Analysts' Upgrades, Downgrades: DryShips

CHANGE IN RATINGS

Arch Coal ( ACI) downgraded at Goldman to Neutral from Buy after lagging to its industry peers. Lowered price target to $21 from $23.

Amazon ( AMZN) upgraded at Susquehanna to positive with a $100 price target. The company has proven its ability to execute well despite the difficult economy and tough currency comparisons, gaining share and demonstrating strong operating efficiencies. Amazon continues to over deliver relative to cautious guidance and consensus forecasts. Thus, PEG remains 1.2x long-term EPS growth, in line with previous target. Raising EPS growth rate to 30% from prior target of 25%, in line with EPS forecasts post recession.

Air Products ( APD) upgraded at KeyBanc. Rating raised to Buy from Hold. Introduces $80 price target. Maintains 2009 EPS estimates of $4.00.

Peabody Energy ( BTU) upgraded at Goldman to Buy from Neutral. The co. has a unique exposure to Asia seaborne metallurgical coal markets via its Australian assets with great upside potential for earnings in 2009. Raised price target to $45 from $41.

Chattem ( CHTT) downgraded at Jefferies from Buy to Hold. $72 price target. Scanner data decelerated in March, and the stock is near the price target.

DryShips ( DRYS) upgraded at Credit Suisse to Outperform from Neutral. Cites that the recent surge in oil prices should help secure contacts and that many investors are ignoring their rig assets. Increased price target to $8 from $5.

Dreamworks ( DWA) initiated at Weisel. Initiated with an Overweight rating and $35 price target.

Freeport-McMoran ( FCX) upgraded at Citigroup to Buy. $58 price target. Copper prices could move lower in the near term, but the recent pullback creates an attractive opportunity.

First Solar ( FSLR) upgraded at ThinkEquity to Buy from Accumulate and price target reduced to $180 from $188. Upgrade based on valuation after a 29% sell-off in the last six weeks (the S&P 500 is down 2% over the same time period, while the NASDAQ is up 2%), as the price target offers 24% upside to current levels.

Infosys ( INFY) downgraded at Stifel from Hold to Sell. $27 price target. Company may lower guidance later this week, because of pricing pressure and currency losses.

Southern Copper ( PCU) upgraded at Citigroup from Sell to Hold. $22 price target. Stock has pulled back to an attractive valuation.

Qualcomm ( QCOM) initiated at Morgan Keegan. Initiated with an Outperform rating. Introduces 2009 EPS estimates of $1.81.

Research in Motion ( RIMM) rated new Buy at Calyon. $85 price target. Company will likely improve supply-chain management and keep margins at a lucrative level.

XL Capital ( XL) upgraded at Credit Suisse to Outperform from Neutral. Improving fixed income markets which should help strengthen the co.'s capital position and stabilization in the co.'s franchise by maintaining a pricing discipline led to the increase in earnings. Increased target price to $18 from $13.

Zebra Technologies ( ZBRA) downgraded at Weisel from Overweight to Market-weight. $23 price target. Cost-cutting will not offset weakness in Europe and cut backs in the retail supply chain.

STOCK COMMENTS / EPS CHANGES

Ameren ( AEE) target lowered at Goldman to $19 from $21. The new target price represents the downside or limited value for the co.'s regulated business. Maintained Sell rating.

Applied Materials ( AMAT) 2009 estimates cut at Kaufman following channel checks. Hold rating and $11 price target.

Amgen ( AMGN) price target raised at UBS. Price target raised to $58 from $53. Maintains Neutral rating. Fiscal 2010 EPS estimates raised to $5.00 from $4.98.

Amgen ( AMGN) target increased at Goldman to $65 from $60. Expectations of continued momentum from pipeline news and share information as well as beliefs that the FDA should approve their drug, Dmab, which helps treat bone complications in cancer. Maintained Buy rating.

Burger King ( BKC) estimates cut through 2010, target reduced at UBS. Company continues to see negative same-store sales trends. Neutral rating and new $17 price target.

Cigna ( CI) price target raised at UBS. Price target raised to $29 from $24. Maintains Buy rating and 2009 EPS estimates of $3.45.

Colgate-Palmolive ( CL) estimates raised at Barclays through 2010. Equal-weight rating and $68 price target.

Citrix Systems ( CTXS) numbers raised at Lazard through 2010. Checks suggest stronger second quarter results. Buy rating and new $35 price target.

Walt Disney ( DIS) estimates, target raised at Pali. Shares now seen reaching $17. Estimates also increased. Sell rating, as consensus expectations likely remain too optimistic.

Denbury Resources ( DNR) numbers cut at UBS to $19. Estimates also lowered, following the recent sale of Barnett assets. Buy rating.

Coca-Cola ( KO) target boosted at Barclays to $54. Company seeing better growth overseas than in the U.S. Overweight rating.

LSI ( LSI) estimates, target increased at Friedman, Billings Ramsey. Shares of LSI now seen reaching $6. Estimates also boosted, following recent positive channel checks. Outperform rating.

Massey Energy ( MEE) target lowered at Goldman to $30 from $32. The co. may have been too aggressive in contracting additional thermal and metallurgical volumes for 2010. Maintained Buy rating.

Onyx Pharmaceuticals ( ONXX) target raised at Goldman to $31 from $27 based on valuation. Maintained neutral rating.

Pepsi ( PEP) estimates cut, target raised at Barclays. Shares now seen reaching $63. On the other hand, estimates were lowered, to reflect no buyback activity. Overweight rating.

Sunpower ( SPWA) estimates cut through 2010, target lowered at ThinkEquity. Looking for slower U.S. growth and more price competition. Source of Funds rating and new $21 price target.

Vertex ( VRTX) target raised at Goldman to $36 from $34 based on their new drug telaprevir, which should launch in 2011 and may be the first and best in class therapy for HVC. Maintained neutral rating.

Yum Brands ( YUM) target boosted at Merrill/BofA to $43. Macro trends continue to improve in China. Buy rating.

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

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