Adobe Systems ( ADBE) upgraded at UBS from Sell to Neutral. $18 price target. Valuation call, even as estimates were also cut, based on channel checks.

Aeropostale ( ARO) upgraded at Goldman Sachs to Buy from Neutral based on valuation and stabilization in mall traffic trends. Believe company's reputation for value, which is a major plus with budget-focused shoppers. Price target raised to $25 from $22.

Action Alerts PLUS

Becton Dickinson ( BDX) upgraded at Credit Suisse from Neutral to Outperform. $78 price target. Company has global and product diversification. Input costs are low and management is presiding over a strong balance sheet.

Blackstone ( BX) upgraded to Outperform at Keefe, Bruyette & Woods. $6 price target. Priority distribution should remain at $1.20 a share.

Cisco Systems ( CSCO) upgraded at Argus from Hold to Buy. $24 price target. Valuation call, as business appears to be bottoming.

Dell ( DELL) upgraded at Argus to Buy. $12.50 price target. Release of Windows 2007 should help stimulate PC demand later this year. Company also has a strong cash position.

Helmerich & Payne ( HP) downgraded at J.P. Morgan to Neutral from Overweight. Company announced that it had 23 additional contracts cancelled and expects to have at least 50 idle FlexRigs soon. Believe recent strong performance in stock (up 4% in 2009) will reverse. Price target cut to $23 from $29.

HealthSpring ( HS) downgraded at Goldman Sachs to Neutral from Buy. Expect limited upside in near-term due to negative sentiment toward Medicare Advantage program. Price target cut to $10 from $18.

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