Notable Analyst Rating Changes 8/5: AIG, CREE, WBD Upgraded; NT, FIG, RACK Downgraded

August 5, 2008 10:01 AM EDT

StreetInsider.com Notable Analyst Rating Changes:

UPGRADES:
UBS upgrades American International Group (NYSE: AIG) from Neutral to Buy, and raised its price target to $41 citing valuation.

Morgan Keegan upgrades Cree (Nasdaq: CREE) from Market Perform to Outperform.

Citigroup upgrades Wimm Bill Dann Foods (NYSE: WBD) from Hold to Buy with a $120 price target, citing valuation.

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

DOWNGRADES:
Merrill Lynch downgrades Nortel (NYSE: NT) from Neutral to Underperform with a $7 price target, citing concerns about 2009.

Citigroup downgrades Fortress Investment (NYSE: FIG) from Hold to Sell with a $9 price target.

Merriman Curhan downgrades Rackable Systems (Nasdaq: RACK) from Buy to Neutral.

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

NEW COVERAGE:
UBS initiates coverage on Apple (Nasdaq: AAPL) with a Buy rating and $195 price target, citing the company's core strengths and opportunities as well as its competitive advantage.

KeyBanc initiates coverage on Best Buy (NYSE: BBY) with a Hold rating.

KeyBanc initiates coverage on Circuit City (NYSE: CC) with an Underweight rating and a $1.80 downside price target.

UBS initiates coverage on HP (NYSE: HPQ) with a Neutral rating.

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


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Stocks Mentioned

AAPL 203.36

+0.38 +0.19%
Volume: 13,324,520
Track AAPL

AIG 37.57

-0.02 -0.05%
Volume: 17,108,127
Track AIG

BBY 42.18

-0.06 -0.14%
Volume: 3,428,030
Track BBY

CC 0.11

+0.00 +0.00%
Volume: 5,602,150
Track CC

CREE 46.37

+0.52 +1.13%
Volume: 1,106,593
Track CREE

FIG 4.29

+0.10 +2.39%
Volume: 871,410
Track FIG

HPQ 49.86

-0.10 -0.20%
Volume: 9,635,175
Track HPQ

NT 0.32

+0.00 +0.00%
Volume: 12,591,715
Track NT

RACK 4.90

+0.00 +0.00%
Volume: 40,325
Track RACK

WBD 78.14

+3.77 +5.07%
Volume: 176,750
Track WBD


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