Upgrades
ARUN – Aruba Networks upgraded to Buy from Neutral at Janney Montgomery Scott
MOS – Mosaic initiated with a Buy at Lazard
PERY – Perry Ellis downgraded to Neutral from Buy at Suntrust
SPRD – Spreadtrum Comms initiated with an Outperform at Credit Suisse
NLY – Annaly Capital Mgmt downgraded to Market Perform from Outperform at Keefe Bruyett
SJM – J.M. Smucker added to Focus List at JP Morgan
RCL – initiated with a Buy at Jefferies
AGU – initiated with a Buy at Lazard
PANL – Universal Display initiated with a Buy at Goldman
CF – initiated with a Buy at Lazard
CREE – Cree initiated with a Buy at Goldman
POT – initiated with a Buy at Lazard
EQY – Equity One upgraded to Buy from Hold at ISI Group
ERF – Enerplus Res Fd Trust initiated with an Underweight at Barclays
MASI – Masimo initiated with an Underperform at BofA/Merrill
HPQ – Hewlett-Packard upgraded to Buy from Neutral at Sterne Agee
SNN – Smith & Nephew initiated with a Buy at Societe Generale
BC – Brunswick initiated with a Market Perform at BMO Capital
JCI – Johnson Controls initiated with an Outperform at Macquarie
AMR – AMR upgraded to Hold at Dahlman Rose
BCSI – Blue Coat upgraded to Neutral from Sell at Miller Tabak
MSCC – Microsemi initiated with a Buy at Cantor Fitzgerald
BTE – Baytex Energy Trust initiated with an Overweight at Barclays
DXCM – Dexcom upgraded to Buy from Hold at Capstone
BCSI – Blue Coat upgraded to Neutral at Sterne Agee
FLS – Flowserve initiated with an Outperform at Wedbush
TSU – TIM Participacoes initiated with an Outperform at Bernstein
XEL – Xcel Energy upgraded to Outperform from Neutral at Macquarie
CNX – CONSOL Energy initiated with a Buy at CRT Capital
RATE – Bankrate target raised to $24 from $21 at Stifel Nicolaus
VIV – Vivo Participacoes initiated with a Market Perform at Bernstein
MRTN – Marten Transport upgraded to Buy at Stifel Nicolaus
BCSI – Blue Coat target raised to $28 from $25 at Stifel Nicolaus
PEGA – Pegasystems initiated with a Buy at The Benchmark Company
F – Ford Motor remains Ticonderoga’s top pick in the auto sector
CTAS – Cintas upgraded to Buy from Neutral at Citigroup
Downgrades
XCO – Exco Resources downgraded to Hold at Stifel Nicolaus
DRI – Darden Restaurants downgraded to Equal Weight from Overweight at Morgan Stanley
SFD – Smithfield Foods upgraded to Outperform from Neutral at Credit Suisse
TDG – Transdigm Group downgraded to Neutral from Buy at BofA/Merrill
VECO – Veeco Instruments initiated with Neutral at Goldman
IPI – Intrepid Potash initiated with a Neutral at Lazard
ESE – Esco Tech downgraded to Hold from Buy at BB&T
CHSI – Catalyst Health Solutions initiated with a Hold at Stifel Nicolaus
GRPN – Groupon initiated with a Neutral at Wedbush
ANR – initiated with Fair Value at CRT Capital
MTOR – Meritor downgraded to Hold at KeyBanc Capital Mkts
RBCN – Rubicon Tech initiated with a Sell at Goldman
ICE – IntercontinentalExchange downgraded to Underperform from Outperform at Credit Agricole
CYN – City National downgraded to Underperform from Neutral at BofA/Merrill
MRVL – Marvell downgraded to Hold from Buy at Craig Hallum
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