Upgrades
Flowserve (FLS)- BMO Capital Markets Market Perform » Outperform
Bankrate (RATE)- Merriman Curhan Ford Neutral » Buy
Commercial Metals (CMC)- Davenport Neutral » Buy
Marten Transport (MRTN)- BB&T Capital Mkts Hold » Buy
Beneficial Mutual Bancorp (BNCL)- Boenning & Scattergood Market Perform » Market Outperform
Celadon Group (CLDN)- BB&T Capital Mkts Hold » Buy
First Commonwealth (FCF)- Janney Mntgmy Scott Sell » Neutral
Energy Conversion (ENER)- Broadpoint Capital Neutral » Buy
Penn Natl Gaming (PENN)- Sterne Agee Hold » Buy
EMC Corp (EMC)- RBC Capital Mkts Sector Perform » Outperform
Fastenal (FAST)- BB&T Capital Mkts Hold » Buy
Southwest Bancorp (OKSB)- Stifel Nicolaus Hold » Buy
Dyncorp Intl (DCP)- Stifel Nicolaus Hold » Buy
CF Industries (CF)- Credit Suisse Neutral » Outperform
Temple-Inland (TIN)- Credit Suisse Neutral » Outperform
Smurfit-Stone (SSCC)- Credit Suisse Neutral » Outperform
Saia (SAIA)- BB&T Capital Mkts Hold » Buy
Con-way (CNW)- BB&T Capital Mkts Hold » Buy
Juniper Networks (JNPR)- Piper Jaffray Neutral » Buy
Ameristar Casinos (ASCA)- JP Morgan Underweight » Neutral
Kindred Healthcare (KND)- Friedman Billings Mkt Perform » Outperform
Broadcom (BRCM)- Piper Jaffray Neutral » Buy
Suncor Energy (SU)- Friedman Billings Mkt Perform » Outperform
J. Crew (JCG)- Citigroup Sell » Hold
ARM Holdings (ARMH)- UBS Neutral » Buy
BT Group PLC (BT)- UBS Sell » Neutral
Suncor Energy (SU)- JP Morgan Neutral » Overweight
Network Appliance (NTAP)- Robert W. Baird Neutral » Outperform
Convergys (CVG)- Oppenheimer Perform » Outperform
Popular Inc (BPOP)- Keefe Bruyette Underperform » Mkt Perform
First Bancorp (FBP)- Keefe Bruyette Underperform » Mkt Perform
Downgrades
Ultratech (UTEK)- DA Davidson Buy » Neutral
MiddleBrook Pharma (MBRK)- Pacific Growth Equities Buy » Neutral
MiddleBrook Pharma (MBRK)- Pacific Crest Buy » Neutral
Time Warner (TWX)- Lehman Brothers Overweight » Equal-Weight
Vulcan Materials (VMC)- Longbow Buy » Neutral
United Thera (UTHR)- Stanford Research Buy » Hold $101
Marshall & Ilsley (MI)- Morgan Keegan Outperform » Mkt Perform
Noven Pharma (NOVN)- Jefferies & Co Hold » Underperform $11 » $9
Omnicom (OMC)- Bernstein Outperform » Mkt Perform
Airgas (ARG)- BB&T Capital Mkts Buy » Hold
CBS Corp (CBS)- Lehman Brothers Equal-Weight » Underweight
News Corp (NWS)- Lehman Brothers Overweight » Equal-Weight
Walt Disney (DIS)- Lehman Brothers Equal-Weight » Underweight
Orthofix (OFIX)- Wachovia Outperform » Mkt Perform
Calpine (CPN)- Lehman Brothers Overweight » Equal-Weight
Acme Packet (APKT)- Piper Jaffray Buy » Neutral
Acme Packet (APKT)- JP Morgan Overweight » Underweight
Agnico-Eagle Mines (AEM)- UBS Buy » Neutral
Qimonda (QI)- UBS Buy » Neutral
Merck (MRK)- UBS Buy » Neutral
Marshall & Ilsley (MI)- JP Morgan Neutral » Underweight
AstraZeneca (AZN)- Deutsche Securities Buy » Hold
Zions Bancorp (ZION)- Robert W. Baird Outperform » Neutral
Pacific Rim Mining (PMU)- BMO Capital Markets Market Perform » Underperform
On2 Technologies (ONT)- Merriman Curhan Ford Buy » Neutral
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