Analyst Upgrades

• Tiffany (TIF) to outperform from perform at Oppenheimer.
• Kellogg (K) to outperform from market perform at Wells Fargo.
• Citizens Republic (CRBC) to outperform from market perform at FBR Capital.
• Research in Motion (RIMM) to equal weight from underweight at Morgan Stanley.
• MWI Veterinary Supply (MWIV) and Elster (ELT) to overweight from neutral at Piper Jaffray.
• Paetec Holding (PAET) and Patterson-UTI Energy (PTEN) to buy from hold at Citigroup.
• New Gold (NGD) to outperform from market perform at BMO Capital.
• Aviat Networks (AVNW) to buy from hold at Needham.
• Abiomed (ABMD) to buy from hold at Jefferies.
• Animal Health (AHII) to outperform from neutral at RW Baird.
• PNM Resources (PNM) to overweight from neutral at JPMorgan.

Analyst Upgrades

• Baird upgraded C.H. Robinson (CHRW) to outperform from neutral and has a $67 target on the stock. The firm upgraded shares citing growth opportunities given the capacity constrained environment.
• UBS upgraded Navistar (NAV) to buy from neutral, citing improved trucker preferences towards the company's engine technology.
• KeyBanc upgraded Crane (CR) to buy from hold based on valuation stabilization and potential upside in aerospace, among other reasons. The firm has a $39 target on the stock.
• United Therapeutics (UTHR) was upgraded to overweight from neutral at JPMorgan.
• Equifax (EFX) was upgraded to overweight from equal weight at Stephens.
• Brown & Brown (BRO) was upgraded to buy from hold at Citigroup.
  

Apple just bailed on the U.S. Chamber of Commerce, citing the business organization's view on climate change. The Chamber of Commerce doesn't accept the notion that people are the force behind global warming and has called for public hearings to question the evidence that many accept. But, this has led several companies to leave the group, with Apple (NASDAQ: AAPL) only the latest.

The technology company stated through Catherine Novelli, a vice president of government affairs, that it would "prefer that the chamber take a more progressive stance on this critical issue and play a constructive role in addressing the climate crisis." Apple resigned its membership "effective immediately."

MOST NOTEWORTHY: Lehman, PNM Resources and Hilb, Rogal and Hobbs were today's noteworthy downgrades:

• Wachovia downgraded Lehman (NYSE: LEH) to Market Perform from Outperform citing the larger capital raise, poorly marked assets, and lack of confidence.
  
• Jefferies downgraded PNM Resources (NYSE: PNM) to Hold from Buy citing valuation and lower contribution from the company's First Choice supply subsidiary.
  
• Hilb, Rogal and Hobbs (NYSE: HRH) was cut at Davenport to Neutral from Buy following the acquisition by Willis Group Holdings (NYSE: WSH).

OTHER DOWNGRADES:

• Merrill lowered Fortis (OTC: FORSY) to Neutral from Buy.
  
• Continental Resources (NYSE: CLR) was downgraded to Hold from Buy at Deutsche Bank.
  
• Calyon downgraded Helmerich and Payne (NYSE: HP) to Neutral from Add.

MOST NOTEWORTHY: Large Cap Oilfield Services, Andersons and Unilever were today's noteworthy downgrades:

• UBS downgraded Large Cap Oilfield Services stocks citing a "more sober 2008 outlook." The firm downgraded Smith International (NYSE: SII) and Baker Hughes (NYSE: BHI) to Neutral from Buy, citing delays in offshore growth for the Smith downgrade and execution issues for Baker Hughes.
  
• Banc of America downgraded shares of Andersons (NASDAQ: ANDE) to Neutral from Buy following the company's Q4 results to reflect a lack of visibility on FY08 growth.
  
• Citigroup downgraded shares of Unilever (NYSE: UN/UL) to Hold from Buy to reflect an increase in commodity costs.

OTHER DOWNGRADES:

• Lehman lowered PNM Resources (NYSE: PNM) to Equal Weight from Overweight; shares were also downgraded to Hold from Buy at Citigroup.
  
• Friedman Billings downgraded Thomas & Betts (NYSE: TNB) to Market Perform from Outperform.