Change In Ratings

Alliant Techsystems ( ATK) upgraded at FBR to outperform from market perform with a price target of $136 on fundamental strength and valuation. Note excellent revenue visibility and stable operating income.

Choice Hotels ( CHH) upgraded at Bear from underperform to peer perform. The stock has pulled back to an attractive valuation, given the company's growth potential.

EI DuPont de Nemours ( DD) upgraded at BB&T, which raised its rating on DD to buy with a $50 price target. BB&T said the stock is down 20% in the past 6 months, and holds significant value. Dividend yield is also solid.

DuPont ( DD) upgraded at Deutsche Bank to a buy rating as valuation is compelling in light of growth potential.

Echostar ( DISH) upgraded at Bear from underperform to peer perform. Bear Stearns said the stock is 39% off its highs, and is already pricing in increased competition.

Freeport-McMoRan ( FCX) upgraded at FBR to outperform from market perform based on valuation. Recent 21% drop creates attractive entry point along with yesterday's Fed cut, economic stimulus package and firm Chinese copper imports. Price target was lowered to $115 from $125.

Getty Images upgraded at Deutsche Bank to a hold rating as the stock has been adjusted for structural issues company is facing.

Heartland Express ( HTLD) upgraded at Wachovia from market perform to outperform. Wachovia said it was a valuation call and that with a strong balance sheet, the company is set to outperform its peers in a challenging environment.

L-3 Communications ( LLL) upgraded at FBR from market perform to outperform with a $115 price target. Stock has yet to come under pressure, but remains one of the best positioned names in the group.

Micron ( MU - Get Report) upgraded at Morgan Stanley from underweight to equal weight, with an $8.50 price target. DRAM capacity appears to be declining, and pricing should improve faster than expected.

National Fuel Gas ( NFG - Get Report) upgraded at Citigroup from sell to hold with a $42 price target. Stock has underperformed its peers this year, but shareholder activists have made unreasonable requests.

Stock Comments/Eps Changes

Apple ( AAPL - Get Report) price target slashed at Goldman to $175 from $220 following weak quarterly results. Mac sales were inline but iPods came in below expectations. Note focus on Mac and iPhone product cycles going forward. Maintained buy rating.

Ambac 2008 estimates cut at Goldman to $2.15 from $7.55 based on lower production following Fitch downgrade, higher losses and further CDO impairments. Price target was lowered to $10 from $14 based on best case/worst case scenarios.

AK Steel ( AKS) target price was raised at Goldman to $39 from $37 due to improved balance sheet and better steel prices in 2008. See stock as fully valued. Maintained neutral rating.

Bank of America ( BAC) 2008 estimates cut at Deutsche Bank by 10 cents to $4.00 a share. Maintained hold rating, target price cut to $42.

Johnson & Johnson ( JNJ - Get Report) price target lowered at Goldman to $73 from $75. Goldman said Q4 earnings beat expectations thanks to a lower tax rate, but also showed higher spending due to restructuring and legal fees. Maintained buy rating.

Sears Holdings ( SHLD) target price raised at Deutsche Bank from $53 to $83 after the company announced changes to operating model. Maintained sell rating.

This article was written by a staff member of