price target increased to $71 from $69. 2009 and 2010 EPS estimates set at $3.98 and $4.47, respectively.

Pebblebrook Hotel Trust(PEB) was initiated with a Buy rating and $23 target by Bank of America/Merrill Lynch. Pebblebrook is a blank-check REIT focused on acquiring hotel properties in the top 20 markets.