Analyst Upgrades

• Goldman upgraded Reliance Steel (RS) to buy from neutral and The Buckle (BKE) to neutral from sell.
• RAM Energy (RAME) was upgraded to outperform from market perform at Rodman & Renshaw.
• RBC Capital upgraded H&E Equipment (HEES) and Cameco (CCJ) to outperform from sector perform, and Denison Mines (DNN) to sector perform from underperform.
• Alexandria Real Estate (ARE) was upgraded to overweight from neutral at JPMorgan.
• Investment Technology (ITG) was upgraded to outperform from neutral at Wedbush.

Analyst Upgrades

• KeyBanc upgraded Las Vegas Sands (LVS) to hold from underweight based on Singapore performance and a potential revaluation of the yuan.
• ThinkEquity upgraded Seattle Genetics (SGEN) to buy from hold based on the positive SGN-35 HL data. The firm raised its price target to $16 from $12.
• Merriman upgraded Applied Signal (APSG) to buy from neutral with a $28 to $31 valuation range, citing greater confidence in earnings estimates and the company's recent contract wins.
• Siliconware Precision (SPIL) was upgraded to neutral from underperform at Macquarie.
• Pulte Group (PHM) was upgraded to neutral from sell at Goldman.
• Greenbrier (GBX) was upgraded to outperform from market perform at Morgan Keegan.

Analyst Upgrades

• BMO Capital upgraded Church & Dwight (CHD) to outperform from market perform with a $75 price target, citing valuation.
• JPMorgan upgraded Men's Wearhouse (MW) to overweight from neutral with a $25 price target. The firm cites valuation and expectations for margin expansion for the upgrade.
• Longbow upgraded Greenbrier (GBX) to buy from neutral and has a $15 target on the stock. The firm's checks indicate demand is tightening for intermodal railcars.
• Sunpower (SPWRA) was upgraded to buy from hold at Soleil.
• Tesoro (TSO) was upgraded to outperform from sector perform at RBC Capital.

MOST NOTEWORTHY: McAfee (MFE), Wabtec Corp (WAB), Pacific Sunwear (PSUN), Aeropostale (ARO) and Amdocs (DOX) were today's noteworthy initiations:

• McAfee Inc (NYSE: MFE) was initiated with an Accumulate rating at ThinkEquity, as the firm is positive on the company's competitive positioning in security, refocused business and streamlined operations.

• JP Morgan initiated shares of Wabtec Corp (NYSE: WAB) with an Overweight rating, as the firm believes Wabtec's strong market presence should support 22% and 12% EPS growth in 2007 and 2008.

• Nollenberger feels that the core PacSun concept is challenged to re-establish a niche in the competitive teen marketplace, and initiated shares of Pacific Sunwear (NASDAQ: PSUN) with a Neutral rating and $22 target.

• Nollenberger also initiated shares of Aeropostale (NYSE: AEO) with a Buy rating and $49 target and recommends buying the stock into back to school.

• Cantor initiated shares of Amdocs (NYSE: DOX) with a Hold rating and $37 target on valuation...

OTHER INITIATIONS:

• Midas, Inc (NYSE: MDS) and Monro Muffler Brake, Inc (NASDAQ: MNRO) were initiated with Neutral ratings at JP Morgan.

• JP Morgan also initiated shares of Greenbrier (NYSE: GBX) with a Neutral rating.

• Sterne Agee initiated shares of Colwater Creek (NASDAQ: CWTR) with a Buy rating.
  

• Vascular Solutions (NASDAQ: VASC) was initiated with an Outperform rating and $12 target at RBC Capital.

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

MOST NOTEWORTHY: Arthur J. Gallagher (AJG), Akamai Technologies (AKAM) and three railcar companies were today's noteworthy initiations:

• Citigroup believes Arthur J. Gallagher (NYSE: AJG) is at a disadvantage to smaller rivals who accept contingent commissions and lacks the global presence of larger competitors, and started shares with a Sell rating and $25 target.

• Friedman Billings believes Akamai (NASDAQ: AKAM) can leverage its broad product portfolio, global network deep pockets and extensive track record to remain the leader in the content delivery market, starting shares with an Outperform.

• Keefe Bruyette started coverage of three railcars with a Buy rating: Greenbrier (NYSE: GBX), Wabtec Corporation (NYSE: WAB) and FreightCar America (NASDAQ: RAIL)...

OTHER INITIATIONS:

• Citigroup started Goodyear Tire (NYSE: GT) with a Buy rating.

• CIBC initiated Praxair (NYSE: PX) with a Sector Performer rating.

• Crucell NV (NASDAQ:CRXL) was initiated with an Outperform rating at Lehman.

• FTN Midwest initiated RadioShack (NYSE: RSH) with a Neutral rating.

• Cowen initiated Penwest Pharmaceuticals (NASDAQ: PPCO) with an Outperform rating.

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

MOST NOTEWORTHY: Take-Two Interactive Software (TTWO), Greenbrier Cos (GBX), DirecTV Group (DTV), General Motors (GM) and Ford (F) were today's noteworthy upgrades:

• Soleil upgraded shares of Take-Two Interactive Software (NASDAQ: TTWO) to Buy from Hold as they believe the new management team has quickly taken multiple steps to address key issues and is refocusing on profitable growth.

• Morgan Keegan raised Greenbrier Cos (NYSE: GBX) to Market Perform from Underperform following the company's Q3 report.

• Citigroup upgraded shares of DirecTV Group Inc (NYSE: DTV) to Buy from Hold as they see a 75% chance that Liberty Media (LCAPA) tenders for DTV within the next 12 months and could offer $30 a share for the company.

• JP Morgan upgraded General Motors Corp (NYSE: GM) to Overweight from Neutral with a $50 target and Ford Motor Co (NYSE: F) to Overweight from Underweight as they see signs that unions will engage in radical changes, which could bring EPS upside. General Motors was also added to JP Morgan's Focus List...

OTHER UPGRADES:

• Jefferies raised Micron Technology (NYSE: MU) to Buy from Hold.

• Cowen added shares of Gilead Sciences (NASDAQ: GILD) to its Focus List.

• Friedman Billings added Fannie Mae (NYSE: FNM) to its Top Pick list.

• Buckingham upgraded shares of American Eagle Outfitters (NYSE: AEO) to Accumulate from Neutral.

• Gabelli upgraded shares of Gemstar-TV Guide International (NASDAQ: GMST) to Buy from Hold.

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

MOST NOTEWORTHY: General Motors (GM), Aluminum Corp of China (ACH), Greenbrier Cos (GBX) and Monsanto (MON) were today's noteworthy downgrades:

• Bear Stearns cut General Motors (NYSE: GM) to Peer Perform from Outperform based on valuation and growing fundamental headwinds.

• HSBC downgraded Aluminum Corp of China (NYSE: ACH) to Underweight from Neutral as they believe prices of lightweight metal have peaked.

• Greenbrier Cos (NYSE: GBX) was cut at Bear Stearns to Peer Perform from Outperform on valuation.

• Matrix USA downgraded Monsanto (NYSE: MON) to Buy from Strong Buy on valuation...

OTHER DOWNGRADES:

• Sandler cut Western Alliance Bancorporation (NYSE: WAL) to Hold from Buy.

• UBS cut Arris Group (NASDAQ: ARRS) to Neutral from Buy.

• AG Edwards downgraded Hilton Hotels (NYSE: HLT) to Sell from Buy. Gabelli cut Hilton Hotels to Hold from Buy.
  

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

MOST NOTEWORTHY: Cablevision Systems Corp (CVC), Nasdaq Stock Market Inc (NDAQ), Greenbrier Cos (GBX), Southern Copper Corp (PCU) and Hawaiian Holdings (HA) were today's noteworthy downgrades:

• Oppenheimer downgraded shares of Cablevision Systems Corp (NYSE: CVC) to Neutral from Outperform and does not expect a higher bid to emerge.

• Deutsche Bank downgraded Nasdaq Stock Market Inc (NASDAQ: NDAQ) to Hold from Buy, expecting only modest performance in 2007.

• Matrix cut Greenbrier Cos (NYSE: GBX) to Sell from Hold on the belief that slowing demand for double-stack and forest products rail cars is leading to slowing revenues.

• Credit Suisse downgraded Southern Copper (NYSE: PCU) to Underperform from Outperform based on valuation.

• Goldman cut Hawaiian Holdings (AMEX: HA) to Sell from Neutral based on weak fundamentals and increased liquidity concerns.

OTHER DOWNGRADES:

• Sterne Agee downgraded Blockbuster Inc (NYSE: BBI) to Hold from Buy.

• LoJack Corp (NASDAQ: LOJN) was downgraded to Hold from Buy at Needham.

• Axcelis Technologies, Inc (NASDAQ: ACLS) was downgraded to Sell from Hold at AG Edwards.

• CBL & Associates Properties, Inc (NYSE: CBL) was taken down to Sell from Hold at Citigroup.

• Morgan Stanley downgraded UBS AG (NYSE: UBS) to Underweight from Equal Weight.

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