Notable Analyst Rating Changes 11/17: MCD, YUM, NOK Upgraded; WFR, TRA, DELL, DIS, FCX Downgraded

November 17, 2008 10:13 AM EST

UPGRADES:
UBS upgrades McDonald's (NYSE: MCD) from Neutral to Buy, citing EPS expectations in 2009. The firm said shares gains are sustainable and could accelerate.

UBS upgrades YUM! Brands (NYSE: YUM) from Neutral to Buy, citing valuation after recent slide and potential for meaningful EPS growth. The firm lowered its price target on YUM! from $40 to $29.

Merrill Lynch upgrades Nokia (NYSE: NOK) from Neutral to Buy.

For daily real-time Upgrades go to http://www.streetinsider.com/Upgrades

DOWNGRADES:
Collins Stewart downgrades MEMC Electronic Materials (NYSE: WFR) from Buy to Hold.

BMO Capital downgrades Terra Industries (NYSE: TRA) from Market Perform to Underperform.

Merrill Lynch downgrades Dell (Nasdaq: DELL) from Buy to Neutral. The firm said PC unit sales will fall 2% next year, versus its prior forecast of 12% growth.

Soleil Securities downgrades Walt Disney (NYSE: DIS) from Buy to Hold. Price target lowered to $23 from $40.

J.P. Morgan downgrades Freeport-McMoran (NYSE: FCX) from Overweight to Neutral.

For daily real-time Downgrades go to http://www.streetinsider.com/Downgrades

NEW COVERAGE:
Cowen & Co resumes coverage on Gap Inc (NYSE: GPS) with a Neutral.

Citi initiates coverage on Advance Auto Parts Inc (NYSE: AAP) with a Buy. Price target $35.

Citi initiates coverage on AutoZone Inc. (NYSE: AZO) with a Buy. Price target $146.

For daily real-time New Coverage go to http://www.streetinsider.com/New+Coverage


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Stocks Mentioned

AAP 32.39

+0.00 +0.00%
Volume: 1,919,040
Track AAP

AZO 135.44

+0.00 +0.00%
Volume: 1,991,260
Track AZO

DELL 11.15

+0.00 +0.00%
Volume: 100
Track DELL

DIS 23.18

+0.00 +0.00%
Volume: 12,410,764
Track DIS

FCX 27.99

+0.00 +0.00%
Volume: 25,195,194
Track FCX

GPS 13.56

+0.00 +0.00%
Volume: 9,248,397
Track GPS

MCD 61.24

+0.00 +0.00%
Volume: 7,910,335
Track MCD

NOK 15.66

+0.00 +0.00%
Volume: 19,879,978
Track NOK

TRA 17.20

+0.00 +0.00%
Volume: 3,163,572
Track TRA

WFR 17.10

+0.00 +0.00%
Volume: 6,740,975
Track WFR

YUM 31.64

+0.00 +0.00%
Volume: 3,844,090
Track YUM


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