Change in RatingsAvon Products ( AVP) downgraded at Credit Suisse to Neutral from Outperform based on recent sharp rally in shares. Q2 results showed strong revenue growth in multiple categories, supported by emerging markets. Price target raised to $47 from $44. Edwards Lifesciences ( EW) downgraded at JPMorgan to Underweight from Neutral based on increased risk to Sapien transcatheter valve program. Femsa ( FMX) downgraded at Morgan Stanley to Equal-weight from Overweight. However, its raises its price target to $53 from $49 and FY09 EPS estimates to $2.67 from $2.51. Haynes International ( HAYN) upgraded at JPMorgan to Overweight from Neutral following strong Q3 results that included solid shipment growth and margins despite increased competition in commodity stainless market. Stock Comments/EPS ChangesAmerican Capital Strategies ( ACAS) numbers lowered at RBC. Price target slashed to $24 from $32 while FY09 EPS estimates dip to $2.94 from $3.30. Reiterates Sector Perform rating and Above Average Risk qualifier. AIG ( AIG) price target slashed at Credit Suisse to $30 from $45 following Q2 results that included worse-than-expected CDS losses and investment portfolio losses of $6 billion pretax. 2008 estimates now assume weaker results for both mortgage insurance and continued low private equity returns and alternative returns. Also expect additional capital raise that will be 10%-15% dilutive. Maintained Neutral rating. Clean Harbors ( CLHB) numbers raised at RBC. Price target jumps to $86 from $78, while FY08 revenue estimates drift down slightly to $1.045 billion from $1.046 billion. Reiterates Top Pick rating and Above Average Risk qualifier. Global Industries ( GLBL) numbers cut at RBC. Price target slashed to $14 from $24, while FY09 EPS estimates dip to $1.37 from $1.70. Reiterates Sector Perform rating and Above Average Risk qualifier. Playboy ( PLA) numbers cut at RBC. Price target cut to $7 from $9, while FY09 EPS estimates dip to $0.31 from $0.33. Reiterates Sector Perform rating and Above Average Risk qualifier. Ultra Petroleum ( UPL) numbers raised at RBC. Price target jumps to $95 from $90, while FY09 EPS estimates upped to $6.55 from $6.31. Reiterates Sector Perform rating and Average Risk qualifier. Strategy Calls/Market Calls Merrill Lynch revisited ratings and valuations in its utilities coverage, upgrading PNM ( PNM) to Buy. Also upgraded Alliant Energy ( LNT) and Scana ( SCG) to Neutral from Underperform. Edison ( EIX) and DPL ( DPL) were both downgraded to Underperform.