Change in Ratings

Agco

(AG) - Get Report

downgraded at Goldman Sachs to Neutral from Buy. Expect U.S. farmer income to be down 15% in 2009, with ag equipment down 20% in 2010. Price target cut to $39 from $71.

Aon

( AOC) upgraded at Goldman Sachs to Buy from Neutral based on continuing strong fundamentals. Believe Aon and

Marsh & McLennan

(MMC) - Get Report

are victims of overall market decline, and see significant upside even in poor environment. Marsh & McLennan upgraded to Buy from Neutral.

Air Products

(APD) - Get Report

upgraded at Jefferies to Buy from Hold. Price target raised to $79 from $63. Maintains 2008 EPS estimates of $4.98.

Franklin Resources

(BEN) - Get Report

downgraded at Credit Suisse to Neutral from Outperform due to low relative fund performance, above average foreign currency exposure and international distribution tilt to weak emerging markets. Maintained $78 target price.

Blackstone Group

(BX) - Get Report

upgraded at Jefferies to Hold from Underperform. Price target lowered to $10 from $14. 2008 EPS estimates lowered to 22 cents from 44 cents.

Crane

(CR) - Get Report

upgraded at Goldman Sachs to Neutral from Sell based on valuation. Note that shares are down 48% year to date and carry a multiple of 8 times 2009 estimates.

Carlisle

(CSL) - Get Report

downgraded at Goldman Sachs to Sell from Neutral. Note late-cycle business mix and primary exposure to commercial construction. Price target at $22.

Citrix Systems

(CTXS) - Get Report

upgraded at Jefferies to Hold from Underperform. Price target lowered to $22 from $25. Maintains 2008 EPS estimates of $1.55.

Eaton Vance

(EV) - Get Report

upgraded at Credit Suisse to Outperform from Neutral. Says stronger organic growth than peers and defensive EPS will help stock outperform in a bear market/economic recession. Lowered target price to $31 from $33.

3M

(MMM) - Get Report

upgraded at Goldman Sachs to Neutral from Sell based on limited valuation downside. Remain wary of macroeconomic headwinds, but note shares are trading at just 11 times Goldman's below-consensus 2009 estimate. Target cut to $57 from $74.

Progressive

(PGR) - Get Report

upgraded at UBS to Neutral from Sell. 2008 EPS estimates lowered to $1.31 from $1.35. Price target lowered to $15 from $16.

Pentair

(PNR) - Get Report

downgraded at Goldman Sachs to Sell from Neutral based on increasing risk to 2009 estimates. Note cyclical downturn in technical products, which represent 30% of revenue.

Stock Comments/EPS Changes

Cisco Systems

(CSCO) - Get Report

numbers lowered at UBS. 2009 EPS estimates lowered to $1.47 from $1.50. Price target lowered to $21.50 from $23.50. Maintains Neutral rating.

GE

(GE) - Get Report

numbers lowered at UBS. 2008 EPS estimates lowered to $1.95 from $2. Price target lowered to $27 from $29. Maintains Buy rating.

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