Change in Ratings

Amylin ( AMLN) upgraded at Citigroup from Sell to Hold. $17 price target. Valuation call, as the company needs to see FDA approval of its LAR and the rejection of Novo's Iria for the stock to move higher.

Atmos Energy ( ATO) upgraded at Merrill to Neutral. $30 price target. Estimates also raised to reflect the company's increased regulatory outlook.

Avery Dennison ( AVY) downgraded at Credit Suisse to Neutral from Outperform based on weak end-market demand, FX headwinds and valuation. Lowered target price to $46 from $54.

Career Education ( CECO)upgraded at Morgan Stanley from Underweight to Equal-weight. $17 price target. Stock is down 22% over the past month, and pricing in poor fundamentals.

Dollar Tree ( DLTR) upgraded at JP Morgan from Neutral to Overweight. Company has strong sales momentum and a good balance sheet. Estimates also raised, aided by the repurchase program.

Jabil Circuit ( JBL) upgraded at Credit Suisse to Outperform from Neutral based on valuation and low expectations. Lowered target price to $10.50 from $17.

Coca-Cola ( KO) downgraded at Deutsche from Buy to Hold. $56 price target. Company will face lower volumes across the board and negative currency effects in the coming quarters.

Monsanto ( MON) upgraded at JP Morgan from Neutral to Overweight. Fertilizer problems have been overblown, and estimates were raised through 2008 because of higher expected Roundup profits.

Piedmont Natural Gas ( PNY) downgraded at Merrill to Underperform. $29 price target. Valuation call, with the stock trading at a 44% premium to its peers.

Sanmina-SCI ( SANM) downgraded at Credit Suisse to Underperform from Neutral. Cites deteriorating economic outlook, negative channel checks and valuation. Lowered target price to $1.00 from $2.50.

Varian Medical ( VAR) downgraded at JP Morgan from Overweight to Neutral. Stock is already pricing in the company's strong market position. Macro outlook could hurt the entire industry.

Vulcan Materials ( VMC) downgraded at Goldman Sachs to Sell from Neutral based on valuation, weakness in U.S. state DOT budgets and exposure to US nonresidential markets. Lowered target price to $53 from $57.

Wells Fargo ( WFC) upgraded to Market Perform, Keefe Bruyette & Woods said. Scale from the Wachovia ( WB) purchase will make the company a stronger bank.

Strategy Calls/Market Calls

Blackbaud ( BLKB), Deltek ( PROJ) and VMware ( VMW) downgraded to Market Perform at Wachovia. Credit issues and the deteriorating economy continue to lead to negative channel checks.

Celestica ( CLS) and Benchmark Electronics ( BHE) were downgraded from Hold to Sell at Citigroup. No longer expect any organic sales growth in the industry next year, and excess capacity will breed increased competition.

Fairchild Semiconductor ( FCS) and RF Micro Devices ( RFMD) were downgraded to Sell at Citigroup. The rating on Intersil ( ISIL) was cut to hold, as field checks point to slower near-term sales.

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This article was written by a staff member of