MOST NOTEWORTHY: Wendy's International Inc (WEN) and NOVA Chemicals Corp (NCX) were today's most notable downgrades:

• Matrix USA downgraded shares of fast-food restaurant Wendy's International Inc (NYSE: WEN) to Sell from Hold to reflect the company's slowing revenues, increasing expenses and valuation.

• CIBC downgraded NOVA Chemicals Corp (NYSE: NCX) to Sector Underperformer from Sector Performer, lowering their target to $27.50 from $31 as they believe margins will be squeezed in 2008 once Middle Eastern supply begins to impact export markets.

OTHER DOWNGRADES:

• Following the company's lower guidance, UBS downgraded National Semiconductor Corp (NYSE: NSM) to Neutral from Buy with a $25 target, while Citigroup downgraded National Semi to Hold from Buy with a $27 target.

• Recent strength in Royal Caribbean Cruises Ltd (NYSE: RCL) forced Bank of America to remove it from their Top Pick list.

• Jefferies downgraded shares of Triad Hospitals Inc (NYSE: TRI) to Hold from Buy pending the buyout.

• JP Morgan downgraded shares of Altiris Inc (NASDAQ: ATRS) to Neutral from Outperform based on the Symantec (SYMC) acquisition.

• Thomas Weisel downgraded Medimmune Inc (NASDAQ: MEDI) to Market Perform from Outperform on valuation.

• Matrix USA downgraded Secure Computing Corp (NASDAQ: SCUR) to Sell from Buy on valuation.

Analyst summaries provided by TheFlyOnTheWall.com (subscription required).

MOST NOTEWORTHY: Lowe's (LOW) and International Rectifier (IRF) topped today's modest-sized list of upgrades.

• Bank of America upgraded Lowe's Companies, Inc. (NYSE:LOW) to Buy from Neutral as they believe the stock's valuation may have bottomed.
• Caris upgraded shares of International Rectifier Corp. (NYSE:IRF) to Buy from Above Average to reflect their belief that consumers are going to spend heavily on electronics this holiday season.

OTHER UPGRADES:

• Matrix USA upgraded LittelFuse, Inc. (NASDAQ:LFUS) to Hold from Strong Sell as high demand from electronics customers is leading to strong sales growth.
• JP Morgan upgraded Altiris Inc (NASDAQ:ATRS) to Overweight from Underweight; The firm's outlook is positive on Altiris's new agreement with Dell (DELL), which could be a catalyst for shares.

Analyst summaries provided by TheFlyOnTheWall.com (subscription required).