BJ Services ( BJS) downgraded at Goldman Sachs to Sell from Neutral based on severe margin challenges caused by collapse in pressure pumping pricing and slowdown in drilling activity. Believe that structural pressure pumping overcapacity could persist into the next upcycle, limiting upside. Price target cut to $8 from $10.

Genentech ( DNA) downgraded at Oppenheimer to Perform. Believe the deal with Roche is done at $95.

Devon Energy ( DVN) upgraded at Barclays from Equal-weight to Overweight. $72 price target. Valuation call, as the stock has underperformed its peers.

Foster Wheeler ( FWLT) upgraded at Goldman Sachs to Buy from Neutral based on attractive valuation, lower consensus estimates and limited negative catalysts before May earnings season. See potential for awards to be added to backlog and additional upstream projects. Price target raised to $23 from $18.

Helmerich & Payne ( HP) downgraded at Goldman Sachs to Sell from Neutral due to ongoing weakness in U.S. land drilling market. Note falling land rig count and see little room for improvement until natural gas prices stay above $5.

King Pharmaceuticals ( KG) upgraded at Goldman to Buy from Neutral. Following recent selloff, shares are trading as if Embeda and Remoxy will not be approved by the FDA, which is not necessarily the case. Price target at $10.

Palm ( PALM) upgraded at RBC Capital from Sector Perform to Outperform. $12 price target. WebOS is just as important to the company's potential success as the launch of the Pre.

Paychex ( PAYX) upgraded at UBS from Sell to Neutral. $22 price target. Valuation call, as the 6% dividend yield appears safe.

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