Analysts' Upgrades, Downgrades: Baidu

See who made what calls.
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CHANGE IN RATINGS

Baidu

(BIDU) - Get Report

upgraded at Goldman Sachs to Conviction Buy based on expectations that paid search will rise from around 2 basis points of Chinese GDP, closer to developed markets' 9bp to 12bp range. Believe search spending will rise around 30% per year for several years, and expect Baidu to maintain market share. Also note $10 in cash per share. Price target at $145.

Gilead Sciences

(GILD) - Get Report

upgraded at Merrill from Neutral to Buy. $55 price target. Estimates also raised, based on higher expected sales of HIV products.

Hill-Rom

(HRC) - Get Report

downgraded at Oppenheimer from Outperform to Perform. End-market demand likely to deteriorate heading into 2009. Stock is also trading at a premium to its peers.

Spirit Aerosystems

(SPR) - Get Report

downgraded at Deutsche Bank from Hold to Sell. $7.50 price target. Commercial aerospace sector will likely struggle until the new Boeing and Airbus planes hit the market in 2010.

UPS

(UPS) - Get Report

downgraded at Merrill from Neutral to Underperform. $44 price target. Estimates also cut, as volumes are falling, offsetting expected share gains from DHL exit.

STOCK COMMENTS / EPS CHANGES

AGCO

(AG) - Get Report

target lowered at Credit Suisse to $31 from $40 based on deteriorating South America and Eastern European markets and lingering financing issues. Maintained Outperform rating.

Agrium

(AGU)

target cut at Credit Suisse to $55 from $60 to account for production cuts at several facilities and also weaker demand. Maintained Neutral rating.

Estee Lauder

(EL) - Get Report

numbers cut at Barclays. Shares now seen reaching $35. Estimates also lowered, to reflect slower expected organic sales growth. Equal-weight rating.

Honeywell

(HON) - Get Report

numbers raised at Morgan Stanley. Shares now seen reaching $41. Estimates also increased, to match the company's new guidance, based on cost-cutting. Overweight rating.

CarMax

(KMX) - Get Report

price target cut at Goldman to $7 from $14. Expect lower sales across automotive sector, and note exposure to eroding consumer credit. See continued increases in delinquencies and charge-offs. Maintained Neutral rating.

STRATEGY CALLS / MARKET CALLS

Potash

(POT)

,

Mosaic

(MOS) - Get Report

,

Terra Industries

(TRA)

and

Intrepid Potash

(IPI) - Get Report

were upgraded to Buy at Merrill Lynch. Rating on

CF Industries

(CF) - Get Report

was also raised to Neutral. Stock is pricing in lower near-term purchases, and the industry fundamentals appear to be near a bottom.

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