Ciena ( CIEN) estimates reduced at UBS through 2010. Company has little revenue visibility, and likely can't cut costs fast enough. Neutral rating and $6.25 price target.

Ciena ( CIEN) upgraded at Credit Suisse to Neutral from Underperform. Stock essentially hit its target price of $6.

Rockwell Collins ( COL) upgraded at Goldman Sachs to Neutral from Sell. Company lowered its 2009 guidance in the midst of poor environment for business jets. Believe negatives are priced into shares. Price target trimmed to $26 from $28.

Frontline ( FRO) rated new Underperform at Credit Suisse based on projected sharp earnings decline due to lower VLCC rates. Sets $10 target price.

Genzyme ( GENZ) downgraded at Goldman Sachs to Sell from Buy based on increasing momentum in health care legislation, delays in Myozyme manufacturing and currency headwinds. Healthcare reforms could cut prices on expensive biotech drugs, and note that shares could be volatile later in 2009 due to Phase 2 data from Shire and Amicus. Price target cut to $61 from $85.

Macy's ( M) upgraded at Bank of America/Merrill Lynch to neutral from underperform and $8 price target maintained. After recent stock drop, analyst believes that consensus and management's expectation are realistic and current valuation is appropriate.

Macy's ( M) upgraded at Goldman Sachs to Buy from Neutral based on decreased balance sheet risk, market share gains, and improved earnings power after cost cutting. Note that biggest catalyst for shares would be increasing sale store sales. Price target raised to $8.25 from $8.

McDermott ( MDR) upgraded at Jefferies to a buy from hold and price target increased to $15 from $14. Despite worries about demand, recent contract awards and a $1B likely award over the next few months remove some concerns.

Paccar ( PCAR) coverage initiated at Goldman with a Sell rating due to weakness in European truck market and increasing finance headwinds. Note that company has less leverage in the U.S. compared to previous downturns, and believe upturn in U.S. economy will not offset contraction in Europe. Price target at $17.

Transocean ( RIG) downgraded at Morgan Stanley. Although Morgan Stanley sees substantial upside for RIG on an absolute basis, they do not see sector outperformance until there is a positive inflection point in leading-edge deep water drill rates. At this juncture, prefers higher beta names like TS, HLX, DRQ, CAM or FTI.

Polo Ralph Lauren ( RL) upgraded at Goldman Sachs to Neutral from Sell based on improved risk/reward following consensus estimate cuts and attractive valuation. Share trade at less than 10 times earnings. See medium-term risk to earnings if European wholesale business falls short of recent trends. Price target cut to $35 from $37.


Advance Auto Parts ( AAP) numbers raised Morgan Stanley to $42. Estimates also increased, because of improving fundamentals. Overweight rating.

American Eagle ( AEO) 2009 estimates lowered at RBC Capital to reflect more aggressive markdowns. Outperform rating and new $11 price target.

General Dynamics ( GD) numbers cut at Barclays to $62. Estimates also lowered, because of lower Gulfstream deliveries. Overweight rating.

General Electric ( GE) numbers reduced at BofA/Merrill to $9. Estimates also cut, to reflect the global economy and higher loss provisions at GE Capital. Neutral rating.

Marvell Technology ( MRCL) estimates increased through 2010 at Barclays Capital. Company raised sales guidance and is keeping a lid on costs. Overweight rating and new $12 price target.

Owens-Illinois ( OI) numbers cut at Barclays to $11. Estimates also reduced, to reflect lower industry-wide glass bottle volumes. Underweight rating.

Urban Outfitters ( URBN) estimates cut at UBS through 2011. Company is realizing gross margins, but cleaning up inventory levels. Buy rating and $22 price target.

Exxon Mobil ( XOM) estimates lowered at UBS through 2010. Company boosted its CapEx spending guidance at the recent analyst meeting. Neutral rating and $84 price target.

How you can survive -- and even prosper -- in a rocky midyear market? Get the "best ideas to make real money" from Jim Cramer, Doug Kass, Helene Meisler and other RealMoney experts at our May 2 Investment Conference. Learn more here.
This article was written by a staff member of