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Analyst downgrades: BUD, BRP and FNSR

MOST NOTEWORTHY: Anheuser-Busch, Brasil Telecom and Finisar were today's noteworthy downgrades:

UBS downgraded Anheuser-Busch (NYSE: BUD) to Neutral from Buy citing the InBev unsolicited bid.
JP Morgan cut Brasil Telecom (NYSE: BRP) to Underweight from Neutral on concerns over the merger with Telemar.
Piper downgraded Finisar (NASDAQ: FNSR) to Neutral from Buy following strong Q4 results, as they believe the company's acquisition of Optium creates substantial integration risk.

OTHER DOWNGRADES:

Merrill cut Weyerhaeuser (NYSE: WY) to Neutral from Buy.
PDL BioPharma (NASDAQ: PDLI) was downgraded to Neutral from Outperform at Credit Suisse.
Wachovia downgraded McClatchy News (NYSE: MNI) to Underperform from Market Perform.
Archer Daniels (NYSE: ADM) was downgraded to Equal Weight from Overweight at Morgan Stanley.

MOST NOTEWORTHY: Intermec, Brasil Telecom and W-H Energy Services were today's most noteworthy upgrades:

Intermec (NYSE: IN) was upgraded to Hold from Sell at Standford Financial Group. After Intermec's stock fell 10.5% since April 1, and 5.1% on Friday, Stanford believes most of the bad news is priced into the stock.
Brasil Telecom (NYSE: BRP) was upgraded to Buy from Hold at Deutsche Bank and raised their target to $90 from $87 as they believe the recent weakness presents a good buying opportunity.
W-H Energy Services (NYSE: WHQ) was upgraded to Buy from Hold at Deutsche Bank following the Q1 miss as they believe the company is well positioned to benefit from a pickup in U.S. onshore activity and a significant acceleration in international and deep water work.

OTHER UPGRADES:

Commercial Vehicle Group (NASDAQ: CVGI) was upgraded to Overweight from Neutral at J.P. Morgan.
MoneyGram (NYSE: MGI) was upgraded to Buy from Add at Calyon Securities based on valuation.

MOST NOTEWORTHY: Morgan Stanley, Boardwalk Pipeline and Brasil Telecom were today's noteworthy downgrades:

Oppenheimer downgraded Morgan Stanley (NYSE: MS) to Perform from Outperform based on limited upside to its revised earnings outlook.
RBC downgraded shares of Boardwalk Pipeline (NYSE: BWP) to Sector Perform from Outperform following the company's Q4 results, due to overruns and project delays.
Brasil Telecom (NYSE: BRP) was lowered to Neutral from Overweight at JP Morgan on corporate governance share concerns.

OTHER DOWNGRADES:

Wachovia lowered Gibraltar Industries (NASDAQ: ROCK) and Masco (NYSE: MAS) to Market Perform from Outperform.
Citigroup lowered Blue Nile (NASDAQ: NILE) to Hold from Buy.