Upgrades
SM – SM Energy target raised to $100 from $95 at Stifel Nicolaus
VHS – Vanguard Health Systems initiated with an Outperform at Leerink Swann
EXPR – Express initiated with a Outperform at Wedbush
LVS – Las Vegas Sands upgraded to Buy at Argus
NLY – Annaly Capital Mgmt upgraded to Buy at Stifel
AGP – Amerigroup upgraded to Buy at Stifel Nicolaus
BRY – Berry Petroleum upgraded to Outperform from Market Perform at BMO Capital
CNH – CNH Global upgraded to Buy from Hold at ISI Group
CEG – Constellation Energy initiated with a Market Perform at Wells Fargo
SOHU – Sohu.com upgraded to Neutral from Reduce at Nomura
FNFG – First Niagara upgraded to Strong Buy from Outperform at Raymond James
TQNT – TriQuint Semi upgraded to Buy at Kaufman Bros
XRAY – Dentsply upgraded to Outperform at Barrington Research
TTWO – Take-Two upgraded to Neutral from Underperform at Cowen
ZION – Zions Bancorp upgraded to Strong BUy from Outperform at Raymond James
PWY – Parkway Prop upgraded to Outperform from Market Perform at JMP Securities
Downgrades
WMT – Wal-Mart downgraded to Hold from Buy at Jefferies
BIDU – Baidu.com initiated with a Hold at T.H Capital
VE – Veolia Environnement downgraded to Neutral from Overweight at HSBC Securities
SLE – Sara Lee downgraded to Market Perform from Outperform at Bernstein
TEVA – Teva Pharma downgraded to Perform at Oppenheimer
INSM – Insmed downgraded to Sector Perform from Outperform at RBC Capital
ITW – Illinois Tool downgraded to Hold from Buy at ISI Group
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