UPGRADES
Amcol (ACO)= Wedbush Morgan Hold » Buy
Vistaprint (VPRT)= AmTech Research Sell » Neutral
MeadWestvaco (MWV)= Lehman Brothers Equal-weight » Overweight
Johnson & Johnson (JNJ)= Stanford Research Hold » Buy
Cache (CACH)= Sterne Agee Hold » Buy
Ariba (ARBA)= JP Morgan Underweight » Neutral
Cedar Shopping Centers (CDR)= BMO Capital Markets Market Perform » Outperform
BJ Services (BJS)= JP Morgan Underweight » Neutral
DIRECTV (DTV)= Kaufman Bros Hold » Buy
Apple (AAPL)= Needham & Co Buy » Strong Buy
DuPont (DD)= BB&T Capital Mkts Hold » Buy
Entergy (ETR)= Citigroup Hold » Buy
AK Steel (AKS)= Soleil Sell » Hold
LDK Solar (LDK)= Lazard Capital Sell » Hold
Lincoln National (LNC)= Credit Suisse Neutral » Outperform
FirstEnergy (FE)= Citigroup Hold » Buy
American Electric (AEP)= Citigroup Hold » Buy
Westar Energy (WR)= Citigroup Hold » Buy
PNM Resources (PNM)= Citigroup Hold » Buy
FPL Group (FPL)= Citigroup Hold » Buy
Exelon (EXC)= Citigroup Hold » Buy
DTE Energy (DTE)= Citigroup Hold » Buy
Edison (EIX)= Citigroup Hold » Buy
Alliant Tech (ATK)= Friedman Billings Mkt Perform » Outperform
Plum Creek (PCL)= Lehman Brothers Equal-weight » Overweight
TreeHouse Foods (THS)= JP Morgan Underweight » Neutral
Veolia Environnement (VE)= Brean Murray Hold » Buy
Heartland Express (HTLD)= Wachovia Mkt Perform » Outperform
SAFECO (SAF)= UBS Sell » Neutral
Teekay Shipping (TK)= Jefferies & Co Hold » Buy
Woodward Governor (WGOV)= Robert W. Baird Neutral » Outperform
Novo-Nordisk A/S (NV)O=Bear Stearns Peer Perform » Outperform
Choice Hotels (CHH)= Bear Stearns Underperform » Peer Perform
DISH Network (DISH)= Bear Stearns Underperform » Peer Perform
PetroChina (PTR)= Bear Stearns Peer Perform » Outperform
Union Pacific (UNP)= Bear Stearns Peer Perform » Outperform
Canadian Natl Rail (CNI)= Bear Stearns Peer Perform » Outperform
Burl Nrth Santa Fe (BNI)= Bear Stearns Peer Perform » Outperform
Canadian Solar (CSIQ)= Banc of America Sec Neutral » Buy
Molson Coors Brewing (TAP)= Banc of America Sec Neutral » Buy
Suntech Power (STP)= Banc of America Sec Neutral » Buy
L-3 Comms (LLL)= Friedman Billings Mkt Perform » Outperform
Northrop Grumman (NOC)= Friedman Billings Mkt Perform » Outperform $80 » $84
Kindred Healthcare (KND)= Friedman Billings Underperform » Mkt Perform
Canadian Natrl Res (CNQ)= Friedman Billings Mkt Perform » Outperform
Freeport-McMoRan (FCX)= Friedman Billings Mkt Perform » Outperform
A/S Dam TORM (TRMD)= Jefferies & Co Hold » Buy $43
Knightsbridge Tankers Ltd (VLCCF)= Jefferies & Co Hold » Buy
General Maritime (GMR)= Jefferies & Co Hold » Buy
ExlService (EXLS)= Jefferies & Co Hold » Buy
WNS (WNS)= Jefferies & Co Hold » Buy
DuPont (DD)= Deutsche Securities Hold » Buy
Anglo American (AAUK)= Citigroup Hold » Buy
Wipro (WIT)= JP Morgan Neutral » Overweight
National Fuel Gas (NFG)= Citigroup Sell » Hold
Repsol SA (REP)= Lehman Brothers Equal-weight » Overweight
DOWNGRADES
Peoples Bank (NC) (PEBK)= BB&T Capital Mkts Buy » Hold
Smith & Wesson (SWHC)= Wedbush Morgan Strong Buy » Buy
Qimonda (QI)= AmTech Research Buy » Neutral
Temple-Inland (TIN)= Lehman Brothers Overweight » Equal-weight
Northstar Neuroscience (NSTR)= RBC Capital Mkts Outperform » Underperform
McMoRan Expl (MMR)= Stanford Research Buy » Hold
Apple (AAPL)= Caris & Company Buy » Above Average
Mentor Graphics (MENT)= JP Morgan Neutral » Underweight
Corel (CREL)= JP Morgan Overweight » Underweight
Cadence Design (CDNS)= JP Morgan Overweight » Neutral
Principal Fincl (PFG)= Credit Suisse Neutral » Underperform
AmericanWest Banc (AWBC)= Sandler O’Neill Hold » Sell
PETsMART (PETM)= Wachovia Outperform » Mkt Perform
Texas Instruments (TXN)= Citigroup Buy » Hold
LoJack (LOJN)= Morgan Joseph Buy » Hold
Chemtura (CEM)= KeyBanc Capital Mkts Buy » Hold
Triad Guaranty (TGIC)= Piper Jaffray Buy » Neutral
Glimcher Realty (GRT)= RBC Capital Mkts Outperform » Sector Perform
First Cash (FCFS)= JMP Securities Mkt Outperform » Mkt Perform
First Cash (FCFS)= Jefferies & Co Buy » Hold
Plantronics (PLT)= Robert W. Baird Outperform » Neutral
Millipore (MIL)= UBS Buy » Neutral
Peabody Energy (BTU)= Banc of America Sec Buy » Neutral
Foundation Coal (FCL)= Banc of America Sec Buy » Neutral
Arch Coal (ACI)= Banc of America Sec Buy » Neutral
