Analysts' Upgrades, Downgrades: GE

CHANGE IN RATINGS

Automatic Data (ADP Quote) upgraded at UBS to Neutral. $36 price target. Believe that employment trends are shifting, and consensus estimates are coming down.

American Eagle (AEO Quote) upgraded at Citigroup to a buy from hold and price target increased to $17 from $15. Believe stale looks at Hollister and expensive pricing at A&F should favor AEO as it delivers improving fashion at a better value. AEO has a robust balance sheet with $409M in net cash and 9-10% FCF yield.

Anadarko Petroleum (APC Quote) upgraded at Goldman Sachs to Neutral from Sell. Expect continuing recovery in oil and gas pricing, making company's shale exposure and exploration leverage increasingly attractive. Price target raised to $56 from $42.

CB Richard Ellis (CBG Quote) downgraded at Goldman Sachs to Sell from Neutral. Valuation is expensive relative to near-term liquidity concerns and high leverage, as company may need more capital if earnings remain depressed throughout 2009. CRE Broker sector appears fully valued considering a potential recovery is only beginning to develop. Price target raised to $7.50 from $4. ...