Notable Analyst Rating Changes 5/30: DELL, AIG, PBR, BIG Upgraded; OSTK, COST, SIGM, JCG Downgraded

May 30, 2008 10:17 AM EDT

StreetInsider.com Notable Analyst Rating Changes:

UPGRADES:
Merrill Lynch upgrades Dell (Nasdaq: DELL) from Neutral to Buy, following Q1 results.

Morgan Stanley upgrades AIG (NYSE: AIG) from Equal Weight to Overweight, saying the sell-off appears overdone.

Goldman Sachs upgrades Petrobras (NYSE: PBR) from Neutral to Buy.

Piper Jaffray upgrades Big Lots (NYSE: BIG) from Neutral to Buy and raises their price target from $27 to $37.

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

DOWNGRADES:
Merrill Lynch downgrades Overstock.com (Nasdaq: OSTK) from Neutral to Sell.

Piper Jaffray downgrades Costco Wholesale (NASDAQ: COST) from Buy to Neutral with a $77 price target.

Lazard and Roth Capital downgrade Sigma Designs (Nasdaq: SIGM) to Hold.

Wachovia and Citi downgrade J. Crew (NYSE: JCG) to Market Perform and Sell, respectively.

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

NEW COVERAGE:
Citi assumes coverage on Hess Corp (NYSE: HES) with a Hold. Price target increased from $109 to $133.

Oppenheimer initiates coverage on P.F. Chang's (Nasdaq: PFCB) with a Market Perform, citing slowing return and too early for results from Pei Wei.

Lehman Brothers initiates coverage on IntercontinentalExchange (NYSE: ICE) with an Equal-Weight and and $165 target, saying secular growth, product expansion and vertical integration of its energy clearing functions should drive growth, but concerns include valuation and perceived regulatory risk.

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

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• Piper Jaffray
• Goldman Sachs
• Citi
• Morgan Stanley
• Merrill Lynch
• Lehman Brothers
• Wachovia
• Lazard
• Roth Capital

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