Upgrades
Evergreen Solar (ESLR)= Janco Partners Mkt Perform » Buy
Virgin Media (VMED)= Citigroup Hold » Buy
El Paso Electric (EE)= Soleil Hold » Buy
Chattem (CHTT)= Stanford Research Hold » Buy
Sysco (SYY )= Piper Jaffray Neutral » Buy
Zoran (ZRAN)= Needham & Co Buy » Strong Buy
CGI Group (GIB)= RBC Capital Mkts Sector Perform » Outperform
Toyota Motor (TM)= HSBC Securities Underweight » Neutral
Medivation (MDVN)= Stanford Research Hold » Buy
Estee Lauder (EL)= UBS Neutral » Buy
Sonic (SONC)= Credit Suisse Neutral » Outperform
Stealthgas (GASS)= Citigroup Hold » Buy
Novell (NOVL)= Jefferies & Co Hold » Buy
Flamel (FLML)= Merriman Curhan Ford Neutral » Buy
Take-Two (TTWO)= Lehman Brothers Underweight » Equal-weight
Con-way (CNW)= JP Morgan Neutral » Overweight
Arris (ARRS)= UBS Neutral » Buy
Geron (GERN)= UBS Neutral » Buy
ArQule (ARQL)= UBS Neutral » Buy
ADC Telecom (ADCT)= UBS Neutral » Buy
Downgrades
Union Banc (UBSH)= Ferris Baker Watts Buy » Neutral
American Community Bancshares (ACBA)= Stanford Research Buy » Hold
Sterling Banc (SBIB)= Morgan Keegan Outperform » Mkt Perform
Blue Nile (NILE )= AmTech Research Neutral » Sell
Morgan Stanley (MS)= Deutsche Securities Buy » Hold
VMware (VMW)= Caris & Company Buy » Average
PMI Group (PMI)= Wachovia Outperform » Mkt Perform
Triad Guaranty (TGIC)= Wachovia Outperform » Mkt Perform
Journal Register (JRC)= Wachovia Mkt Perform » Underperform
McClatchy (MNI)= Wachovia Outperform » Mkt Perform
Molex (MOLX)= Credit Suisse Neutral » Underperform
Walt Disney (DIS)= Citigroup Hold » Sell
Westamerica Banc (WABC)= Sterne Agee Buy » Hold
McDonald’s (MCD)= Bear Stearns Outperform » Peer Perform
NYMEX (NMX)= Citigroup Buy » Hold
