CHANGE IN RATINGS

CBS ( CBS) upgraded at Goldman Sachs to Neutral from Sell based on more balanced risk/reward profile. Channel checks indicate that deterioration in advertising trends is moderating. Price target at $5.

Deere ( DE) rated new Buy at Deutsche Bank. $45 price target. Company is the premium farm equipment play and also offers a call option on the a recovery in North American construction.

Disney ( DIS) downgraded at Goldman Sachs to Neutral from Buy based on valuation and near-term content cycle. Company is well-positioned long-term, but trades at a 25% premium to peers despite tough near-term outlook. Note that Q2 results could disappoint. Price target lowered to $20 from $26.

LSI ( LSI) rated new Hold at Deutsche Bank. $3.50 price target. Company seeing strong HDD market in the near-term, but long-term challenges remain.

Microchip Technology ( MCHP) upgraded at Thomas Weisel. Rating raised to Overweight from Market Weight. Price target raised from $19 to $27. Maintains 2009 EPS estimates of $1.25.

Marvell Technology ( MRVL) rated new Buy at Deutsche Bank. $12 price target. Company is poised to gain share in storage and communications. Outlook also appears conservative.

Phillips-Van Heusen ( PVH) upgraded at Citigroup from Hold to Buy. $24 price target. Company has clean inventory and should perform toward the high end of earnings expectations.

Texas Instruments ( TXN) upgraded at Argus to buy from hold with a $23 price target based on early signs of improving demand and compelling valuation. Argus does not expect robust recovery near term, but believes TXN has made some structural changes that will benefit the company longer term.

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