Analysts' Upgrades, Downgrades: Intel

CHANGE IN RATINGS

Altera (ALTR Quote) upgraded at Goldman to Neutral from Conviction Sell as the stock has already priced in its negative fundamental outlook. Opportunities cited are improved full cycle earnings power from continued OpEx discipline and a recovery in the industrial end market. Increased target price to $16 from $12. Estimates for 2009 were also raised to 62 cents from 58 cents and 2010 estimates were raised to 85 cents from 65 cents.

Alcatel-Lucent (ALU Quote) upgraded at Merrill/BofA to Buy. Analyst said ALU is oversold, down 20% from recent peak, and balance sheet risk will fade. Maintains $2.80 price target and 2009 EPS estimate at -31 cents.

Bristol-Myers (BMY Quote) rated new Overweight at Morgan Stanley. $22 price target. Expect encouraging news on potential blockbusters.

Coca-Cola Enterprises (CCE Quote) upgraded at Credit Suisse to Outperform from Neutral. The increase in ratings was prompted by better structural visibility and the expectation for improvements in its fundamentals. Increased its target price to $20 from $12. ...