Microsoft: Analysts' Upgrades, Downgrades

NEW YORK ( TheStreet) -- CHANGE IN RATINGS

Acxiom ( ACXM) downgraded at Baird from Outperform to Neutral. $16 price target. Survey suggests that marketing spending could slow down.

Aetna ( AET) downgraded at UBS from Buy to Neutral. $30 price target. Health care reform costs could delay the ongoing margin expansion.

Celgene ( CELG) upgraded at Morgan Joseph from Hold to Buy. $66 price target. Company is seeing better sales of Revlimid.

Con-way ( CNW) upgraded at Deutsche to Buy. LTL pricing appears to have reached an inflection point.

Corning ( GLW) downgraded at Goldman from Buy to Neutral. Recent data suggests that television demand could fall in China and North America.

Marriott ( MAR) downgraded at Wells to Market Perform. Company should benefit from share repurchases, but lacks other visible catalysts.

Medtronic ( MDT) upgraded at BMO from Market Perform to Outperform. Valuation call, based on a $48 price target.

Molex ( MOLX) downgraded at BofA/Merrill to Underperform from Neutral on slowdown in various consumer end markets. Maintain $18 price target.
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Microsoft ( MSFT) upgraded at Janney from Neutral to Buy. $30 price target. Windows and Office product cycles are performing well.

New Jersey Resources Corp ( NJR) initiated at BofA/Merrill with a Neutral rating and $37 price target. Earnings stability priced in.

Northrop Grumman ( NOC) added to Conviction Sell List at Goldman Sachs. Industry should see lower sales in the coming quarters.

Onyx Pharmaceuticals ( ONXX) price target lower at Barclays to $33 from $42 on near-term FX impact and higher spending. Maintain Overweight rating.

Patterson-UTI ( PTEN) rated new Neutral at Susquehanna Financial. Company has exposure to a U.S. drilling recovery, but earnings power could be limited.

Sandisk ( SNDK) upgraded at UBS from Neutral to Buy. $55 price target. Estimates also boosted, given favorable pricing and mobile design wins.

Stryker ( SYK) rated new Market Perform at Rodman. Short-term growth has slowed along with the macro environment.

Tyco Electronics ( TEL) downgraded at BofA/Merrill to Neutral from Buy. Incremental weakness in Europe and a global near term peak in automotive SAAR is likely to drive estimates lower. Maintain $27 price target.

Valassic Communications ( VCI) downgraded at Baird from Outperform to Neutral. $35 price target. Weaker consumer environment could hurt second-half results.

Weyerhaeuser ( WY) upgraded at UBS from Neutral to Buy. $47 price target. Valuation call, as wood product prices have found support.

STOCK COMMENTS / EPS CHANGES

Adobe ( ADBE) target lowered at Janney Montgomery to $35. Company lacks catalysts after CS5. Buy rating.

Auxilium ( AUXL) price target lower at BofA/Merrill to $37 from $41 on concerns about the speed of Xiaflex launch. Maintain Buy rating.

El Paso ( EP) estimates lowered at Morgan Stanley through 2012. Company updated guidance, regarding the Ruby land grant. Overweight rating and $15 price target.

General Electric ( GE) numbers cut at Goldman. Shares of GE now seen reaching $18. Estimates also reduced, given lower industrial expectations, as well as pension and currency costs. Buy rating.

Genuine Parts ( GPC) cut from Conviction Buy List at Goldman. Current quarter could mark the peak in growth for the industrial business. $46 price target.

Idex ( IEX) upgraded at Janney from Neutral to Buy. $40 price target. Company is seeing better orders and margins should improve.

Kellogg ( K) target, estimates cut at Credit Suisse. K price target reduced to $61 from $63. 2010 and 2011 EPS estimates trimmed to $3.55 and $3.92, respectively. Would be buyers of the stock on weakness. Maintain Outperform rating.

KLA-Tencor ( KLAC) target raised at RBC. Shares of KLAC now seen reaching $37. Company is likely seeing strong orders and will likely host an upbeat analyst meeting.

Lorillard ( LO) added to Conviction Buy List at Goldman. Domestic cigarette business is improving. $96 price target.

Mattel ( MAT) estimates increased at Goldman through 2012. Company should benefit from higher Toy Story 3 box office results. Neutral rating.

Manitowoc ( MTW) target reduced at UBS to $10. Financing environment remains challenging. Neutral rating.

Qualcomm ( QCOM) added to Conviction Buy List at Goldman. Company should benefit from continued smartphone growth, especially with Android. $43 price target.
This article was written by a staff member of TheStreet.