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 40.28

+1.28 +3.28%
Volume: 3,844,096
Track AAP

AZO 147.51

+4.16 +2.90%
Volume: 1,191,134
Track AZO

DELL 15.59

+0.19 +1.23%
Volume: 10,527,610
Track DELL

DIS 29.29

+0.17 +0.58%
Volume: 11,550,249
Track DIS

FCX 82.94

+0.37 +0.45%
Volume: 14,288,640
Track FCX

GPS 22.70

+0.02 +0.09%
Volume: 8,494,356
Track GPS

MCD 62.83

+0.55 +0.88%
Volume: 6,642,839
Track MCD

NOK 13.71

+0.26 +1.93%
Volume: 18,851,605
Track NOK

TRA 36.69

+0.87 +2.43%
Volume: 2,553,094
Track TRA

WFR 13.10

+0.17 +1.31%
Volume: 4,378,001
Track WFR

YUM 35.74

+0.16 +0.45%
Volume: 2,374,542
Track YUM


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