Analyst upgrades:

• Jefferies upgraded Xilinx (NASDAQ: XLNX) to Buy from Hold and raised its target to $22 from $17 on valuation and the company's "diversified" business.
  
• Barclays expects Steel Dynamics (NASDAQ: STLD) to outperform in Q1 as investors become more comfortable with the company's balance sheet. Shares were upgraded to Overweight from Equal Weight.
  
• Keefe Bruyette upgraded Asset Acceptance (NASDAQ: AACC) to Market Perform from Underperform on valuation but lowered their target to $6 from $8.
• Blackrock (NYSE: BLK) and Intercontinental Exchange (NYSE: ICE) were added to Goldman's Conviction Buy List.
  
• Lattice (NASDAQ: LSCC) was upgraded to Equal Weight from Underweight at Morgan Stanley.

Analyst downgrades:

MOST NOTEWORTHY: Tronox, Willis Group and Synovus FInancial were today's noteworthy downgrades:

• Lehman downgraded Tronox (NYSE: TRX) to Underweight from Equal Weight citing increased costs in freight, process, and energy costs, and end market weakness.
  
• Citigroup downgraded shares of Willis Group (NYSE: WSH) to Hold from Buy as they believe the acquisition of Hilb, Rogal and Hobbs (NYSE: HRH) will limit margins and stock upside through 2009. Citigroup lowered their target price to $36 from $40.
  
• Morgan Keegan downgraded Synovus Financial (NYSE: SNV) to Market Perform from Outperfrom citing concerns related to potential losses to the construction and development portfolio and a likely dividend cut.

OTHER DOWNGRADES:

• Tween Brands (NASDAQ: TWB) and Gymboree (NASDAQ: GYMB) were downgraded to Market Perform from Outperform at Friedman Billings.
  
• Jefferies cut Asset Acceptance (NASDAQ: AACC) to Underperform from Hold.
  
• Merill downgraded Orient-Express (NYSE: OEH) to Underperform from Neutral.

Back on March 13, 2007, I noted the "debt collector group" and give three picks to profit off of subprime woes and predatory lending. These picks have peformed well of late due to some positive news.

Portfolio Recovery Associates Inc. (NASDAQ: PRAA) just proved how being a debt collector can be beneficial. The company beat earnings Tuesday by posting $0.80 EPS versus $0.77 estimates out of First Call. It took this even further by announcing a 1 million share buyback and a $1.00 special dividend. If you look at what the company does, the "Recovery" says it all: provides outsourced receivables management and related services; purchases, collects, and manages portfolios of defaulted consumer receivables and accounts receivable; receivables are the unpaid obligations of individuals to banks, credit unions, consumer and auto finance companies, and retail merchants; provides various collection services, including collateral-location services for credit originators, fee-based collections, and audit and debt discovery/recovery services for government. On March 13 the stock was $43.53. It closed Tuesday at $48.80 in regular trading and went up to $50.02 in after hours. If the bill collectors can't make money off the people walking away from obligations without being flat broke, then who can?