CHANGE IN RATINGS

Assurant

(AIZ) - Get Report

downgraded at Wachovia to Market Perform. Estimates also cut, as the company is facing multiple headwinds this year.

Abercrombie & Fitch

(ANF) - Get Report

upgraded to buy from hold and price target increased to $35 from $22 at Jefferies. Expecting continued near-term sales/margin pressure, earnings revision cycle has reached a trough. With Street estimates down big, sentiment already negative, compares easing in 2H09/'10, and a war chest of cash, risk/reward is favorable (Upside +40%/Downside ~10%).

Celanese

(CE) - Get Report

downgraded at Citigroup. Rating lowered to Hold from Buy. Maintains $24 price target. Maintains 2009 EPS estimates of $1.38.

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Changyou.com

(CYOU) - Get Report

rated new Positive at Susquehanna with Financial. $37 price target. Stock is up 80% from its IPO price, but still has strong growth momentum.

Emcor

(EME) - Get Report

downgraded at Goldman Sachs to Sell from Neutral based on improving outlook for other areas of engineering space. Believe non-residential construction will underperform. Price target at $20.

Fluor

(FLR) - Get Report

upgraded at Goldman Sachs to Neutral from Sell. Note rising oil prices and believe major downward earnings revisions have passed. Price target raised to $50 from $32.

Home Depot

(HD) - Get Report

upgraded at Citigroup. Rating raised to Buy from Hold. Price target raised to $32 from $26. Fiscal 2010 EPS estimates raised to $1.55 from $1.30.

Jacobs Engineering

(JEC) - Get Report

upgraded at Goldman Sachs to Buy from Sell due to improving industry fundamentals and lower consensus expectations. Believe period of cancellations and delays has passed, and JEC represents an attractive defensive energy play at this point in cycle. Price target raised to $48 from $36.

Lincoln National

(LNC) - Get Report

upgraded to outperform from market perform at Wachovia. Valuation range is $20 to $25, representing a 0.65-0.70x price to book multiple extended against estimates for year-end 2009 and 2010 GAAP book value of about $31 and $36, respectively. Improved financial flexibility, riding on a combination of capital and liquidity options, both internal and external, will serve to narrow peer valuation gap over time.

Netflix

(NFLX) - Get Report

rated new Perform at Oppenheimer. $35 price target. Company has a solid niche, but consumer trends will likely change over the coming years.

Overseas Shipholding

(OSG) - Get Report

downgraded at from Outperform to Perform at Oppenheimer. $28 price target. Deteriorating tanker rates during the summer months could hurt earnings.

Time Warner Telecom

(TWTC)

downgraded at Merrill/BofA from Buy to Underperform. $10 price target. Valuation call, as the company will struggle to maintain its recent sales growth in the current economic environment.

STOCK COMMENTS / EPS CHANGES

BMC Software

(BMC)

numbers increased at Barclays through 2010. Company seeing higher bookings and being helped by a lower tax rate. Overweight rating and new $37 price target.

Fluor

(FLR) - Get Report

estimates, target raised at UBS to $52. Estimates also increased, to reflect better margins, strong bookings and a lower tax rate. Buy rating.

McDermott

(MDR) - Get Report

target raised at Credit Suisse to $21 from $11 following solid Q1 results, substantial progress on J. Ray problems and strong backlog. Maintained Neutral rating.

McDermott

(MDR) - Get Report

numbers raised at Barclays to $23. Estimates also increased, to reflect higher margins and a solid project pipeline. Overweight rating.

State Street

(STT) - Get Report

added to Top Picks Live list at Citigroup. Company is positioned well, following the recent capital raise. $54 price target.

Warnaco

(WRC)

target raised at Credit Suisse to $30 from $24. Cites strong international sales, solid margins and market share gains that were reported in Q1. Maintained Neutral rating.

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