CHANGE IN RATINGS

Biomarin ( BMRN) upgraded at Citigroup from Hold to Buy. $17 price target. Valuation call, as the company should see little effect from the new Obama healthcare plan.

Chicago Bridge & Iron ( CBI) upgraded at Goldman Sachs to Neutral from Sell. Shares are down 32% since last week due to concerns over liquidity and capacity to back future awards. Believe market is pricing in a high level of financial distress that isn't warranted. Price target cut to $7 from $9.

CBS ( CBS) upgraded at Pali from Sell to Neutral. Valuation call, even though estimates were also cut.

Celanese ( CE) upgraded at Goldman Sachs to Buy from Neutral based on valuation and early signs of improvements in China. Note company's early-cycle end markets and defensive growth opportunities. Price target at $10.

Edison International ( EIX) downgraded at Wachovia to Market Perform. Estimates also cut, because of disappointing merchant guidance.

Foster Wheeler ( FWLT) initiated as new Buy at Jefferies. $20 price target. Company remains positioned well to benefit once customer demand comes back and energy prices normalize.

Hewlett-Packard ( HPQ) upgraded at Argus to Buy. $35 price target. Company should benefit from cost reductions, and the outsourcing business acquired from EDS should perform well in this environment.

Interpublic Group ( IPG) upgraded at Credit Suisse to Neutral from Underperform based on easing liquidity concerns and management's ability to navigate the downturn. Raised target price to $4.50 from $3.

McDermott ( MDR) upgraded at Natixis Bleichroder to Buy. $15 price target. Estimates cut because of higher pension expenses and tax rate, though the stock continues to hold considerable upside potential.

McDermott ( MDR) 2009 estimate cut because pension expenses and the power segment, at Barclays Capital. Overweight rating and new $16 price target.

NII Holdings ( NIHD) upgraded at Goldman to Buy from Neutral. Note attractive entry point after shares fell 36% since Q4 earnings announcement on currency concerns. See attractive valuation and defensive characteristics of telco business.

Palm ( PALM) upgraded at Piper Jaffray to Buy from Neutral following negative preannouncement of Q3 results. Despite negative results, believe Pre will drive longer term profitability. Note growing carrier interest ahead of Pre launch. Price target raised to $10 from $4.

Palm ( PALM) price target lowered at Goldman after the company preannounced Q3 sales far below the existing consensus due to weak sales of legacy portfolio. Maintained Neutral rating.

Pepco ( POM) downgraded at Barclays from Overweight to Equal-weight. $15 price target. Estimates also cut, to reflect the possible sale of the retail business.

Pepco ( POM) downgraded at Wachovia from Outperform to Market Perform. Estimates also cut, as the company's competitive businesses will be hurt by the economy.

STOCK COMMENTS / EPS CHANGES

Chico's FAS ( CHS) estimates reduced at UBS through 2011. Company is in the early stages of cost-cutting, but looking at a mid-teens comp sales decline next quarter. Neutral rating and $4 price target.

Marsh & McLennan ( MMC) target lowered at UBS to $19. The uncertain environment should limit the company's near-term multiple expansion. Neutral rating.

Mylan ( MYL) estimates, target raised at Morgan Stanley to $14. Estimates also increased, based on success of generic Paxil. Overweight rating.

Nokia ( NOK) estimates, target cut at Barclays to $12. Estimates also reduced, because of the slow handset market. Overweight rating.

Action Alerts PLUS

AT&T ( T) added to J.P. Morgan Analyst Focus List based on strong expected performance in wireline business. Also note that wireless margins are likely to rebound, while ARPU results could outperform industry. Price target at $28.

Time Warner ( TWX) 2009 estimate cut at Barclays on lower DVD sales and the advertising business. Equal-weight rating and new $9 price target.

Xilinx ( XLNX) estimates increased through 2010 at UBS. Company seeing higher sales to China, and operating expenses are trending lower. Buy rating and $21 price target.
This article was written by a staff member of TheStreet.com.

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