Tuesday's Analysts' Upgrades, Downgrades

Change in Ratings

Apple(AAPL Quote) downgraded at Morgan Keegan from market perform to underperform. Expect the company to suffer from broad consumer spending weakness, and growth to decelerate over the next two to three quarters.

American Express(AXP Quote) upgraded at Goldman Sachs to buy from neutral, based on valuation. See risks of slowing growth in consumer spending and deteriorating consumer credit trends fully priced into shares. Price target at $53.

Franklin Resources(BEN Quote) upgraded at Goldman to buy from neutral based on attractive risk/reward stemming from attractive valuation and strong fundamentals. Price target raised to $135 from $110.

Bank of New York Mellon(BK Quote) upgraded at Goldman to buy from neutral based on valuation. See Fed actions offsetting effects of weak equity markets. Note discount to other trust banks and historical average. Price target at $53. ...