Change in Ratings Altera ( ALTR) downgraded at Goldman Sachs to Sell from Neutral due to reduced capital spending expectations in communications infrastructure market. Note deterioration in emerging markets resulting from slowdown in subscriber growth and other macroeconomic effects. Price target lowered to $16 from $20. Aon ( AOC) upgraded at Merrill to Buy. $46 price target. Company does not face near-term liquidity issues, and could grow in the reinsurance market. Invitrogen ( IVGN) upgraded at Deutsche Bank from Hold to Buy. $32 price target. PMC-Sierra ( PMCS) upgraded at Goldman Sachs to Buy from Neutral based on stabilizing telecom and storage business. Price target lowered to $6 from $7. Xilinx ( XLNX) downgraded at Goldman Sachs to Neutral from Buy due to fundamental headwinds related to weakness in emerging markets wireless infrastructure. Price target cut to $22 from $28. Stock Comments/EPS Changes Broadcom ( BRCM) numbers cut at Morgan Stanley. Shares now seen reaching $16. Estimates also lowered. Equal-weight rating. Strategy Calls/Market Calls Morgan Stanley starts coverage on four exchanges. IntercontinentalExchange ( ICE) was initiated with an Overweight rating. Coverage of CME Group ( CME) and Nasdaq ( NDAQ) were rated Equal-weight, and NYSE Euronext ( NYX) as Underweight. Expect declines across the board following the market crisis in 2008. Cautious industry view.