Change in Ratings

Airgas

(ARG)

downgraded at Oppenheimer from Outperform to Perform. Valuation call, as the stock is up 15% on the year and trades at 18 times expected 2009 earnings.

Buckle

(BKE) - Get Report

downgraded at JP Morgan from Overweight to Neutral. Stock has doubled this year and appears fully valued.

Canadian Natural Resources

(CNQ) - Get Report

downgraded at Credit Suisse to Neutral from Outperform based on lower forecast returns relative to peers. Cut target price to $105 from $122.

Brinker International

(EAT) - Get Report

downgraded at BofA to Neutral. $21 price target. Estimates also cut, as September sales will likely be soft, accentuated by recent insider selling.

Health Management Associates

(HMA)

upgraded at BofA from Neutral to Buy. $6 price target. Valuation call, as the stock has an attractive free cash flow yield. New CEO can also turn the business around.

HealthSpring

(HS)

upgraded at Goldman Sachs to Buy from Neutral based on valuation and favorable position in light of potentially unfavorable Medicare changes over next 3-5 years. Note that company has no private fee for service enrollment. Price target raised to $24 from $22.

KBR

(KBR) - Get Report

rated new Overweight at Morgan Stanley. $25 price target. Stock has sold off despite increasing financial results.

KLA-Tencor

(KLAC) - Get Report

downgraded at Credit Suisse to Underperform from Neutral based on valuation and competition. Lowered target price to $25 from $31.50.

Kennametal

(KMT) - Get Report

downgraded at Goldman Sachs to Sell from Neutral based on below-consensus earnings outlook provided at last week's analyst meeting. Also see potential shortfall in 2009 earnings based on softening conditions in Europe and competitive pressures. Price target at $31.

National City

(NCC)

upgraded at Goldman Sachs to Buy from Neutral based on view that banks with low marks and/or excess capital will benefit the most in new financial landscape following last week's government intervention. See ongoing need for some banks to take writedowns due to having loans marked at 90%-95% of par. Target raised to $7 from $5.

NetApp

(NTAP) - Get Report

downgraded at Wachovia to Market Perform. Revenue growth is slowing, and the company may not reach its 16% target operating margin as quickly as previously expected.

Watsco

(WSO) - Get Report

downgraded at Oppenheimer from Perform to Underperform. Same-store sales are deteriorating, and poor weather could further weigh on results. Estimates also cut through 2009.

Stock Comments/EPS Changes

Boeing

(BA) - Get Report

target cut at Merrill. Shares now seen reaching $75, Merrill Lynch said. 787 will now likely be pushed out to 2010. Estimates also cut, based on lower delivery expectations. Buy rating.

Strategy Calls/Market Calls

PC hardware numbers cut at Morgan Stanley. Estimates and price targets were cut across the board for the stocks.

Apple

(AAPL) - Get Report

,

Dell

(DELL) - Get Report

,

EMC

(EMC)

,

Hewlett-Packard

(HPQ) - Get Report

,

IBM

(IBM) - Get Report

and

Cisco

(CSCO) - Get Report

among the names affected. Slowing demand and the stronger U.S. dollar are the main culprits.

Credit Suisse lowers natural gas and oil outlook. Credit Suisse said it is lowering its 2008/2009 natural gas forecast to $9.25 per MMBtu to $8.25 per MMBtu and oil price forecast to $110/bbl from $130/bbl based on current oversupply.

Teva

(TEVA) - Get Report

and

Watson Pharmaceuticals

(WPI)

were upgraded from Market Perform to Outperform at Wachovia. Generic-drug sector weighting also raised to Overweight, as patent expiration momentum should continue to drive market share gains.

Four truckers downgraded at JP Morgan.

YRC Worldwide

(YRCW) - Get Report

,

Con-Way

(CNW)

and

Old Dominion

(ODFL) - Get Report

were downgraded to Neutral. Rating on

Arkansas Best

(ABFS)

was also cut to Underweight, as the stocks have rallied despite a decline in the outlook for the less-than-truckload market.

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