Analyst Upgrades

• Bunge (BG) to buy from hold at Deutsche Bank.
• Textron (TXT) to overweight from neutral at JPMorgan.
• CSX (CSX) to buy from neutral and Pulte Group (PHM) to conviction buy from neutral at Goldman.
• Aol (AOL) to buy from neutral at UBS.
• Kohlberg Capital (KCAP) to outperform from market perform at JMP Securities.
• Owens Corning (OC) to buy from neutral at BofA/Merrill.
• Jefferies (JEF) to buy from neutral at Ticonderoga.
• Harris (HRS) to outperform from perform at Oppenheimer.

Target Corp. (NYSE: TGT) issued a weaker than expected mid-month sales update on December 24. TGT is recently trading at $50.90. TGT will report December sales on January 10. Jeffries has a hold rating on TGT. TGT over all option implied volatility of 44 is above its 26-week average of 37 according to Track Data, suggesting larger risk.

Options Update is provided by Stock Specialist Paul Foster of theflyonthewall.com.

MOST NOTEWORTHY: Marvel Entertainment, Inc (MVL), Electronic Arts Inc (ERTS), ION Media Networks Inc (ION), Allscripts Healthcare Solutions, Inc (MDRX) and Tenet Healthcare Corp (THC) were today's noteworthy downgrades:

• JP Morgan downgraded Marvel Entertainment (NYSE: MVL) to Neutral from Overweight based on the lack of near-term catalysts.

• Gabelli downgraded Electronic Arts (NASDAQ: ERTS) to Hold from Buy on reduced 2008 expectations. The firm expects Electronic to lose market share given the lack of Q1 product launches.

• CRT downgraded ION Media Networks (AMEX: ION) to Sell from Buy and recommends taking profits at these levels as shares are approaching Citadel LP's offer of $1.46 per share.

• BB&T cut Allscripts Healthcare Solutions, Inc (NASDAQ: MDRX) to Hold from Buy after its weak Q1 report.

• Jefferies downgraded Tenet Healthcare (NYSE: THC) to Underperform from Hold with a $5.50 target to reflect weak volumes.
  

OTHER DOWNGRADES:

• Brooks Automation, Inc (NASDAQ: BRKS) was cut to Peer Perform from Outperform at Bear Stearns.

• Prudential downgraded AngloGold Ashanti Ltd (NYSE: AU) to Neutral from Overweight.

• JP Morgan downgraded Jeffries Group, Inc (NYSE: JEF) to Market Perform to Outperform at Keefe Bruyette.

• Pacific Crest cut Cisco Systems, Inc (NASDAQ: CSCO) to Sector Perform from Outperform on valuation.

Analyst summaries provided by TheFlyOnTheWall.com (subscription required).