Ashland ( ASH) upgraded at JP Morgan to Overweight from Neutral based on higher margin assumptions. Despite recent gain in the stock, firm sees ample room for superior capital appreciation potential longer-term. Raised target price to $17 from $8.

Boeing ( BA) downgraded at Wachovia to Market Perform. New analyst sees production rate cuts coming. Estimates also lowered.

BB&T ( BBT) downgraded at Goldman Sachs to Sell from Neutral based on high exposure to residential construction and further weakness in housing prices. Note additional problems in Southeastern U.S. economics. Price target lowered to $14 from $17.

CME Group ( CME) downgraded at Wachovia from Outperform to Market Perform. Valuation call, as the stock is up 55% from its January lows. New uptick rule could also hurt equity volatility.

Danaher ( DHR) downgraded at JPMorgan to Neutral from Overweight based on recent outperformance and optimistic consensus estimates. Note earnings cut at Agilent last week, showing negative structural demand shift. Price target lowered to $43 from $46.

Goodrich ( GR) downgraded at Wachovia from Outperform to Market Perform. New analyst believes that after-market weakness will pressure earnings.

ON Semiconductor ( ONNN) upgraded at UBS from Neutral to Buy. $5 price target. Estimates also raised, as checks in Asia show improving demand. Pricing not a concern either.

Precision Castparts ( PCP) downgraded at Wachovia from Outperform to Market Perform. Company will outperform other suppliers, but is not immune to the aerospace cycle. New analyst also cut estimates through 2011.

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