CHANGE IN RATINGS

Alliance Data

(ADS) - Get Report

downgraded at JPMorgan. Rating lowered to Neutral from Overweight. Price target lowered to $44 from $46. 2009 EPS estimates lowered to $4.77 from $4.89.

AES

(AES) - Get Report

upgraded to overweight from equal weight and price target increased to $13 from $11. Positives for the AES story are: 1) Valuation at 14% free cash yield and 7.5x 2011 EPS with upside to $13; 2) Attractive, relatively secure growth to $1.29 in 2011, up 33% from 2009; and 3) A commitment to reduce the balance sheet.

Agco

(AGCO) - Get Report

upgraded at Sterne, Agee from Neutral to Buy. $34 price target. Emerging market stabilization and recovery may begin sooner than expected.

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American Tower

(AMT) - Get Report

upgraded at JPMorgan. Rating raised to Overweight from Neutral. Price target raised to $36 from $30. Maintains 2009 EPS estimates of $0.60.

Boeing

(BA) - Get Report

downgraded at Morgan Stanley from Overweight to Equal-weight. $50 price target. Estimates also cut, to reflect the latest 787 delay.

Boeing

(BA) - Get Report

downgraded at Oppenheimer to Underperform. $40 price target. Latest 787 delay will likely take months. Prefer after-market names at current levels.

Black & Decker

( BDK) upgraded at Credit Suisse to Neutral from Underperform. Lean inventories, adjusting cost structures, and current valuation led to the increase in ratings. Maintained target price of $27.

Franklin Resources

(BEN) - Get Report

downgraded at Argus to Hold. Valuation call, as the stock is up 77% since March, and reached the $65 price target.

EMC

(EMC)

upgraded at Barclays to overweight from equal weight and price target increased to $16 from $12. Barclays believes that sales and gross margins are stabilizing, with the prospects for acceleration through 2010. Checks with suppliers and customers support this view.

Freeport-McMoran

(FCX) - Get Report

upgraded at Friedman, Billings Ramsey from Market Perform to Outperform. $58 price target. Company should trade in-line with improving copper prices.

KLA-Tencor

(KLAC) - Get Report

upgraded at Pacific Crest to Outperform. $35 price target. Company has low exposure to the likely glut in 300 mm equipment.

OSI Pharmaceuticals

( OSIP) initiated at Deutsche Bank with a Hold rating and $33 price target. Introduces 2009 EPS estimates of $1.30.

MEMC Electonic

(WFR)

downgraded at JPMorgan. Rating lowered to Underweight from Overweight. Maintains $12 price target. 2009 EPS estimates lowered to $0.19 from $0.24.

STOCK COMMENTS / EPS CHANGES

Ashland

(ASH) - Get Report

target increased at Credit Suisse to $34 from $31. Cites recent business trends where margins continue to improve and the recent asset sale of Drew Marine. Maintained Outperform rating.

Barnes & Noble

(BKS) - Get Report

2009 estimates reduced at Merrill/BofA because of higher eBook sales and margin constraints. Underperform rating and $16.50 price target.

Commercial Metals

(CMC) - Get Report

numbers cut at Merrill/BofA through 2010. Steel markets remains fragile and infrastructure stimulus will likely not hit until 2010. Underperform rating and new $11 price target.

Discovery

(DISCA) - Get Report

target boosted at Merrill/BofA to $28. Company has solid ratings and affiliate fees, with the potential to grow internationally. Buy rating.

Noble Corp.

(NE) - Get Report

estimates cut at RBC Capital through 2010. More rigs are coming to market, and pricing is falling along with demand. Sector Perform rating and $37 price target.

Home Depot

(HD) - Get Report

target cut at Merrill/BofA to $21. Challenges remain in the housing market. Underperform rating.

Jabil Circuit

(JBL) - Get Report

target decreased at Credit Suisse to $8 from $8.50 as visibility remains unclear and a negative Q4 outlook. Maintained Neutral rating.

Kroger

(KR) - Get Report

estimates raised at UBS through 2011. Company is executing well, aided by lower diesel and commodity costs. Buy rating and $32 price target. Buy rating and $32 price target.

Linear Tech

(LLTC)

numbers raised at Friedman, Billings Ramsey to $19. Estimates also increased, following channel checks. That said, the risk/reward is still not favorable. Underperform rating.

Lowe's

(LOW) - Get Report

target cut at Merrill/BofA to $17. Rising mortgage rates could hurt demand. Underperform rating.

Micron

(MU) - Get Report

2009 estimates raised at Credit Suisse because of higher selling prices. Outperform rating and $7 price target.

Oracle

(ORCL) - Get Report

estimates boosted at Morgan Stanley through 2011. Company is cutting costs while also gaining market share. Overweight rating and $26 price target.

Oracle

(ORCL) - Get Report

target raised at Goldman to $25 from $24 after reporting a positive Q1 and stating that the May quarter was likely the bottom for YOY license declines. Maintained Buy rating.

Sonic

(SONC)

target raised at Goldman to $9 from $8. Margin relief, signs of building their cash reserves, and valuation led to the increase in numbers. Maintained Sell rating.

Teva Pharmaceuticals

(TEVA) - Get Report

numbers raised at Goldman to $54 from $52. The increase in numbers was prompted by expectations of solid growth through 2012 and the possibility of a deal in its outlook. Maintained Conviction Buy rating.

Textron

(TXT) - Get Report

target lowered at Goldman to $12 from $14. Cites renewed concerns on the business jet cycle displayed by cancellations coming in at the same rate and zero new activity orders. Maintained neutral rating.

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