UPGRADES
Arbitron ARB CL King Neutral » Accumulate
Brinker EAT Bear Stearns Peer Perform » Outperform
Bank of NY BK Punk, Ziegel & Co Mkt Perform » Buy
Packeteer PKTR Ferris Baker Watts Sell » Neutral
King Pharms KG Citigroup Sell » Hold
First Horizon FHN Citigroup Hold » Buy
American Financial Realty Trust AFR Stifel Nicolaus Sell » Buy
CyberSource CYBS Needham & Co Hold » Buy
InfoSpace INSP Needham & Co Hold » Buy
Centene CNC Jefferies & Co Hold » Buy
WNS WNS Credit Suisse Neutral » Outperform
Computer Sciences CSC Credit Suisse Underperform » Neutral
Harmonic HLIT Friedman Billings Mkt Perform » Outperform
LaSalle Hotel LHO RBC Capital Mkts Outperform » Top Pick
Teradyne TER JP Morgan Neutral » Overweight
Old Dominion ODFL Bear Stearns Underperform » Peer Perform
SunTrust Banks STI Bernstein Underperform » Mkt Perform
Overseas Shipholding OSG Banc of America Sec Neutral » Buy
Parker-Hannifin PH CIBC Wrld Mkts Sector Underperform » Sector Perform
J. Crew JCG CIBC Wrld Mkts Sector Perform » Sector Outperform
DOWNGRADES
Wachovia WB Punk, Ziegel & Co Buy » Mkt Perform
SunTrust Banks STI Punk, Ziegel & Co Buy » Mkt Perform
Zions Bancorp ZION Stifel Nicolaus Buy » Hold
Wesco WCC CIBC Wrld Mkts Sector Outperform » Sector Perform
Hershey Foods HSY Piper Jaffray Market Perform » Underperform
IntercontinentalExchange ICE BMO Capital Markets Outperform » Market Perform
Pilgrim’s Pride PPC BMO Capital Markets Outperform » Market Perform
Syntel SYNT Credit Suisse Outperform » Neutral
ExlService EXLS Credit Suisse Outperform » Neutral
EDS EDS Credit Suisse Outperform » Underperform
St. Jude Medical STJ HSBC Securities Overweight » Neutral
Vertex Pharm VRTX Cowen & Co Outperform » Neutral
Mohawk MHK Morgan Keegan Outperform » Mkt Perform
Bankunited Fin BKUNA Friedman Billings Outperform » Mkt Perform
FirstFed Financial FED Friedman Billings Mkt Perform » Underperform
Preferred Bank PFBC Friedman Billings Outperform » Underperform
Talbots TLB CIBC Wrld Mkts Sector Outperform » Sector Perform
AMR Corp AMR Calyon Securities Buy » Add
Capital One COF Friedman Billings Outperform » Mkt Perform
AstraZeneca AZN UBS Neutral » Sell
Hess HES UBS Buy » Neutral
HSBC Holdings HBC UBS Buy » Neutral
Southern Copper PCU UBS Buy » Neutral
Host Hotels HST RBC Capital Mkts Top Pick » Outperform
Cabela’s CAB Robert W. Baird Outperform » Neutral
DaVita DVA Oppenheimer Buy » Neutral
Hansen Natural HANS JP Morgan Overweight » Neutral
