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Monday's Analysts' Upgrades and Downgrades

Who made what calls.
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(AMZN) - Get, Inc. Report

was downgraded from Market Perform to Underperform at Piper Jaffray. $36 price target. Stock looks overvalued at 50 times expected full-year earnings. Do not expect material margin improvement in the near term.

Morgan Stanley upgrades


(CAT) - Get Caterpillar Inc. Report

from underweight to equalweight and removes $52 price target.

Caterpillar 2007 estimates increased at Goldman to $5.60 from $5.50. See stronger results outside of North America, including Asia. Price target upped to $76 from $75. Maintained Neutral rating.


(DOX) - Get Amdocs Limited Report

upgraded at Baird to Outperform from Neutral due to improving revenue visibility. See shares attractively valued relative to new AT&T contract, strong customer care spending at


, and greater potential at

Deutsche Telekom


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(HCR) - Get Hi-Crush Inc Report

downgraded at Merrill Lynch to Neutral from Buy based on valuation. Believes returns from here will be incremental.



was downgraded from Outperform to Market Perform at Piper Jaffray. $40 price target. HSN business would have to improve before the company received a higher valuation.


(IBM) - Get International Business Machines Corporation Report

upgraded at Lehman from Equal-weight to Overweight. $115 price target. 2008 earnings estimates look low, because of higher software sales and lower overseas labor costs.

Juniper Networks

(JNPR) - Get Juniper Networks, Inc. Report

upgraded to Buy rating from Neutral at UBS. Price target jumps to $25 from $20.50 and 2007 EPS estimates rise to $0.75 from $0.72.


(PFE) - Get Pfizer Inc. Report

downgraded at Prudential to Neutral from Overweight, based on lack of catalysts to push shares higher going forward. See no chance for split up of company, and little to spark investor interest after failed torcetrapib efforts. Price target lowered to $29 from $30.

Citigroup downgrades


(TEN) - Get Tenneco Inc. Class A Report

to hold from buy based on valuation and downside risk to consensus.



downgraded at FBR to Market perform rating from Outperform rating. Price target holds at $96 and 2007 eps estimates hold at $12.55.


(VLO) - Get Valero Energy Corporation Report

upgraded at Goldman to Buy from Neutral based on potential to meaningfully increase cash returned to shareholders, as well as upside earnings potential and refining leverage. Believe company will use proceeds from sale of Lima, Ohio refinery to buy back shares. Price target raised to $82 from $71.


(XRX) - Get Xerox Holdings Corporation Report

downgraded at Citigroup to Sell rating from Hold at Citigroup. Price target dips to $16 from $17, but 2007 EPS estimates rise to $1.19 from $1.17.


Johnson Controls

(JCI) - Get Johnson Controls International plc Report

cut from Focus List at JP Morgan. Stock has traded through the $100 price target. Even so, estimates are being raised, as HVAC expectations may still be too low. Overweight rating.

Polo Ralph Lauren

(RL) - Get Ralph Lauren Corporation Class A Report

target price raised at Credit Suisse to $120 from $92. Believes significant revenue and profit growth opportunities over next 3-5 years will provide sustained outperformance. Maintained Outperform rating.


(SLB) - Get Schlumberger NV Report

numbers raised at Jefferies. Price target jumps to $87 form $77 and 2007 EPS estimates rise to $4.05 from $3.95. Reiterates Buy rating.