CHANGE IN RATINGSApple ( AAPL) downgraded at Oppenheimer to Perform. Steve Jobs will not appear at Macworld, which once again brings his health into question and adds risk to the story. Black & Decker ( BDK) rated new Neutral at Credit Suisse. Cites strong brand recognition but all major end markets are in decline. Sets $45 target price. Centene ( CNC) upgraded at Goldman Sachs to Buy from Neutral. Price target raised to $22 from $16. Eaton ( ETN) numbers cut at Barclays. Shares now seen reaching $43. Estimates also lowered to reflect new guidance for decelerating demand in trucks, autos and hydraulics. Eaton ( ETN) downgraded at Goldman Sachs to Neutral from Buy due to likely earnings weakness in 2010 and lower credibility following recent poor financial performance. Cost-cutting measures could add 60 cents to EPS in 2009. Price target cut to $44 from $62. Humana ( HUM) downgraded at Goldman Sachs to Neutral from Buy based on expected cuts to Medicare Advantage. Price target at $33. Interpublic ( IPG) upgraded at Morgan Stanley to Equal-weight. Valuation call, as the company should not have to tap debt markets in 2009 or 2010. Marriott ( MAR) downgraded at Deutsche Bank from Buy to Hold. $20 price target. 2010 will likely be a flat year, not a period of recovery. Company has a strong balance sheet, but lacks visibility to predict near-term catalysts. Ralcorp ( RAH) upgraded at Credit Suisse to Outperform from Neutral based on valuation and the likelihood that consumers will trade down to cheaper options at grocery stores. Maintained $72 target price.
Wyndham ( WYN) downgraded at Deutsche Bank from Buy to Hold. $8.50 price target. Restructuring news hurt the stock, and the company lacks near-term catalysts.