CHANGE IN RATINGS

Albemarle ( ALB) upgraded at Goldman Sachs to Buy from Neutral due to early cycle exposure, easing feedstock costs and improving pricing power. Expect improving sentiment to drive multiple expansion as investors look for compelling earnings rebound opportunities. Price target raised to $32 from $19.

Brocade ( BRCD) upgraded at Merrill/BofA from Neutral to Buy. $6 price target. Debt concerns have been overblows, though estimates are being cut through 2010.

Dr. Pepper Snapple ( DPS) upgraded at JPMorgan to Neutral from Underweight. Expect improvement in North American beverage environment to boost volumes during 2009. Note aggressive guidance but believe downside in stock is limited. Price target raised to $21 from $18.

ITT Educational ( ESI) downgraded at ThinkEquity from Buy to Accumulate. $117 price target. Company should post strong near-term results, though market sentiment has shifted away from defensive sectors.

Google ( GOOG) rated new Buy at Benchmark. $430 price target. Growth is resilient in the current environment, and the company can sustain market share gains.

Gymboree ( GYMB) upgraded at Merrill/BofA from Underperform to Buy. March sales show that problems have begun to work themselves out. $33 price target.

LAN Airlines ( LFL) upgraded at Credit Suisse to Outperform from Neutral. Believes company has much lower earnings risk than its Brazillian peers. Raised target price to $13 from $11.

Lam Research ( LRCX) upgraded at Oppenheimer from Perform to Outperform. $35 price target. Channel checks suggest that cyclical inflection point is closer than expected.

Microsemi ( MSCC) downgraded at Barclays from Overweight to Equal-weight. $10 price target. DOJ lawsuit and recent business weakness could hurt near-term earnings.

Netflix ( NFLX) downgraded at Wedbush Morgan from Buy to Hold. Valuation call, based on a $48 price target.

Owens & Minor ( OMI) upgraded at Credit Suisse to Outperform from Neutral. Believes earnings power is under appreciated given accretive Burrows acquisition. Raised target to $46 from $45.

STOCK COMMENTS / EPS CHANGES

Aflac ( AFL) target raised at Merrill/BofA to $33. Company could likely cut dividend and hedge currency risk on the balance sheet. Buy rating.

Express Scripts ( ESRX) numbers increased at Merrill/BofA through 2010. WLP acquisition should add to earnings. Buy rating and new $75 price target.

SPX ( SPW) estimates, target cut at Barclays. Estimates lowered through 2010. Company warned of lower demand in short-cycle businesses. Overweight rating and new $53 price target.

VMWare ( VMW) target upped at Barclays to $25. Channel checks show stabilization, though valuation remains high. Equal-weight rating.

Xilinx ( XLNX) target raised at Morgan Stanley to $17 a share. Company is likely taking market share from ALTR, which should help expand the valuation multiple. Equal-weight rating.

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

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