Upgrades
TIF – Tiffany & Co upgraded to Neutral from Sell at Goldman
EMN – Eastman Chem initiated with an Outperform at Wells Fargo
MCD – McDonald’s upgraded to Overweight from Neutral at Piper Jaffray
EMC – EMC upgraded to Buy at Collins Stewart
WXS – Wright Express upgraded to Outperform at Morgan Keegan
SGY – Stone Energy added to Focus List at Howard Weil
LAZ – Lazard upgraded to Buy from Hold at Citigroup
FTR – Frontier Communications upgrade to Outperform from Mkt Perform at Raymond James
AZN – AstraZeneca upgraded to Hold from Underperform at Jefferies
S – Sprint Nextel upgraded to Hold at Stifel Nicolaus
BID – Sotheby’s upgraded to Buy from Hold at Craig Hallum
Downgrades
AGN – Allergan downgraded to Neutral from Overweight at Piper Jaffray
WFR – MEMC Elec downgraded to Hold at Kaufman Bros
EE – El Paso Electric downgraded to Neutral at Ticonderoga
WLT – Walter Energy downgraded to Hold from Buy at Keybanc
OSG – Overseas Shipholding downgraded to Sell from Neutral at Sterne Agee
CF – CF Industries upgraded to Neutral from Sell at Goldman
BKI – Buckeye Tech upgraded to Buy from Neutral at UBS
DVA – DaVita upgraded to Outperform from Mkt Perform at Raymond James
RDC – Rowan Cos downgraded to Outperform from Strong Buy at Raymond James
DNDN – Dendreon downgraded to Neutral from Outperform at Cowen
HRL – Hormel Foods downgraded to Sell from Neutral at Goldman
CSC – Computer Sciences target lowered to $45 from $50 at Stifel Nicolaus
CLX – Clorox downgraded to Below Average at Caris
HMA – Health Management downgraded to Fair Value from Buy at CRT Capital
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