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.