Upgrades
MTL – Mechel Steel initiated with Buy at UBS
AAPL – Apple added to Key Calls list at UBS
MSFT – Microsoft upgraded to Buy at Standpoint Research on valuation
HNZ – HJ Heinz upgraded to Buy from Neutral at UBS
AINV – Apollo Investment upgraded to Buy at Ladenburg Thalmann following earnings
IPHS – Innophos Holdings target raised to $59 at Oppenheimer; case for multiple expansion
HGG – HHGregg upgraded to Buy at Caris & Company
TZOO – Travelzoo: Wedbush believes mkt opportunity for Local Deals is large despite competition
TXCC – TranSwitch initiated with a Buy at Needham; tgt $4; focus on HD video interconnect products offers significant new revenue opportunity
FSI – FSI Intl upgraded to Buy at Needham; tgt $5.50; believe the single-wafer ramp has finally arrived
REGN – Regeneron Pharms initiated with Outperform at Leerink Swann
INFA – Informatica target raised to $63 at Oppenheimer after meetings with mgmt
DNDN – Dendreon initiated with Buy at Goldman
Downgrades
INCY – Incyte initiated with Neutral at Goldman
AZN – AstraZeneca downgraded to Underperform from Hold at Jefferies
TVLT – Telvent downgraded to Neutral and tgt rasied to $40 at Wedbush following acquisition by Schneider Electric
ASCA – Ameristar Casinos downgraded to Sell from Neutral at Goldman
ZUMZ – Zumiez downgraded to Neutral at Janney Mntgmy Scott due to macro concerns following May comps
PRGN – Paragon Shipping downgraded to Neutral from Buy at UBS
CBRL – Cracker Barrel downgraded to Hold at Argus on high commodity costs, soft comps
TXN – Texas Instruments: Kaufman is raising ests, expecting positive Mid-Quarter update next week
ES – EnergySolutions downgraded to Neutral at Wedbush; tgt lowered to $5.50
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