UPGRADES
Bank of the Ozarks OZRK B. Riley & Co Neutral » Buy
Synovus SNV Keefe Bruyette Mkt Perform » Outperform
Cullen/Frost Bnkrs CFR Keefe Bruyette Mkt Perform » Outperform
Watson Pharm WPI Roth Capital Hold » Buy
CRA Intl CRAI William Blair Mkt Perform » Outperform
Harman HAR Bear Stearns Peer Perform » Outperform
Thor Industries THO RBC Capital Mkts Underperform » Sector Perform
Conseco CNO Friedman Billings Mkt Perform » Outperform
Luminent Mortgage Capital LUM Deutsche Securities Sell » Hold
HDFC Bank HDB Credit Suisse Neutral » Outperform
DOWNGRADES
Zoran ZRAN Longbow Buy » Neutral
Atlantic Tele-Network ATNI UBS Buy » Neutral
Bigband Networks BBND Jefferies & Co Buy » Hold
Cognos COGN Soleil Buy » Hold
Centerstate Banks of Florida CSFL Keefe Bruyette Mkt Perform » Underperform
First Horizon FHN Keefe Bruyette Mkt Perform » Underperform
Franklin Bank Corp FBTX Keefe Bruyette Mkt Perform » Underperform
CPB Inc CPF Keefe Bruyette Mkt Perform » Underperform
Sun American Banc SAMB Keefe Bruyette Outperform » Mkt Perform
Gateway Financial Holdings GBTS Keefe Bruyette Outperform » Mkt Perform
Colnl BancGrp CNB Keefe Bruyette Outperform » Mkt Perform
Spectra Energy SE Jefferies & Co Buy » Hold
Bigband Networks BBND Morgan Keegan Outperform » Mkt Perform
Chipotle Mexican Grill CMG Citigroup Buy » Hold