Analysts' Upgrades. Downgrades: Boeing - TheStreet

Change in Ratings

AllianceBernstein

(AB) - Get Report

downgraded at Goldman Sachsto Neutral from Buy due to ongoing pressure on asset trends, with outflows occurring across all channels. Note lack of catalysts and limited upside to $58 price target.

Automatic Data Processing

(ADP) - Get Report

downgraded at Morgan Stanleyto Equal-weight. $47 price target. Business trends are weakening, and organic revenue growth should come in slower than expected.

Air Products and Chemicals

(ADP) - Get Report

upgraded at JPMorganto Overweight from Neutral. APD's improvements in return this quarter with 19% EPS growth and a 39% increase in operating cash flow lead to the potential for longer-term growth rates.

Auxilium Pharmaceuticals

(AUXL)

downgraded at Citito Hold from Buy. $37 price target. Patient pools are smaller than management expectations based upon Citi's analysis of volume data leading to the downgrade.

Boeing

(BA) - Get Report

downgraded at Cowento Neutral from Outperform. Increasing commercial overhead absorption is proving to be quite challenging and underscored the second quarter conference call.

Cadence Design Systems

(CDNS) - Get Report

downgraded at RBCto Sector Perform rating from Outperform. Price target cut to $8 from $17 and FY09 eps estimates drop to $0.25 from $1.29. Reiterates Average Risk qualifier.

Chipotle Mexican Grill

(CMG) - Get Report

downgraded at RBCto Sector Perform rating from Outperform. Price target cut to $82 from $137 and FY09 revenue estimates drop to $1.62 billion from $1.65 billion. Reiterates Above Average Risk qualifier.

Chipotle Mexican Grill

(CMG) - Get Report

downgraded at Jefferiesto Hold from Buy. 2008 EPS estimates lowered to $2.56 from $2.64. Price target lowered from $100 to $80.

Costco

(COST) - Get Report

downgraded at JPMorganto Neutral from Overweight. There are not many near-term catalysts for COST as there have been in prior EPS pre-announcements which make the Overweight rating less justifiable.

Costco

(COST) - Get Report

numbers lowered at UBSto $2.92 from $3.02. Price target lowered to $67 from $74. Maintains Neutral rating.

Centurytel

(CTL) - Get Report

downgraded at Morgan Stanleyto Equal-weight. Valuation call, as the stock is up more than 20%.

Gardner Denver

(GDI) - Get Report

downgraded at BB&Tto Hold from Buy. The company posted strong 2Q08 results, however, their outlook is seen to have weakened in recent months as the company is showing strains as orders could slow going forward.

McDonald's

(MCD) - Get Report

downgraded at Deutscheto Hold from Buy. $63 price target. Forward EPS has increased nearly 50 cents and further upside in the near-term will be challenging. The overall risk/reward in the company justifies the Hold rating.

Raymond James Financial

(RJF) - Get Report

downgraded at Wachoviato Market Perform from Outperform. The downgrade is due to slower earnings projections within the bank and its valuation. Loan growth is likely to slow, margins will level out and credit quality is continuing to deteriorate.

AT&T

(T) - Get Report

downgraded at JP Morganfrom Overweight to Neutral. Weaker economy is impacting wireline trends. Margins could also deteriorate in the second half of the year.

TCF Financial

(TCB)

upgraded at Deutscheto Hold from Sell. $16 price target. In the second quarter TCB did make money and reserves are building. No capital raise is expected and the company should come close to earning its dividend in 2008 due to their reserve building.

Varian

( VARI) downgraded at Thomas Weisel Partnersto Market Weight from Overweight. The company has had a series of manufacturing relocation issues, shipment/installation issues and organic growth has declined over the past 9 months.

MEMC Electronic Materials

(WFR)

upgraded at Citigroupto Buy from Hold. $65 price target. The stock is now very inexpensive and is a strong position to beat expectations as silane is no longer a bottleneck and current valuation leaves a significant margin for error.

MEMC Electronic Materials

(WFR)

numbers lowered at UBSto $4.00 from $4.25. Price target lowered to $60 from $90. Maintains Buy rating.

Stock Comments / EPS Changes

Alcon

( ACL) numbers raised at Jefferiesto $6.54 from $6.45. Price target raised to $181 from $174. Maintains Buy rating.

Allstate

(ALL) - Get Report

estimates lowered at UBSto $5.20 from $5.35. Maintains Neutral rating and $51 price target.

Ameriprise

(AMP) - Get Report

estimates raised at UBSto $3.91 from $3.77. Maintains Buy rating and $68 price target.

CNH Global

(CNH)

estimates raised, target cut at UBSto $43 from $48. Raises 2008 EPS estimates to $3.55 from $3.35. Maintains Neutral rating.

Citrix Systems

(CTXS) - Get Report

numbers lowered at UBSto $1.03 from $1.14. Price target lowered to $31 from $35. Maintains Neutral rating.

Genzyme

( GENZ) target raised, estimates cut at UBSto $92 from $86. 2008 EPS estimates lowered to $3.37 from $3.47. Maintains Buy rating.

Medicines

(MDCO) - Get Report

numbers raised at UBSto $0.37 from $0.31. Price target raised to $27 from $24. Maintains Buy rating.

Nabors

(NBR) - Get Report

price target raised at Jefferiesto $50 from $46. 2008 EPS estimates lowered to $3.27 from $3.28. Maintains Buy rating.

Netgear

(NTGR) - Get Report

numbers lowered at UBSto $1.32 from $1.39. Price target lowered to $17 from $20. Maintains Neutral rating.

OfficeMax

(OMX)

numbers lowered at UBSto $1.70 from $1.85. Price target lowered to $16 from $21. Maintains Neutral rating.

OSI Pharmaceuticals

( OSIP) numbers raised at UBSto $2.21 from $2.12. Price target raised to $58 from $55. Maintains Buy rating.

Pepsi

(PEP) - Get Report

price target lowered at Goldmanto $74 from $77 based on slightly more modest valuation assumption, in-line with KO. Note challenges for beverage segment, including and commodity inflation concerns. Maintained Neutral rating.

Philip Morris

(PM) - Get Report

target raised at Goldmanby $1 to $62 following solid Q2 results that showed better than expected pricing, sales mix, and cost savings. Note positive organic volume growth and strong results in Asia. Maintained Buy rating.

Praxair

(PX)

numbers raised at Jefferiesto $4.25 from $4.24. Price target raised to $115 from $107. Maintains Buy rating.

Praxair

(PX)

estimates raised at UBSto $4.29 from $4.24. Maintains Buy rating and $110 price target.

Qualcomm

(QCOM) - Get Report

price target raised at UBSto $63 from $54. Maintains 2008 EPS estimates of $1.90 and Buy rating.

Terex Corporation

(TEX) - Get Report

estimates raised at UBSto $6.85 from $6.80. Maintains Buy rating and $70 price target.

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