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Change in Ratings

Arrow Electronics


downgraded at Credit Suisse to Neutral from Outperform. Sees negative tech-related trends and believes valuation is no longer compelling. Lowered target to $31 from $43.



downgraded at JP Morgan from Neutral to Underweight. Fundamental factors are pointing to an inflection point in operations.

Coeur d'Alene


downgraded at JP Morgan from Overweight to Neutral. Company is pulling its alternative plan for Kensington.

F5 Networks


downgraded at Merrill to Underperform. $25 price target. Recent meetings with several players in the industry and recent events in the financial sector lead to a more cautious view.

Starwood Hotels


downgraded at Morgan Stanley to Equal-weight. Expect lodging industry trends to continue to deteriorate through the first half of 2009. Cutting estimates to 16% below the consensus.



downgraded at Goldman Sachs to Neutral from Buy based on macroeconomic headwinds. Note increased concerns over commercial travel volumes, domestic pricing and equipment rental demand both in the U.S. and internationally. Believe auto rental industry is over-fleeted. Target cut to $9 from $10.50.

Juniper Networks


downgraded at Merrill to Underperform. $24 price target. Stock trades at a premium valuation and the company will eventually face the slowdown that is affecting other networking vendors.



upgraded at Goldman Sachs to Buy from Neutral based on strong business momentum and lower exposure to European equities. Price target raised to $40 from $35.

Knight Capital


upgraded at Goldman to Buy from Neutral. Although shares fell on announced investment in Europe, believe revenue expectations are low. See reasonable valuation, increasing geographic footprint and lack of exposure to balance sheet products. Target raised to $18 from $17.

NYSE Euronext


downgraded at Goldman Sachs to Neutral from Buy based on near-term headwinds in U.S. market share, European pricing and global volume trends. Declining market share remains primary concern. Target cut to $46 from $52.

MEMC Electronic


upgraded at RBC to Outperform. $53 price target. Extension of solar tax credits should renew demand growth in the sector.

Strategy Calls/Market Calls

Air Products & Chemicals





were downgraded to Hold at Citigroup. APD surprisingly cut its guidance and PX no longer looks as attractive on a valuation basis.

Public Service Enterprise Group





were downgraded from Outperform to Market Perform at Wachovia. Valuation calls. On the other hand, the rating on



was boosted from Market Perform to Outperform.

This article was written by a staff member of