UPGRADES
Hexcel HXL Wedbush Morgan Hold » Buy
Mattson MTSN Am Tech/JSA Research Sell » Neutral
ADTRAN ADTN Brean Murray Sell » Hold
Polycom PLCM Kaufman Bros Hold » Buy
Aaron Rents RNT Morgan Keegan Mkt Perform » Outperform
Gol Intelligent Airlines GOL JP Morgan Underweight » Neutral
Sonic Solutions SNIC JP Morgan Neutral » Overweight
1-800-FLOWERS FLWS CIBC Wrld Mkts Sector Perform » Sector Outperform
Westwood One WON Deutsche Securities Hold » Buy
Briggs & Stratton BGG Robert W. Baird Underperform » Neutral
DOWNGRADES
Sonus Pharm SNUS Punk, Ziegel & Co Buy » Mkt Perform
C-COR.net CCBL Ferris Baker Watts Buy » Neutral
Panacos Pharma PANC Caris & Company Above Average » Average
American Commercial Lines ACLI Cantor Fitzgerald Buy » Hold
Corn Products CPO BB&T Capital Mkts Buy » Hold
Arris ARRS Friedman Billings Outperform » Mkt Perform
Kellogg K Bear Stearns Outperform » Peer Perform
Dean Foods DF Bear Stearns Outperform » Peer Perform
Marsh McLennan MMC JP Morgan Overweight » Neutral
C-COR.net CCBL Friedman Billings Outperform » Mkt Perform
Michael Baker BKR Oppenheimer Buy » Neutral
Cadbury Schweppes CSG Bear Stearns Peer Perform » Underperform