CHANGE IN RATINGS

Diageo ( DEO) upgraded to a Buy at BofA/ML with a price target of $58, which implies a fwd. PE multiple of 12.8x and 7.2% FCF yield. Despite tough industry news Diageo's share price appears to have found a floor. On an absolute basis price target and 4% DY implies attractive total return. On a relative basis, ML believes that Diageo is likely to underperform if the market rallies.

Guess ( GES) coverage started as new Equal-weight at Barclays Capital. $25 price target. Company has little visibility, despite its long-term growth potential.

Jacobs Engineering ( JEC) downgraded at UBS from Buy to Neutral. $47 price target. Lower capital spending in end market will make growth challenging. Stock is also up 65% from the bottom, while consensus estimates look to high.

Lincoln National ( LNC) upgraded at Merrill Lynch/Bank of America from Underperform to Buy. $17 price target. Company should qualify for and accept TARP funding, which will reduce downside risk.

Shaw Group ( SGR) upgraded at JPMorgan is upgrading SGR to Overweight from Neutral based on improved visibility into nuclear projects and scrubber work. See potential for additional builds in both the U.S. and internationally as sentiment toward nuclear power improves and emissions standards increase. Price target raised to $34 from $31.

Stryker ( SYK) upgraded at RBC from Underperform to Sector Perform. $37 price target. Stock is already pricing in lower spending on hip/knee replacements.

STOCK COMMENTS / EPS CHANGES

Bank of America ( BAC) estimates increased at Morgan Stanley through 2011. Company realizing higher investment banking and mortgage income. Underweight rating and $16 price target.

Bank of America ( BAC) estimates reduced at Barclays through 2010. Company seeing lower net interest income and raised its loss provision. Equal-weight rating and $17 price target.

CME Group ( CME) numbers cut at Barclays to $234. Estimates also lowered, because of lower volumes and pricing. Equal-weight rating.

DirecTV ( DTV) estimates cut at Barclays through 2010. Company facing higher customer acquisition costs and programming expense. Overweight rating and $30 price target.

Eaton ( ETN) estimates, target reduced at UBS to $42. Estimates also cut, to match the company's outlook for lower end-market demand. Neutral rating.

Corning ( GLW) estimates through 2010, target raised at UBS. Company is more upbeat about its LCD outlook. Neutral rating and new $15 price target.

Halliburton ( HAL) estimates raised at Morgan Stanley to 2011 as margins should bottom out in the second quarter. Company looking at improving rig counts and pricing. Overweight rating and $42 price target.

Hasbro ( HAS) estimates, target upped at Barclays through 2010. Company has low inventories and should see strong entertainment sales over the coming quarters. Lower operating costs and tax rate will also help earnings. Equal-weight rating and new $30 price target.

IBM ( IBM) estimates increased at UBS through 2010. Company realizing higher margins, because of cost initiatives. Neutral rating and $100 price target.

Eli Lilly ( LLY) estimates raised at Barclays through 2010. Company is realizing higher gross margins. Equal-weight rating and $39 price target.

Motorola ( MOT) price target raised at Goldman to $7 from $6.50 based on near-term earnings upside from lower operating expenses and narrower handset losses. Maintained Buy rating.

Novellus Systems ( NVLS) numbers raised at UBS to $19. Estimates also increased, to reflect the company's strong order guidance. Neutral rating.

NYSE Euronext ( NYX) numbers lowered at Barclays through 2010. Company is losing market share in the U.S. and facing lower prices in Europe. Overweight rating and new $27 price target.

Stryker ( SYK) numbers lowered at UBS through 2010. Company hurt by lower CapEx budgets at customers. Buy rating and new $54 price target.

Texas Instruments ( TXN) numbers raised at Barclays to reach $18. Company guiding to higher margins, while costs and inventory are also moving lower. Equal-weight rating.

Ultra Petroleum ( UPL) estimates raised at UBS through 2010. Company should benefit from its natural gas hedge position. Buy rating and $52 price target.

MEMC Electronic ( WFR) 2009 estimates cut at UBS because of lower sales guidance. Buy rating and $20 price target.

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

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