Upgrades
JNJ – Johnson & Johnson upgraded to Outperform from Market Perform at Bernstein
AAPL – Apple ests and target raised to $450 at Wedbush on iPad demand and timing of iPhone 5
CB – Chubb upgraded to Buy from Neutral at Janney Montgomery Scott
AXS – AXIS Capital upgraded to Buy from Neutral at Janney Montgomery Scott
LEAP – Leap Wireless initiated with Positive at Citadel
BPI – Bridgepoint Education upgraded to Overweight from Neutral at Piper Jaffray
BSX – Boston Scientific upgraded to Neutral from Sell at Goldman
SPRD – Spreadtrum Comms upgraded to Outperform from Market Perform at JMP Securities
CECO – Career Education upgraded to Neutral from Underweight at Piper Jaffray
RRR – RSC Holdings upgraded to Buy from Neutral at Goldman
NTLS – Ntelos Holdings upgraded to Overweight from Neutral at JP Morgan
SOLR – GT Solar target raised to $18 from $15 at Brean Murray
AZO – AutoZone: Another strong quarter of growth; valuation still a road block – Morgan Joseph TriArtisan
PAY – VeriFone upgraded to Outperform from Market Perform at Raymond James
FLEX – Flextronics upgraded to Outperform from Market Perform at Raymond James
ARIA – Ariad Pharm resumed with a Buy at Brean Murray; tgt raised to $11
SCHN – Schnitzer Steel upgraded to Buy from Neutral at Davenport
Downgrades
PCS – MetroPCS initiated with Neutral at Citadel
FRO – Frontline downgraded to Neutral from Buy at Sterne Agee
TREX – Trex: Lowering Q2 estimates on weather/macro issues – Stifel Nicolaus
JNPR – Juniper Networks downgraded to Hold at Auriga; tgt lowered to $40
VOD – Vodafone PLC downgraded to Neutral from Buy at Nomura
SAPE – Sapient downgraded to Neutral from Buy at Goldman; removed from Conviction Buy List
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