Analysts' Upgrades, Downgrades: Apple

See who made what calls.
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CHANGE IN RATINGS

Apple

(AAPL) - Get Report

downgraded at Calyon from Outperform to Underperform. $90 price target. The company's premium pricing in PC's is vulnerable in the current environment.

CH Robinson

(CHRW) - Get Report

downgraded at Wachovia to Underperform. Now see first half profit down from last year, which should pressure the stock. Estimates also cut.

Capital One

(COF) - Get Report

downgraded at J.P. Morgan to Neutral from Overweight based on continued losses from unsecured consumer credit. Note that liquidity of $40 billion remains ample, but charge-offs will continue as unemployment continues to climb. Price target at $11.

Allscripts

(MDRX) - Get Report

downgraded at Deutsche Bank from Hold to Sell. $7 price target. Potential catalysts have been pushed out, and the stock trades at a premium to its peers.

Marvell Technology

(MRVL) - Get Report

upgraded at Barclays to Overweight from Equal weight and price target increased to $10 from $8. Barclays believes that for the first time in nine months, consensus ests likely remain intact due to a major cost cutting program that includes a 10-15% workforce reduction. In addition, recent HDD consolidation (Toshiba/Fujitsu, WDC/STM) should be viewed as a positive that should drive above-average growth in CY10.

Noble

(NE) - Get Report

downgraded at Credit Suisse to Neutral from Outperform due to deterioration in Mideast jackup demand. Note rising uncontracted capacity additions in 2009 and 2010, when day rates are likely to be falling. Price target cut to $28 from $32.

Pulte

(PHM) - Get Report

upgraded at Credit Suisse to Neutral from Underperform based on valuation and ongoing improvement in Real Estate survey. Note improvements in Phoenox and Las Vegas markets and believe valuation reflects likely price reductions and write-downs in land value. Target price at $10.

Reynolds American

(RAI)

downgraded at BofA/Merrill from Neutral to Underperform. $36 price target. Expect tough competition in 2009, and a flat dividend, compared with growth from its peers.

Spectra Energy

(SE) - Get Report

upgraded at Barclays to Overweight from Equal weight and price target decreased to $19 from $21. The steep drop in crude has caused some concern that the dividend might be in jeopardy. 2009 EPS guidance of $1.15 looks high but Barclays believes dividend is secure even under lower EPS assumption predicated on the fact that over 80% of EBIT is generated by stable fee based operations growing 6% per annum. Remaining 20% comes from energy price sensitive segments. Analyst believes 2009 represents the floor of this commodity cycle.

Valspar

(VAL) - Get Report

upgraded at J.P. Morgan to Neutral from Underweight. Q1 results were better than expected despite weakness in paints segment. Believe operating margins will benefit from lower materials costs later this year. Price target raised to $16 from $14.

STOCK COMMENTS / EPS CHANGES

Altria

(MO) - Get Report

added to the Top Picks Live list at Smith Barney. Expect little impact on earnings and the dividend in the current economic decline, based on historical trends. Buy rating and $18 price target.

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