Tuesday's Analysts' Upgrades and Downgrades

CHANGE IN RATINGS

Alcoa (AA Quote) upgraded at Morgan Stanley: Morgan Stanley upgrades Alcoa from equalweight to overweight and moves price target from $30 to $40.

Con-way (CNW Quote) upgraded at Merrill: CNW was upgraded from Sell to Neutral at Merrill Lynch. Weak small truckload environment has already been priced into the stock. Pricing has also remained strong.

Holly (HOC Quote) downgraded at Deutsche: HOC was downgraded to Sell at Deutsche Bank. Stock is the most expensive refining stock under coverage, and TSO looks more attractive at current levels.

Int'l. Game Tech (IGT Quote) upgraded at CIBC: IGT was upgraded from Sector Perform to Outperform at CIBC. Replacement cycle is approaching in the slot machine market, and many international opportunities also remain. $56 price target. ...