CHANGE IN RATINGS

Alcoa ( AA) upgraded at Deutsche Bank from Sell to Hold. Financing fears have been pushed into 2010, following the recent equity placement.

Autodesk ( ADSK) upgraded at UBS from Sell to Neutral. $16 price target. Expect management to say that sales declines are decelerating at the upcoming analyst meeting. Also expect a new CFO to be named soon.

Freeport-McMoran ( FCX) downgraded at Deutsche Bank to Sell. Valuation call, as copper prices should pull back once again.

Guess ( GES) rated new Buy at Jefferies. $27 price target. Company should be able to weather the storm, with its diversified business model.

Google ( GOOG) upgraded at Merriman to Buy from Neutral based on stabilizing pricing and diminished foreign exchange headwinds. Also sees mobile search as a catalyst.

Microsoft ( MSFT) upgraded at Davenport to Buy. $24 price target. PC unit demand is likely rising in the U.S., Japan and China.

JM Smucker ( SJM) rated new Outperform at Oppenheimer. $44 price target. Company is benefiting from trend toward more home-prepared meals, and products are holding up well against private-label competition.

Telmex ( TMX) upgraded at Credit Suisse to Neutral from Underperform based on valuation. Maintained $16 target price.

STOCK COMMENTS / EPS CHANGES

Amazon.com ( AMZN) target raised at ThinkEquity to $85. Kindle will help margins and earnings, though not boost the top line as much. Buy rating.

Intel ( INTC) estimates, target raised at Morgan Stanley through 2010. Upstream data points are largely positive across the industry. Equal-weight rating and new $14 price target.

KB Home ( KBH) 2010 estimates lowered at UBS because of low demand visibility. Neutral rating and $14 price target.

Research in Motion ( RIMM) numbers reduced at UBS to $52. Estimates also lowered through 2010, because of lower expected replacement demand. Neutral rating.

VMWare ( VMW) 2009 estimates, target reduced at RBC because of mixed channel checks. Enterprise demand likely remains soft. Sector Perform rating and new $23 price target.

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

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