UPGRADES
Telus TU Canaccord Adams Hold » Buy
Penn Virginia PVA RBC Capital Mkts Outperform » Top Pick
Syniverse Holdings SVR Wedbush Morgan Buy » Strong Buy
Enersis S.A. ENI UBS Neutral » Buy
Empresa Ncnl Elec EOC UBS Neutral » Buy
Walt Disney DIS UBS Neutral » Buy
Cintas CTAS Barrington Research Mkt Perform » Outperform
Universal Truckload Services UACL Stifel Nicolaus Hold » Buy
Canadian Natl Rail CNI Stifel Nicolaus Hold » Buy
Jetblue Airways JBLU Bear Stearns Underperform » Peer Perform
Network Equip NWK Brean Murray Hold » Buy
United Online UNTD Jefferies & Co Hold » Buy
Jack In The Box JBX Wachovia Mkt Perform » Outperform
Rigel Pharms RIGL Lehman Brothers Equal-weight » Overweight
Hecla Mining HL CIBC Wrld Mkts Sector Underperform » Sector Perform
Affymetrix AFFX UBS Neutral » Buy
DOWNGRADES
Quebecor World IQW BMO Capital Markets Market Perform » Underperform
Aon AOC Wedbush Morgan Buy » Hold
Pennant Investment PNNT Bear Stearns Outperform » Peer Perform
MGI Pharma MOGN BMO Capital Markets Outperform » Market Perform
Citigroup C Sandler O’Neill Buy » Hold
Mettler-Toledo MTD Robert W. Baird Outperform » Neutral
Hub Group HUBG Stifel Nicolaus Buy » Hold
Heartland Express HTLD Stifel Nicolaus Buy » Hold
Phase Forward PFWD Brean Murray Buy » Hold
Panera Bread PNRA Sun Trust Rbsn Humphrey Buy » Neutral
Exelon EXC Deutsche Securities Buy » Hold
GSI Commerce GSIC Jefferies & Co Buy » Hold
Neurocrine Biosci NBIX Bear Stearns Peer Perform » Underperform
Hollywood Casino HWD RBC Capital Mkts Outperform » Sector Perform
Frontier Oil FTO Credit Suisse Outperform » Neutral
Devon Energy DVN Credit Suisse Outperform » Neutral
Quicksilver Resrcs KWK Credit Suisse Outperform » Neutral
EOG Resources EOG Credit Suisse Neutral » Underperform
Newfield Expl NFX Credit Suisse Neutral » Underperform
Marshall & Ilsley MI Banc of America Sec Buy » Neutral
U.S. Concrete RMIX Citigroup Hold » Sell
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