NEW YORK ( TheStreet) -- CHANGE IN RATINGSBlackRock 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.
STOCK COMMENTS/EPS CHANGES Adtran ( ADTN) estimates, target were boosted at Jefferies. Shares are now seen reaching $17.50, according to Jefferies. Estimates also upped, given the new AT&T deal. Underperform rating. Chevron ( CVX) estimates were increased at UBS. Chevron earnings estimates were raised given favorable foreign exchange, partly offset by lower than expected R&M earnings and slightly lower upstream liquids, said UBS. Fortinet estimates were reduced at UBS after management pre-announced first quarter results, said UBS. CIO's were more cautious with purchases in the quarter. Price target goes to $26. Goldman Sachs ( GS) numbers increased estimates were raised through 2014 at Morgan Stanley. Industry should see higher FICC trading results, Morgan Stanley said. Equal-weight rating and new $137 price target. McDonald's ( MCD) price target was increased at UBS. McDonald's could see acceleration in U.S. same store sales from new platforms and modestly increasing inflation in 2H13, says UBS. The price target increased to $110. Microsoft earnings were reduced for 2013 given weak PC units in the first quarter and a legal charge, said UBS. Netflix ( NFLX) estimates, target were raised at Goldman. Netflix shares now seen reaching $184, according to Goldman Sachs. Estimates also increased, given higher expected subscriber growth. Neutral rating. Constellation ( STZ) estimates were increased at UBS to reflect the accretion from the U.S. Modelo operations. >To submit a news tip, email: email@example.com. Follow TheStreet on Twitter and become a fan on Facebook.