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Change in Ratings

Analog Devices

(ADI) - Get Analog Devices Inc. Report

upgraded to a Buy from a Neutral at Merrill. Price target reduced to $27 from $30. Merrill believes firm is the best positioned analog company to weather the current downturn and views the recent selloff as an opportunity to add to positions.

Automatic Data Processing

(ADP) - Get Automatic Data Processing Inc. Report

target cut at Credit Suisse to $36 from $40 due to concerns about impact of weakening economy. Maintained Neutral rating.

Buckeye Partners

(BPL) - Get Buckeye Partners, L.P. Report

downgraded at Deutsche Bank to Hold from Buy due to increased cost of capital. See limited potential for growth-generating acquisitions in current tight credit markets. Price target cut to $43 from $55.


(DEO) - Get Diageo plc Report

downgraded from a Buy to a Neutral at Merrill based on valuation. Merrill believes company has limited operating and financial leverage, with less than 30% of group EBIT generated in emerging markets

Granite Construction

(GVA) - Get Granite Construction Incorporated Report

upgraded at Goldman Sachs to Neutral from Sell based on valuation and leverage to domestic highway spending, which could provide solid defensive play in 2009. Note improved execution, particularly in Granite East segment. Price target raised to $35 from $22.

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T. Rowe Price

(TROW) - Get T. Rowe Price Group Inc. Report

downgraded at Wachovia to Market Perform due to less attractive valuation. Believe that risk/reward is less compelling with shares trading at 21 times 2009 earnings estimates. Note strong balance sheet and cash position. Valuation range at $35 to $36.


(VLO) - Get Valero Energy Corporation Report

downgraded at Goldman Sachs to Neutral from Buy based on weaker earnings outlook for 2009-2011. Note lower assumed heavy product prices and lower capture rates. Believe that consensus estimates will be lowered. Price target cut to $21 from $25.

Stock Comments/EPS Changes


(HLF) - Get Herbalife Nutrition Ltd. Report

price target trimmed at Goldman to $31 from $36 based on weaker Q4 and 2009 outlooks. Currency swings remain biggest issue for earnings uncertainty, but there is also decelerating volume growth in several key markets. Maintained Buy rating.


(MA) - Get Mastercard Incorporated Report

target cut at Credit Suisse to $200 from $285 following Q3 earnings. Expects expense control to drive margin expansion but sets target at 18x 2009 EPS estimates, which is a slight discount to


(V) - Get Visa Inc. Report

. Maintained Neutral rating.

This article was written by a staff member of