Analysts' Actions: MSFT LMT NOC FDO FTNT

NEW YORK ( TheStreet) -- CHANGE IN RATINGS

BlackRock Kelso Capital ( BKCC) was downgraded to hold at TheStreet Ratings.

Delhaize ( DEG) was downgraded to hold at TheStreet Ratings.

Microsoft ( MSFT) was downgraded from neutral to sell at Goldman. $27 price target. Estimates also cut, given lower PC demand trends, Goldman Sachs said.

Lockheed Martin ( LMT) was upgraded from sell to hold at Drexel Hamilton. $90 price target. Defense budget cuts were not as bad as expected, Drexel Hamilton said.

Northrop Grumman ( NOC) was upgraded from sell to hold at Drexel. $70 price target. Defense sector fared relatively well in the recent budget battle, Drexel Hamilton said.

Family Dollar ( FDO) was downgraded from buy to neutral at Goldman. $65 price target. Estimates also cut, as the company's slowdown is likely re-accelerating, Goldman Sachs said.

Fortinet ( FTNT) was downgraded from buy to hold at Needham. Company cut guidance, based on several issues, Needham said.

Adobe ( ADBE) was upgraded from sell to neutral at Goldman. $48 price target. Risk/reward profile has become more balanced, Goldman Sachs said.

American Eagle ( AEO) was initiated with a buy rating at Topeka. CEO Robert Hanson has the right initiatives in place to expand margins and improve sales growth, said Topeka. Price target is $25.

Abercrombie & Fitch ( ANF) was initiated with a hold rating at Topeka. The domestic and international challenges that still face the company support the current valuation, said Topeka. Price target is $50.

Quest Diagnostics ( DGX) was upgraded from neutral to buy at Goldman. $67 price target. New management can expand margins and drive earnings growth, Goldman Sachs said.

Fortinet was downgraded to Market Perform at Wells. Company pre-announced lower billings, Wells Fargo said.

Fortinet was downgraded to equal-weight at Morgan Stanley. Customer purchasing matters may be changing and the company is struggling to execute, Morgan Stanley said.

General Dynamics ( GD) was upgraded from sell to hold at Drexel. $65 price target. Defense budget cuts have not been as bad as feared, Drexel Hamilton said.

Nordstrom ( JWN) was initiated with a buy rating at Topeka. A ramp-up in spending by affluent customers, the comeback in women's apparel and its leadership in multi-channel retailing will drive shares higher, said Topeka. Price target is $63.

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