Change in Ratings Agco ( AG) downgraded at Goldman Sachs to Neutral from Buy. Expect U.S. farmer income to be down 15% in 2009, with ag equipment down 20% in 2010. Price target cut to $39 from $71. Aon ( AOC) upgraded at Goldman Sachs to Buy from Neutral based on continuing strong fundamentals. Believe Aon and Marsh & McLennan ( MMC) are victims of overall market decline, and see significant upside even in poor environment. Marsh & McLennan upgraded to Buy from Neutral. Air Products ( APD) upgraded at Jefferies to Buy from Hold. Price target raised to $79 from $63. Maintains 2008 EPS estimates of $4.98. Franklin Resources ( BEN) downgraded at Credit Suisse to Neutral from Outperform due to low relative fund performance, above average foreign currency exposure and international distribution tilt to weak emerging markets. Maintained $78 target price. Blackstone Group ( BX) upgraded at Jefferies to Hold from Underperform. Price target lowered to $10 from $14. 2008 EPS estimates lowered to 22 cents from 44 cents. Crane ( CR) upgraded at Goldman Sachs to Neutral from Sell based on valuation. Note that shares are down 48% year to date and carry a multiple of 8 times 2009 estimates. Carlisle ( CSL) downgraded at Goldman Sachs to Sell from Neutral. Note late-cycle business mix and primary exposure to commercial construction. Price target at $22. Citrix Systems ( CTXS) upgraded at Jefferies to Hold from Underperform. Price target lowered to $22 from $25. Maintains 2008 EPS estimates of $1.55.
Eaton Vance ( EV) upgraded at Credit Suisse to Outperform from Neutral. Says stronger organic growth than peers and defensive EPS will help stock outperform in a bear market/economic recession. Lowered target price to $31 from $33. 3M ( MMM) upgraded at Goldman Sachs to Neutral from Sell based on limited valuation downside. Remain wary of macroeconomic headwinds, but note shares are trading at just 11 times Goldman's below-consensus 2009 estimate. Target cut to $57 from $74. Progressive ( PGR) upgraded at UBS to Neutral from Sell. 2008 EPS estimates lowered to $1.31 from $1.35. Price target lowered to $15 from $16. Pentair ( PNR) downgraded at Goldman Sachs to Sell from Neutral based on increasing risk to 2009 estimates. Note cyclical downturn in technical products, which represent 30% of revenue. Stock Comments/EPS Changes Cisco Systems ( CSCO) numbers lowered at UBS. 2009 EPS estimates lowered to $1.47 from $1.50. Price target lowered to $21.50 from $23.50. Maintains Neutral rating. GE ( GE) numbers lowered at UBS. 2008 EPS estimates lowered to $1.95 from $2. Price target lowered to $27 from $29. Maintains Buy rating.