Upgrades
SWN – SW Energy target raised to $50 from $45 at FBR Capital
CRR – Carbo Ceramics downgraded to Neutral at Global Hunter Securities
NSC – Norfolk Southern target raised to $85 from $81 at Longbow
CAVM – Cavium Networks target raised to $56 from $54 at Auriga U.S.A
SPWRA – Sunpower target raised to $23.25 from $17 at Kaufman Bros
CERN – raised to $121 from $110 at Stifel Nicolaus
TRLG – True Religion target raised to $36 from $28 at Brean Murray
PEP – PepsiCo target raised to $78 from $68 at Stifel Nicolaus
BA – Boeing upgraded to Neutral from Underweight at HSBC
DHR – DR Horton: Ticonderoga’s First Look – Some good, some bad; net solid release in bad environment
EPAY – Bottomline Tech target raised to $31 from $29 at Needham
Downgrades
MSFT – Microsoft target lowered to $28 from $30 at FBR Capital
NOV – Natl Oilwell Varco target lowered to $100 from $104 at Dahlman Rose
RIMM – Research In Motion downgraded to Sector Perform from Top Pick at RBC Capital
VSEA – Varian Semi target lowered to $53 at Needham
RGC- Regal Entertainment downgraded to Outperform from Strong Buy at Raymond James
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