CHANGE IN RATINGS

Activision Blizzard ( ATVI) upgraded at Goldman Sachs to Buy from Neutral based on attractive late-2009 game slate and reduced investor focus on music genre fatigue. See potential for positive EPS revisions as Q1 results and E3 show ease concerns. Priec target raised to $14 from $10.

Bristol-Myers Squibb ( BMY) downgraded at Goldman Sachs to Neutral from Buy based on relative valuation and lower potential as a takeout candidate. See greater opportunity in other stocks within coverage universe. Price target trimmed to $23 from $25.

Coca-Cola Enterprises ( CCE) upgraded at Merrill/BofA from Neutral to Buy. $18 price target. Estimates also raised, to reflect higher volumes and a better pricing environment.

Dish Network ( DISH) downgraded at Goldman Sachs to Neutral from Buy. See shares as undervalued, but believe first-quarter results are likely to disappoint investors. Price target at $15.

DreamWorks Animation ( DWA) upgraded at Goldman Sachs to Buy from Neutral based on developing catalysts, including increased earnings expectations for 2009-2011. Believe recent estimate cuts are over and see potential for multiple expansion. Price target raised to $27 from $23.

Lincoln National ( LNC) upgraded to Equalweight at Morgan Stanley from underperform due to decreased downside risk. LNC has underperformed peers and is at a sizeable discount to the group. The need to borrow to fund debt and commercial paper maturities have already played out and reflected in consensus estimates.

Macy's ( M) downgraded at JP Morgan. Rating lowered to Neutral from Overweight. Maintains $13 price target and 2009 EPS estimates of $0.60.

Och-Ziff Capital ( OZM) upgraded at Goldman Sachs to Buy from Neutral. See potential for sharp EPS rebound in 2010 and view April performance as potential catalyst. Note that institutional focus should lead to market share gains. Target price raised to $9 from $6.

Smithfield Foods ( SFD) downgraded at Barclays. Rating lowered to Underweight from Equal weight. Price target lowered to $6 from $24. Maintains 2009 EPS estimates of -$1.36.

Whole Foods ( WFMI) downgraded at Morgan Stanley from Equal-weight to Underweight. $15 price target. Valuation call, as the stock has more than doubled on the year.

STOCK COMMENTS / EPS CHANGES

Agco ( AG) estimates reduced at Morgan Stanley through 2010. Company's margins are falling, and management guided to lower sales.

Avery Dennison ( AVY) estimates cut at Barclays through 2010. Company posted weak first quarter results, though cash flow remains strong. Equal-weight rating and $27 price target.

Corn Products ( CPO) numbers lowered at Morgan Stanley to $23. Estimates also reduced, because of poor volume and pricing trends. Equal-weight rating.

Commscope ( CTV) estimates, target raised at UBS through 2010. Company realizing higher gross margins. Buy rating and new $26 price target.

Interpublic Group Revenue ( IPG) forecast raised at Morgan Stanley for 2009 increased to down 9%-10% from down 11%-12% due to upside in the first quarter. New forecast does not change 8% EBIT margin estimate and revenue estimates represent a 32% YoY decline from 2008.

Interpublic ( IPG) estimates raised at Morgan Stanley through 2011. Margins are being helped by cost-cutting. Equal-weight rating.

Jacobs Engineering ( JEC) numbers lowered at UBS to $44. Estimates also cut, to match the company's new guidance for slowing projects. Neutral rating.

Level 3 Comm. ( LVLT) estimates cut at Morgan Stanley through 2010. Company is seeing falling sales, and may not be able to keep up with cost-cutting. Underweight rating.

Mead Johnson ( MJN) numbers raised at Morgan Stanley through 2011. Earnings were helped by a lower tax rate, but business is Asia is also going well. Equal-weight rating and new $29 price target.

Under Armour ( UA) target raised at Merrill/BofA to $28. Company is seeing growth in the core apparel and footwear markets. Buy rating.

Paccar ( PCAR) estimates lowered at UBS through 2010. Company seeing lower production levels and higher finance delinquency rates. Sell rating and $20 price target.

Under Armour ( UA) target raised at Merrill/BofAto $28. Company is seeing growth in the core apparel and footwear markets. Buy rating.

Waters ( WAT) estimates, target raised at UBS through 2010. Company posted strong sales and was aided by currency last quarter. Netural rating and new $45 price target.

US Steel ( X) estimates cut at UBS through 2010. Company needed to raise cash, but cyclical pressures and structural challenges remain. Sell rating and $16 price target.

STRATEGY CALLS / MARKET CALLS

Steel stock ratings changed at Goldman Sachs

Goldman said it is changing ratings on some steel names due to recent price action. Downgrading STLD and ZEUS to Neutral from Buy as both stocks are trading at or above target prices. Upgraded GNA to Buy from Neutral based on leverage to infrastructure spending and benefit from lower costs.

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

More from Stocks

Jim Cramer on U.S.-China Trade: The Media Has it Wrong

Jim Cramer on U.S.-China Trade: The Media Has it Wrong

To Win at Trade the U.S. Must Act and Behave Like China

To Win at Trade the U.S. Must Act and Behave Like China

Dow Rises Sharply as U.S.-China Trade Tensions Thaw

Dow Rises Sharply as U.S.-China Trade Tensions Thaw

Video: Jim Cramer on Tariffs, the Market Rally, Caterpillar and Micron

Video: Jim Cramer on Tariffs, the Market Rally, Caterpillar and Micron

Why PayPal's CEO Doesn't Fear Amazon Entering Mobile Payments

Why PayPal's CEO Doesn't Fear Amazon Entering Mobile Payments