Upgrades
Veeco Instruments (VECO)- AmTech Research Neutral » Buy
Lubrizol (LZ)- KeyBanc Capital Mkts Buy » Aggressive Buy
Medcath (MDTH)- Wachovia Mkt Perform » Outperform
Carrizo Oil & Gas (CRZO)- Sun Trust Rbsn Humphrey Neutral » Buy
Time Warner (TWX)- UBS Neutral » Buy
Schlumberger (SLB)- Bear Stearns Peer Perform » Outperform
Liberty Media Capital (LCAPA)- Lehman Brothers Equal-weight » Overweight
Eldorado Gold (EGO)- Credit Suisse Neutral » Outperform
Weatherford (WFT)- UBS Neutral » Buy
Downgrades
Hypercom (HYC)- Morgan Keegan Outperform » Mkt Perform
Brandywine Realty (BDN)- Stifel Nicolaus Hold » Sell
MBIA Inc (MBI)- Piper Jaffray Buy » Neutral
INX Inc. (INXI)- Brean Murray Buy » Hold
Watts Ind (WTS)- Morgan Joseph Buy » Hold
Winn-Dixie Stores (WINN)- Friedman Billings Outperform » Mkt Perform
Thomas & Betts (TNB)- Friedman Billings Outperform » Mkt Perform
MasTec (MTZ)- Friedman Billings Outperform » Mkt Perform
Dycom (DY)- Friedman Billings Outperform » Mkt Perform
PNM Resources (PNM )- Citigroup Buy » Hold
Willis Group (WSH)- Lehman Brothers Overweight » Equal-weight
American Intl (AIG)- Lehman Brothers Overweight » Equal-weight
SAFECO (SAF)- Lehman Brothers Overweight » Equal-weight
PNM Resources (PNM)- Lehman Brothers Overweight » Equal-weight
Unilever PLC (UL)- Citigroup Buy » Hold
Andersons (ANDE)- Banc of America Sec Buy » Neutral
Baker Hughes (BHI)- UBS Buy » Neutral
Smith Intl (SII)- UBS Buy » Neutral
Disclosure (“none” means no position):
