Analysts' Upgrades, Downgrades: Merck

See who made what calls.
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Change in Ratings

AES

(AES) - Get Report

upgraded at Merrill from Underperform to Neutral. $10 price target. Valuation call, as the stock is down 69% year-to-date, and the stock is not crediting recent growth.

Acme Packet

(APKT)

downgraded at Credit Suisse to Neutral from Outperform. Cites challenging carrier cap-ex environment and deteriorating global macro-environment. Lowered target price to $4 from $6.

Career Education

(CECO) - Get Report

upgraded at Piper Jaffray to Neutral from Sell based on valuation and lack of major negative catalysts. See potential for continued difficulty driven by troubled state of culinary and art and design segments, but believe shares adequately reflect this. Price target raised to $14 from $13.

Harris

(HRS)

upgraded at Barclays from Equal-weight to Overweight. $47 price target. Company is seeing continued momentum in the high focus RF business.

Merck

(MRK) - Get Report

coverage initiated at Goldman Sachs with a Neutral rating and $36 price target. Although shares are attractive on many valuation measures, note slow revenue growth and limited visibility into growth assets.

Pfizer

(PFE) - Get Report

coverage initiated at Goldman Sachs with a Sell rating and $19 target. See precipitous earnings decline driven by $21 billion exclusivity loss from 2011-2015. Also note lack of new products.

Pepco

(POM)

upgraded at Merrill to Neutral. Valuation call, after the stock fell 20% this week in reaction to a dilutive equity offering and a less favorable commodity price outlook. $18 price target.

Whole Foods

(WFMI)

upgraded at Barclays from Underweight to Equal-weight. $11 price target. Company has bridged some liquidity gaps and is bringing its cost structure down.

Stock Comments/EPS Changes

Qualcomm

(QCOM) - Get Report

target cut at Credit Suisse to $45 from $60 based on significant and rapid inventory depletion in the CDMA market. Maintained Outperform rating.

Strategy Calls/Market Calls

EOG

(EOG) - Get Report

,

Quicksilver

(KWK)

and

Southwestern Energy

(SWN) - Get Report

upgraded at Citigroup from Hold to Buy. Rig count is dropping and cold weather is approaching. Remain cautious on the long-term outlook.

Goldman Sachs

(GS) - Get Report

,

Morgan Stanley

(MS) - Get Report

estimates cut at JP Morgan through 2009. Private equity losses are especially squeezing Goldman. Maintain Overweight rating. Morgan remains Neutral-rated, though could perform better in the near term.

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