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Analysts' Upgrades, Downgrades: Lehman

See who made what calls.

Change in Ratings

Arvinmeritor

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upgraded at Goldman Sachs to buy from neutral based on expectations for recovery in Class 8 truck sales. Believe orders have bottomed, and that 2009 outlook appears reasonably strong. Price target raised to $20 from $15.

Chesapeake Energy

(CHK) - Get Chesapeake Energy Corporation Report

target raised at Credit Suisse to $56 from $49 based on higher gas price outlook. However, maintained neutral rating based on valuation.

Continental Resources

(CLR) - Get Continental Resources Inc. Report

downgraded at Deutsche Bank to hold from buy. Maintains price target of $53 and 2008 EPS estimates of $2.19.

Conexant Systems

(CNXT) - Get VanEck ChiNext ETF Report

upgraded at Jefferies to buy from hold. See restructuring efforts nearing completion, new revenue drivers in imaging business, additional operating leverage and attractive valuation relative to peers. Price target raised to $1.00 from 50 cents.

CommScope

(CTV) - Get Innovid Corp. Report

initiated at JPMorgan with an overweight rating. See improving margins and 16% annualized operating income growth.

Fresh Del Monte

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(FDP) - Get Fresh Del Monte Produce Inc. Report

upgraded at Wachovia to outperform from market perform. 2008 EPS estimates raised to $3.25 from $3.10. Maintains valuation range of $36 to $38.

Ingersoll Rand

(IR) - Get Ingersoll Rand Inc. Report

coverage initiated at JPMorgan with a neutral rating. See headwinds from input costs and note limited confidence in the combined IR-Trane business with departure of CFO James Gelly.

Kellogg

(K) - Get Kellogg Company Report

upgraded at JPMorgan to overweight from neutral based on improved outlook for fundamentals and valuation. Note that earnings growth is likely to accelerate in 2009-2010 and that pricing should help alleviate concerns over commodity costs.

Lehman

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downgraded at Credit Suisse to neutral from outperform. Says shares are unlikely to outperform until real estate inventories are more substantially reduced. Lowered target price to $36 from $57.50.

PNM Resources

(PNM) - Get PNM Resources Inc. (Holding Co.) Report

downgraded at Jefferies to hold from buy. Believe shares are fairly valued based on cash flows and commodity price exposure. Expect lower contribution from First Choice retail supply subsidiary. Target lowered to $15.50 from $18.

Stock Comments/EPS Changes

Activision

(ATVI) - Get Activision Blizzard Inc Report

price target raised at UBS to $40 from $34. Maintains fiscal 2009 EPS estimates of $1.31 and buy rating.

Dow Chemical

(DOW) - Get Dow Inc. Report

numbers lowered at UBS. 2008 EPS estimates lowered to $3.35 from $3.80. Price target lowered to $48 from $50. Maintains buy rating.

Lehman Brothers

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numbers lowered at UBS. 2008 EPS estimates lowered to -$2.84 from $2.70. Price target lowered to $32 from $42. Maintains neutral rating.

AT&T

(T) - Get AT&T Inc. Report

price target lowered at Goldman following announcement of new agreement with

Apple

(AAPL) - Get Apple Inc. Report

for 3G iPhone, which includes a lump sum upfront payment. Although new deal should help grow market share, near-term earnings will be affected by payment to Apple. Maintained buy rating.

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