Analysts' Upgrades, Downgrades: Alcoa - TheStreet

Change in Ratings

Alcoa

(AA) - Get Report

upgraded at Goldman Sachsto buy from neutral based on higher aluminum forecasts. Note supply constraints in coal market reducing potential for major growth in metal supply. Target raised to $50 from $46.

Ciena

(CIEN) - Get Report

upgraded at JMP Securitiesmarket perform from market underperform. The weakening industry fundamentals are now partially discounted into CIEN's stock price. The stock should trade in line with the overall market for technology stocks. However, CIEN is down significantly and the risk/reward is too high to maintain an underperform rating.

Computer Sciences Corp

(CSC)

downgraded at Goldmanto sell from neutral due to high exposure to reduced tech spending trends and lower revenue assumptions. Note continued deterioration of discretionary spending trends. Target cut to $41 from $45.

Dean Foods

(DF) - Get Report

upgraded at JP Morganfrom neutral to overweight. Stock looks oversold on fears of coming dairy inflation and rising energy and resin costs.

Genzyme

( GENZ)upgraded at Citigroupto buy from hold. $91 price target. With 3 upcoming product launches, improving operating margins and EPS upside in 08/09 the stock is due to appreciate.

Starwood Hotels

(GRT)

downgraded at Goldmanto sell from neutral due to industry concerns including decelerating RevPar, negative operating leverage, continuing supply concerns, and expectations that timeshare will weaken. Also note unattractive valuation.

Intersil

(ISIL)

upgraded at RBCto outperform from sector perform. Price target lifts to $30 from $28 and FY09 eps estimates upped to $1.90 and $1.80. Reiterates Average risk qualifier.

Kinetic Concepts

( KCI) upgraded at JPMorganto neutral from underweight. The stock has lost 26% YTD and although there are still fundamental concerns, the stock is simply to cheap to stay at Underweight. The street is too negative on the short-term impact of competitive pressures and new opportunities from product flow, cost structure and potential M&A activity offset longer term threats.

Louisiana-Pacific

(LPX) - Get Report

upgraded at RBCLPX upgraded to Sector Perform from Underperform at RBC. Price target and FY09 eps estimates hold at $10 and ($0.44) respectively. Reiterates Above Average risk qualifier.

Macy's

(M) - Get Report

upgraded at JPMorganto neutral from underweight. Upgrade is due to the stock's drop in price over the past few months. Street estimates are too high and the stock appears to be more accurately discounted at $15.58.

Manpower

(MAN) - Get Report

added to Goldman's Conviction Sell Listdue to signs of weakness in European labor market. Expect earnings below consensus estimates. Target price cut to $47 from $60.

Owens Corning

(OC) - Get Report

upgraded at Morgan Keeganto outperform from market perform. OC continues to face challenges within the building material segment, but the company is well positioned and the combination of price, valuation and business trends offer potential upside.

Resmed

(RMD) - Get Report

downgraded at Morgan Stanleyto underweight from equal-weight with a $33.47 price target. Margin pressures within the industry are expected to increases from more competitive bidding, home diagnosis potentially giving Durable Medical Equipment greater pricing power and the downturn to the US economy.

Molson Coors

(TAP) - Get Report

upgraded at Deutschefrom hold to buy. New analyst expects upside to the $500 million synergy target. $65 price target.

Domtar Corp

(UFS) - Get Report

upgraded at RBCto outperform from sector perform. Price target and FY09 eps estimates hold at $7.25 and $0.44, respectively. Reiterates Average risk qualifier.

Wachovia

(WB) - Get Report

downgraded at UBSwith the rating lowered to neutral from buy. 2008 EPS estimates lowered to -$1.98 from $0.38. Lowers price target to $12.50 from $18.00.

World Wrestling Entertainment

(WWE) - Get Report

upgraded at Natixisto buy from hold with a $19 price target. WWE Class A shares yield an attractive 9.7% dividend that should provide downside support. The company has a solid balance sheet and international exposure with $256 million in cash and no debt.

Zions Bancorp

(ZION) - Get Report

downgraded at Goldman Sachsto sell from neutral. See high construction and land exposure concentrated in California, Arizona and Nevada. Also note low capital ratios and risk of dilutive capital raising. Target slashed to $21 from $39.

Stock Comments / EPS Changes

Amgen

(AMGN) - Get Report

numbers raised at Jefferies2008 EPS estimates raised to $4.36 from $4.16. Price target raised to $47 from $41. Maintains Hold rating.

Ashland

(ASH) - Get Report

price target lowered at Jefferieswith the price target lowered to $51 from $63. Maintains 2008 EPS estimates of $2.85 and Buy rating.

Cleveland-Cliffs

(CLF) - Get Report

estimates upped at Morgan Stanleythrough 2009. Company benefiting from higher coking coal and iron ore prices. Equal-weight rating.

General Electric

(GE) - Get Report

numbers lowered at UBS2008 EPS estimates lowered to $2.23 from $2.25. Price target lowered to $35 from $41. Maintains Buy rating.

Gulfmark Offshore

(GLF)

numbers raised at Jefferies2008 EPS estimates raised to $5.99 from $5.87. Price target raised to $78 from $69. Maintains Buy rating.

Infosys Technologies

(INFY) - Get Report

estimates raised at JefferiesFiscal 2009 EPS estimates raised to $2.32 from $2.30. Maintains Buy rating and $57 price target.

Spectra Energy

(SE) - Get Report

estimates raised at Jefferies2008 EPS estimates raised to $2.05 from $1.75. Maintains Hold rating and $26.50 price target.

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