Abbott Laboratories ( ABT) downgraded at Wachovia to Market Perform. Cholesterol franchise faces challenges, and arthritis prescription growth rates are slowing. American Electric ( AEP) upgraded at Keybanc from Hold to Buy. Estimates cut because of the recent equity offering, though it will help pay down debt. Stock is trading at a significant discount to its peers. BMC ( BMC) downgraded at UBS to neutral from buy and price target maintained at $37. UBS does not see material upside potential to the company's current share price barring an acquisition. At $34, BMC is trading at 15x UBS CY09 EPS estimate (ex ESO expense) of $2.27. CA ( CA) downgraded at Jefferies from Buy to Hold. $18 price target. Company had to take a large charge, and bookings were likely weak for March. Celanese ( CE) downgraded at Goldman Sachs to Neutral from Buy based on valuation. Shares are up 120% since March 4 and now appear fairly valued. Note early signs of demand stabilization for chemicals used in auto and housing end markets. Price target at $16. Campbell Soup ( CPB) downgraded at JPMorgan to Neutral from Overweight. Price target lowered to $30.00 from $35.50. 2009 EPS estimates lowered to $2.10 from $2.13. Cisco Systems ( CSCO) downgraded at Goldman Sachs to Neutral from Buy based on valuation following recent rally. Shares are now trading at 17 times 2010 estimates. Believe company is gaining share from vendors such as Nortel and HP, and seeing increased demand for collaboration products such as Unified Communications, WebEx and TelePresence. Price target at $18.