Change in Ratings

Adtran

(ADTN) - Get Report

upgraded at Weisel to overweight. Company is emerging from a multiyear transition in its business, where new products are offsetting legacy items. $27 price target.

BOK Financial

(BOKF) - Get Report

upgraded at Suntrust from neutral to buy with a $58 price target. Estimates also raised, as management is highly disciplined, and will continue to grow in a difficult environment.

ITT

(ITT) - Get Report

downgraded at Credit Suisse from outperform to neutral. New management changes offset the recent positive pre-announcement. $62 price target.

LSI Logic

(LIS)

downgraded at Merrill from buy to neutral. Company missed quarterly sales estimates, and inventory is rising. Also may soon lose market share to

Seagate

(STX) - Get Report

and

Marvell Technology

(MRVL) - Get Report

.

Macy's

(M) - Get Report

downgraded at JPMorgan from neutral to underweight. Believe the stock has another leg down, as

J.C. Penney

(JCP) - Get Report

and

Kohl's

(KSS) - Get Report

have already cut first-quarter guidance.

Altria

(MO) - Get Report

downgraded at JPMorgan from overweight to neutral with a $25 price target. Stock also removed from the Focus List, as it should perform in line with its domestic peers.

SLM

(SLM) - Get Report

downgraded at Morgan Stanley to underweight with a $13 price target. Estimates also cut, as earnings will be hit by both lower government subsidies and the current credit crunch.

State Street

(STT) - Get Report

downgraded at Merrill from buy to neutral. Estimates also cut, to reflect lower net interest margins, a smaller buyback program and higher realized security losses.

Stock Comments/EPS Changes

Adtran target raised, estimates cut at UBS. Price target increased to $22.50 from $20.00. 2008 EPS estimates lowered to $1.23 from $1.24. Reiterates neutral rating.

Forest Labs

(FRX)

fiscal 2009 EPS estimates lowered at UBS to $3.20 from $3.48. Price target lowered to $50 from $54. Reiterates buy rating.

Forest Labs numbers cut at Morgan Stanley. FRX now seen reaching $39 a share. Estimates also lowered, to match the company's higher expected operating costs. Equal-weight rating.

Intel

(INTC) - Get Report

price target raised at Goldman to $30 from $27 based on solid first-quarter results and second-quarter guidance. Note strong margin guidance and execution in the core MPU business. Maintained buy rating.

Juniper Networks

(JNPR) - Get Report

numbers lowered at UBS. Price target $30.00 from $37.50. 2008 EPS estimates lowered to 98 cents from $1.01. Reiterates buy rating.

Marshall & Ilsley

( MI) numbers lowered at UBS. Price target lowered to $23.50 from $27.00. 2008 EPS estimates lowered $1.90 from $2.05. Reiterates neutral rating.

Northrup Grumman

(NOC) - Get Report

price target lowered at Goldman to $78 from $82 based on announcement that company will record a $320-360 million pretax charge due to poor workmanship and quality issues on LHD-8. Maintained sell rating.

Seagate target cut at Goldman to $23 from $25 based on expectations for lower pricing and gross margin declines starting in June quarter. See industry-wide inventory buildup in HDDs and deteriorating demand. Maintained neutral rating.

This article was written by a staff member of TheStreet.com Ratings.