Upgrades
MSFT – Microsoft initiated with a Long-term Buy at Hilliard Lyons
DELL – Dell initiated with a Buy at Merlin
SUSS – Susser target raised to $21 from $19 at RBC Capital Mkts
HIG – Hartford Financial upgraded to Outperform from Neutral at Credit Suisse
BSYBY – British Sky Broadcasting upgraded to Outperform from Neutral at Exane BNP Paribas
ORCL – Oracle upgraded to Positive from Neutral at Susquehanna
MWV – MeadWestvaco upgraded to Outperform from Market Perform at BMO Capital
AMP – Ameriprise Financial upgraded to Outperform from Neutral at Credit Suisse
PCL – Plum Creek upgraded to Outperform from Market Perform at BMO Capital
LUKOY – Lukoil upgraded to Overweight from Neutral at JP Morgan
TTM – Tata Motors initiated with a Buy at Jefferies
VMED – Virgin Media initiated with an Overweight at Barclays
Downgrades
BAESY – BAE Systems downgraded to Underperform from Neutral at Exane BNP Paribas
EOG – EOG Resources downgraded to Underperform from Neutral at Sterne Agee
BCS – Barclays PLC downgraded to Neutral from Outperform at Exane BNP Paribas
HBC – HSBC Holdings upgraded to Outperform from Neutral at Exane BNP Paribas
JASO – JA Solar downgraded to Underperform from Hold at Jefferies
DNR – Denbury Resources downgraded to Underperform from Neutral at Sterne Agee
GNET – Global Traffic Network downgraded to Neutral at Collins Stewart
PFE – Pfizer downgraded to Equal Weight from Overweight at Barclays
JPM – JPMorgan Chase target lowered to $50 from $54 at RBC Capital Mkts
RBS – Royal Bank of Scotland downgraded to Neutral from Outperform at Exane BNP Paribas
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