Thursday's Analysts' Upgrades and Downgrades

CHANGE IN RATINGS

Caremark Rx (CMX Quote) downgraded at Wachovia: CMX was downgraded to Market Perform at Wachovia. Company reported strong quarter, but performance now tied to CVS. See better value in MHS, at current levels.

Dominion (D Quote) downgraded at Jefferies: Jefferies is downgrading D to Underperform from Hold based on valuation. Estimate $7 per share of cash dilution from sale of company's E&P business. Price target cut to $68 from $74.

Dell (DELL Quote) upgraded at Goldman Sachs: Goldman is upgrading DELL to Neutral from Sell as more disciplined pricing and attention to sales mix will enable company to beat estimates. Price target raised to $26.50 from $21.

Intermec (IN Quote) upgraded at Baird: IN was upgraded from Neutral to Outperform at Robert Baird. $27 price target. Despite product transition issues, the end-market demand picture looks strong. Company is also cutting costs and buying back stock. ...