Notable Analyst Rating Changes 7/6: WDC, STX, JWN, BHP, AXP, CMI Upgraded; EV, GPI, DSCO, RAX Downgraded

July 6, 2009 9:47 AM EDT

UPGRADES:
Bank of America upgrades Western Digital (NYSE: WDC) and Seagate (NYSE: STX) from Underperform to Buy.

Goldman Sachs upgrades Nordstrom (NYSE: JWN) from Sell to Neutral and removed the stock from their Conviction Sell List, citing valuation after 18.9% slide since their downgrade on 5/18. The firm maintains their $21 price target.

Credit Suisse upgrades BHP Billiton (NYSE: BHP) from Underperform to Neutral.

Stifel Nicolaus upgrades American Express (NYSE: AXP) from Sell to Hold.

Wall Street Access upgrades Cummins Inc. (NYSE: CMI) from Hold to Buy and raises their price target from $40 to $45.

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

DOWNGRADES:
JPMorgan downgrades Eaton Vance (NYSE: EV) from Neutral to Underweight, also moving its price target from $32.50 to $30.

Goldman Sachs downgrades Group 1 Automotive (NYSE: GPI) from Buy to Neutral, citing valuation. The firm raised their price target from $23 to $25.

Jefferies downgrades Discovery Lab (Nasdaq: DSCO) from Buy to Underperform.

Goldman Sachs downgraded Rackspace (NYSE: RAX) from Buy to Neutral, saying their buy catalysts have largely played out and the risk-reward is more balanced after significant rally since their 4/6/09 Buy rating.

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

NEW COVERAGE:
ThinkEquity initiates coverage on Qualcomm (Nasdaq: QCOM) with a Buy rating and $55 price target.

Bank of America resumes coverage on Bristol-Myers (NYSE: BMY) with a Neutral. Price target $22.

Credit Suisse resumes coverage on Rio Tinto (NYSE: RTP) with an Outperform.

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


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Stocks Mentioned

AXP 37.21

-0.53 -1.40%
Volume: 12,060,017
Track AXP

BHP 67.96

+0.13 +0.19%
Volume: 3,961,560
Track BHP

BMY 22.64

+0.14 +0.62%
Volume: 7,366,209
Track BMY

CMI 46.18

-0.89 -1.89%
Volume: 1,856,133
Track CMI

DSCO 0.81

+0.02 +2.53%
Volume: 1,502,377
Track DSCO

EV 28.66

-0.14 -0.49%
Volume: 546,566
Track EV

GPI 26.78

+1.13 +4.41%
Volume: 840,545
Track GPI

JWN 33.93

+0.01 +0.03%
Volume: 3,135,733
Track JWN

QCOM 43.90

+0.05 +0.11%
Volume: 15,993,656
Track QCOM

RAX 17.78

-0.29 -1.60%
Volume: 577,663
Track RAX

RTP 193.33

+2.76 +1.45%
Volume: 873,917
Track RTP

STX 15.31

-0.06 -0.39%
Volume: 6,496,888
Track STX

WDC 36.44

+0.14 +0.39%
Volume: 2,994,750
Track WDC


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