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Change in Ratings

Advanced Micro


upgraded from Sell to Neutral at Bank of America with a $6 price target. Cash flow generation is improving and business fundamentals should pick up in the coming quarters.

Ashworth Mortgage


: Credit Suisse said it is upgrading ANH to Outperform from Neutral. Cites removal of GSE overhang is a positive. Maintained $7.50 target price.



: Goldman Sachs said it is downgrading AZO to Neutral from Buy based on valuation following recent rally in share price. Note renewed commercial momentum and solid margin performance. See limited potential for upside earnings surprises. Price target raised to $149 from $142.

Investment Technology


was downgraded to Neutral, Bank of America said. $33.50 price target. Growth could slow in the US and Europe, given the softer economic outlook.

Mohawk Industries


was downgraded from Neutral to Underweight, JP Morgan said. Non-residential and European markets continue to weaken, though the stock is up 22% from its July 14 low.

Nalco Holding


: Goldman Sachs said it is upgrading NLC to Neutral from Sell based on valuation and moderating concerns over pricing and growth rates. Note operational improvement in Europe, aggressive pricing and stable growth in core divisions. Price target upped to $23 from $21.

Annaly Capital


: Credit Suisse said it is upgrading NLY to Outperform from Neutral. Cites GSE conservatorship by Tresury remove the negative supply/demand imbalances from the MBS market. Maintained $18 target price.



downgraded at UBS. Rating lowered to Sell from Hold. Price target lowered to $11 from $12. Fiscal 2009 EPS estimates maintained $0.50.



was downgraded to Neutral from Buy, Goldman said. Expect tailwind from inflation to fade over next 6 months and note high valuation relative to hardlines retail sector. Price target raised to $29 from $27.

Portland General


was downgraded to Neutral from Buy, Goldman said. Shares have recently outperformed other regulated utilities despite event risk from upcoming resolution to Trojan remand case. See limited near-term catalysts. Price target at $28.



was upgraded from Sell to Hold, Deutsche Bank said. $127 price target. Stock has pulled back, and the stock holds some value with its impressive backlog.



was upgraded from Underweight to Neutral, JP Morgan said. Stock has underperformed its peers of late, but wallboard prices are stabilizing as well as capacity utilization.

Strategy Calls/Market Calls

Fannie Mae



Freddie Mac


were downgraded from Buy to Sell, Citigroup said. Federal takeover all but elimiates the equity value of the companies.

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This article was written by a staff member of