Analysts' Upgrades, Downgrades: Cat

CHANGE IN RATINGS

Agilent (A Quote) downgraded at Barclays from Overweight to Equal-weight. $20 price target. Becoming more constructive on the group, as capital spending budgets will likely be cut in 2009.

Caterpillar (CAT Quote) downgraded at Goldman Sachs to Sell from Neutral based on continued declines in earnings through 2010. View recent gains on economic stimulus news as optimistic, and believe cuts in mining and lower energy-related capital expenditures will be a significant negative. Note that economic stimulus package is more likely to mitigate downside than generate upside. Also note higher funding costs and credit losses for financial segment. Price target cut to $32 from $38.

CNH Global (CNH Quote) downgraded at Goldman to Sell from Neutral. Prefer diversified industrials as cycle nears bottom, and expect that earnings will deteriorate into 2010. Weak commodity prices and higher credit losses and funding costs will remain headwinds. Price target lowered to $14 from $16. ...