Analysts' Upgrades, Downgrades: Boeing

CHANGE IN RATINGS

Alliance Data (ADS Quote) downgraded at JPMorgan. Rating lowered to Neutral from Overweight. Price target lowered to $44 from $46. 2009 EPS estimates lowered to $4.77 from $4.89.

AES (AES Quote) upgraded to overweight from equal weight and price target increased to $13 from $11. Positives for the AES story are: 1) Valuation at 14% free cash yield and 7.5x 2011 EPS with upside to $13; 2) Attractive, relatively secure growth to $1.29 in 2011, up 33% from 2009; and 3) A commitment to reduce the balance sheet.

Agco (AGCO Quote) upgraded at Sterne, Agee from Neutral to Buy. $34 price target. Emerging market stabilization and recovery may begin sooner than expected.

American Tower (AMT Quote) upgraded at JPMorgan. Rating raised to Overweight from Neutral. Price target raised to $36 from $30. Maintains 2009 EPS estimates of $0.60. ...