Analyst upgrades:

• Bernstein upgraded Amgen (NASDAQ: AMGN) to Outperform from Market Perform on valuation as it believes threats to the core business are priced in at current levels and upside catalysts may come from pipeline news. The firm raised its target on shares to $65 from $57.
• Stephens upgraded CyberSource (NASDAQ: CYBS) to Overweight from Equal Weight on valuation as it believes the recent pullback creates a buying opportunity. The firm raised its target on shares to $16 from $14.
• JPMorgan upgraded Magna (NYSE: MGA) and Tenneco (NYSE: TEN) to Overweight from Neutral on expectations global auto production has sequentially bottomed with European light vehicle production rebounding in Q2. The firm also sees a short-term trading opportunity in TRW Automotive (NYSE: TRW), but keeps a Neutral rating on the stock.
• SINA Corp. (NASDAQ: SINA) was upgraded to Conviction Buy from Buy at Goldman.
• Cogent Communications (NASDAQ: CCOI) was raised to Buy from Hold at Citigroup.

• Citigroup upgraded Abbott Lab (NYSE: ABT) to Hold from Sell on valuation following the stock's recent underperformance. The firm maintains a $48 price target.
  
• Deutsche Bank upgraded shares of Pepsi Bottling (NYSE: PBG) and Dr. Pepper Snapple (NYSE: DPS) to Buy from Hold as they believe carbonated soft drinks market is showing signs of stabilization. The firm raised its price target on Pepsi Bottling to $28 from $25 and on Dr. Pepper Snapple to $22 from $20.
  
• Baird upgraded CommScope (NYSE: CTV) to Outperform from Neutral and raised their target to $19 from $10 as they expect fundamentals to bottom in Q1 and ramp strongly in Q2 as wireless capex outlook improves.
• Sinopec Shanghai (NYSE: SHI) was raised to Buy from Sell at Goldman.
  
• TRW Automotive (NYSE: TRW) was upgraded at JP Morgan to Neutral from Underweight.

Piper Jaffray downgraded Washington Mutual (NYSE:WM) to "sell" from "neutral", according to Briefing.com. The news service also reports that Citigroup cut VMWare (NYSE:VMW) to "hold" from "buy" and cut its price target to $33 from $52.

Deutsche Bank downgraded TRW (NYSE:TRW) to "hold" from "buy", according to MarketWatch.

Caterpillar (NYSE:CAT) Cut to Neutral at JPMorgan according to 24/7 Wall St. The financial website also reports Target Corp. (NYSE:TGT) Cut to Neutral at Credit Suisse.

Douglas A. McIntyre

MOST NOTEWORTHY: RF Micro Devices, Western Digital and Boyd Gaming were today's noteworthy downgrades:

• Jefferies downgraded shares of RF Micro Devices (NASDAQ: RFMD) to Hold from Buy to reflect the continued softness in the China Market after Asian channel checks suggested the March quarter will be weak.
  
• Citigroup downgraded shares of Western Digital (NYSE: WDC) to Hold from Buy, as they believe the HDD industry is nearing a cyclical peak. They also view the likelihood of consolidation as less likely given the current conditions.
  
• Boyd Gaming (NYSE: BYD) was lowered to Neutral from Add at Calyon following its Q4 report.

OTHER DOWNGRADES:

• JP Morgan downgraded BorgWarner (NYSE: BWA), Lea Corporation (NYSE: LEA) and TRW Automotive Holdings (NYSE: TRW) to Neutral from Overweight.
  
• Merrill lowered Edison International (NYSE: EIX) to Neutral from Buy.

MOST NOTEWORTHY: JDSU (JDSU), MasterCard (MA), GlobalSanta Fe (GSF), Molson Coors (TAP) and TRW Inc (TRW) were today's notable upgrades:

• BMO Capital upgraded JDSU (NASDAQ: JDSU) to Market Perform from Underperform based on valuation and good industry fundamentals.

• AG Edwards considers MasterCard (NYSE: MA) a defensive payments play, upgraded shares to Buy from Hold, and would use weakness to build positions in the stock.

• GlobalSanta Fe (NYSE: GSF) was upgraded at Bernstein to Market Perform from Underperform based on the merger with Transocean (RIG).

• Molson Coors (NYSE: TAP) was upgraded to Buy from Neutral at Goldman based on valuation and potential increased free cash flow in 2008.

• TRW Inc (NYSE: TRW) was upgraded to Buy from Sell at Goldman...

OTHER UPGRADES:

• Thomas Weisel raised Network Appliance (NASDAQ: NTAP) to Overweight from Market Weight.

• Suntrust upgraded Goodrich Petroleum (NYSE: GDP) to Neutral from Reduce.

• Fossil (NASDAQ: FOSL) was upgraded to Outperform from Market Perform at Piper Jaffray.

• Keybanc raised Macy's (NYSE: M) rating to Buy from Hold.

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

MOST NOTEWORTHY: Cisco Systems Inc (CSCO), Continental (CAL) and Caterpillar inc (CAT) complete the list of notable downgrades:

• Citing peak employee productivity and margin expansion difficulties, Citigroup downgraded Cisco Systems Inc (NASDAQ: CSCO) from its previous Buy rating and assumed the company with a Hold rating.

• Goldman Sachs downgraded Continental Airlines Inc (NYSE: CAL) to Sell from Neutral on valuation.

• JP Morgan assumed coverage of Caterpillar Inc (NYSE: CAT) with an Underweight rating, downgraded from its previous Neutral rating.

OTHER DOWNGRADES:

• Following CIBC's outlook for the Paper & Forest sector through 2008, the firm downgraded Bowater Inc (NYSE: BOW) to Sector Underperformer from Sector Performer. The broker believes pulp, paper and packaging prices are near cyclical highs.

• Goldman Sachs expects a slowdown in revenue growth and margins in 2007 for TRW Automotive Holdings Corp (NYSE: TRW) and added the company to its America's Conviction Sell List.

• USA Truck Inc (NASDAQ: USAK) was downgraded to Market Perform from Outperform at Morgan Keegan following the trucking company's disappointing Q4, guidance and lack of near-term catalysts.

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

MOST NOTEWORTHY: Fortune Brands (FO) and Altria Group (MO) were today's more notable downgrades:

• JP Morgan downgraded Fortune Brands (NYSE: FO) to Neutral from Overweight on valuation and the weak outlook for home and hardware sales.

• Altria Group (NYSE: MO) was downgraded by Deutsche Bank to Hold from Buy with a $95 target, citing its valuation, ex-Kraft, is more in line with its tobacco peers.

OTHER DOWNGRADES:

• CheckPoint Software Tech (NASDAQ: CHKP) was downgraded to Underperform from Market Perform with a $19 target at Freedman Billings, with expectations that 2007 will be a difficult transition year.

• Matrix USA downgraded shares of Boyd Gaming (NYSE: BYD) to Hold from Buy on valuation.

• Goldman Sachs downgraded TRW Automotive Hldg (NYSE: TRW) to Sell from Neutral and was added to the America's Sell List; they believe rising costs, a less favorable product mix and commercial steering business headwinds will weigh on revenue growth and margins in 2007.

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