Upgrades and Downgrades

Upgrades:

UBS upgrades Allegiant Travel (ALGT 30.89) to Buy from Neutral... UBS upgrades AirTran (AAI 2.69) to Buy from Neutral... Morgan Stanley upgrades Telecom Italia (TI 15.85) to Overweight from Underweight... UBS upgrades Delta Air Lines (DAL 8.13), Continental Airlines (CAL 18.95), Northwest Airlines (NWA 9.85) and UAL (UAUA 11.36) to Buy from Neutral... UBS upgrades JetBlue (JBLU 6.00) to Neutral from Sell.

Downgrades:

Jefferies downgrades T.Rowe Price (TROW 57.44) to Hold from Buy and lowers their tgt to $60 from $63 based on valuation. The firm says while they view TROW as the premium franchise within asset management, slowing internal growth should limit multiple expansion and earnings upside in the near-term... Piper Jaffray downgrades Zumiez (ZUMZ 17.62) Neutral from Buy... Jefferies downgrades Citrix (CTXS 29.01) to Underperform from Hold and lowers their tgt to $25 from $32 says they do not see a meaningful new product, prodcut cycle, or potential for the typical Q4 upside from EMEA that can help CTXS grow into 2009 street ests... Jefferies downgrades Cytec (CYT 47.79) to Hold from Buy and cuts their tgt to $52 from $60 saying near term upside could be limited by concerns on European demand. Miscellaneous: Standpoint Research initiates Freeport McMoRan Copper & Gold (FCX 73.88) with a Buy and sets a 3-yr tgt of $110-$120... Morgan Stanley initiates Wuxi Pharma (WX 16.20) with an Overweight...