Analysts' Upgrades, Downgrades: Boeing

CHANGE IN RATINGS

American Express ( AXP) downgraded at Goldman Sachs to Sell from Neutral. Believe earnings headwinds may continue to build, resulting in breakeven earnings in 2009 excluding Mastercard/Visa settlement payments. Note high exposure to 2006/2007 vintages, which are especially poor performers. Price target cut to $7.50 from $19.

CNA Financial ( CNA) downgraded at Merrill Lynch/Bank of America from Buy to Neutral. $9 price target. Company's capital cushion is mostly gone, and facing more than $2 billion of losses this year.

Exelon ( EXC) downgraded at Deutsche Bank from Buy to Hold. $53 price target. Valuation call, plus the company's financial hedges could hurt future profits.

Hewlett-Packard ( HPQ) upgraded at UBS to buy from neutral and price target maintained at $40. UBS believes sentiment is overly bearish and EDS integration and synergies are also progressing well and with at least half of the restructuring opportunity remaining. UBS believes investors with a longer-term view can benefit given lower valuation risk (HP trades at 7.7x FY09 UBSe, 9.5x for IBM, 12.5x for Dell), and better longer-term earnings leverage from reacceleration of revs and better cost structure.

International Paper ( IP) upgraded at Goldman Sachs to Neutral from Sell based on passing of negative catalyst now that dividend has been cut. Expect company to generate sufficient cash to meet upcoming debt maturities. Price target trimmed to $5.50 from $6.

JetBlue ( JBLU) upgraded at Merrill/BofA to Buy from Neutral and price target reduced to $6.50 from $8. ML believes JBLU may be the best defensive way to play the group as capacity growth on hold, lower exposure to high-priced business travel, limited international presence, and flexible, low cost, workforce.

Motorola ( MOT) upgraded at Oppenheimer to Outperform. $5 price target. Sentiment is at an all-time low, and the company is almost done with its cost-cutting.

Morgan Stanley ( MS) upgraded at Goldman Sachs to Buy from Neutral based on strong financial position, reasonable valuation and leverage to potential improvements in capital markets. Note that 4.4% tangible common equity ratio is highest among large cap banks. Price target raised to $27 from $21.

Nucor ( NUE) upgraded at Goldman Sachs to Buy from Neutral. Expect earnings to benefit from low and variable cost structure and diversified product mix. Note strong balance sheet and conservative investment policy. Price target lowered to $38 from $43.

Perrigo ( PRGO) rated new Overweight at Morgan Stanley. $28 price target. Stock looks oversold, after cutting guidance last month.

U.S. Bancorp ( USB) upgraded at Goldman Sachs to Neutral from Sell based on valuation. Shares now trade at 2.5x tangible book value, down from 3.1x in January. Note that stock is still well above peers trading at 1x TBV.

STOCK COMMENTS / EPS CHANGES

Boeing ( BA) numbers lowered at UBS to $30. Estimates also cut, as the company is not cutting production in the face of lower demand, which could hurt cash flow. Sell rating.

Dick's Sporting Goods ( DKS) numbers reduced at UBS through 2011. Company hurt by the macro environment, but is positioned well for an eventual turnaround. Buy rating and new $18 price target.

Darden Restaurants ( DRI) estimates cut at UBS through 2010. Company likely seeing lower sales and earnings from LongHorn. Neutral rating and $29 price target.

Kroger ( KR) estimates, target lowered at Barclays. Shares now seen reaching $28. Estimates also cut, to match the company's new sales guidance. Overweight rating.

Lowe's ( LOW) numbers cut at Morgan Stanley through 2011. Stock could bounce back in the near-term, however, having underperformed HD. Overweight rating and new $19 price target.

McDonald's ( MCD) target cut at Morgan Stanley to $64. First-quarter earnings could be hurt by the strong dollar. Overweight rating.

Oracle ( ORCL) estimates, target cut at Barclays through 2010. Channel checks suggest a weak close to the latest quarter. Even so, the stock looks attractive to buy ahead of earnings. Overweight rating.

Transocean ( RIG) added to Top Picks list at Citigroup. Company should benefit from the stabilization in oil prices. Buy rating and $98 price target.

Texas Instruments ( TXN) estimates raised at Barclays through 2010. Company is cutting costs and focusing on inventory levels. Equal-weight rating and $16 price target.

United Technologies ( UTX) numbers cut at Barclays to $50. Estimates also lowered, to match the company's new guidance. Overweight rating.

This article was written by a staff member of TheStreet.com.

More from Stocks

Danica Patrick's Final Race at 2018 Indianapolis 500: What She Thinks About Cars

Danica Patrick's Final Race at 2018 Indianapolis 500: What She Thinks About Cars

Why The FANG Stocks' Dominance May Not Be So Bad For The Market

Why The FANG Stocks' Dominance May Not Be So Bad For The Market

At End of May, Investors Signalling They May Stay Away

At End of May, Investors Signalling They May Stay Away

Inside Carnival's Mind Blowing New Horizon Cruise Ship (Video)

Inside Carnival's Mind Blowing New Horizon Cruise Ship (Video)

Neel Kashkari: The Heart of Our Financial System Is More Radioactive Than Ever

Neel Kashkari: The Heart of Our Financial System Is More Radioactive Than Ever