Analyst Upgrades

• Home Depot (HD) to buy from neutral at Goldman.
• Delta Air Lines (DAL) to buy from neutral at BofA/Merrill.
• Heico (HEI) to outperform from sector perform at RBC Capital.
• Royal Dutch Shell (RDS.A) to outperform from neutral at Credit Suisse.
• MB Financial (MBFI) to outperform from neutral at RW Baird.
• Quest Diagnostics (DGX) to equal weight from underweight at Morgan Stanley.
• Oshkosh (OSK) to neutral from underweight at JPMorgan.
• Volterra (VLTR) and Silicon Laboratories (SLAB) to buy from neutral at Roth Capital.
• Ascena Retail Group (ASNA) to overweight from neutral at Piper Jaffray.
• Cytec Industries (CYT) to buy from hold at Deutsche Bank.

MOST NOTEWORTHY: Sanofi-Aventis, Lifecell, Mylan Labs, Panera Bread and Norsk Hydro were today's noteworthy upgrades:

• Societe Generale upgraded shares of Sanofi-Aventis (NYSE: SNY) to Buy from Hold as they believe pipeline maturation over the next 12 months can drive the stock higher.
  
• Piper upgraded shares of Lifecell (NASDAQ: LIFC) to Outperform from Market Perform after their recent survey indicated that AlloDerm remains the leading biologic hernia mesh on the market and competition is making little headway.
  
• JP Morgan upgraded Mylan Labs (NYSE: MYL), Panera Bread (NASDAQ: PNRA) and Norsk Hydro (NYSE: NHY) to Overweight from Neutral. The firm upgraded Mylan based on its position in the global generics market and above-average growth; Panera was upgraded on valuation, as they believe the recent operating risk is now behind the company; Norsk Hydro was upgraded, as they believe the value of the company's aluminum assets are higher than the current share price suggests.

OTHER UPGRADES:

• HSBC upgraded Ride Aid (NYSE: RAD) to Neutral from Underweight.
  
• UBS upgraded Standard Pacific (NYSE: SPF) and Ciena (NASDAQ: CIEN) to Neutral from Sell and Sherwin-Williams (NYSE: SHW) to Buy from Neutral.
  
• Goldman added Cytec Industries (NYSE: CYT) to its Conviction Buy List.

MOST NOTEWORTHY: Toronto Dominion, Cytec Industries, Ceragon Networks, Micron and Navteq were today's noteworthy downgrades:

• CIBC downgraded shares of Toronto Dominion (NYSE: TD) to Sector Performer from Outperformer following the Commerce Bancorp (NYSE: CBH) acquisition, as they see integration risks and believes the deal will limit the company's ability to buyback stock.
  
• Cytec Industries (NYSE: CYT) was downgraded to Hold from Buy at Jefferies, as they believe near-term risks to demand and margins could bring a better entry point by 1H08. Target lowered to $75 from $79.
  
• Collins Stewart downgraded shares of Ceragon Networks (NASDAQ: CRNT) to Underperform from Buy on valuation and uncertainties surrounding the stock, which include the NEC infringement issue and increased competition.
  
• Micron Technology (NYSE: MU) was downgraded to Accumulate from Buy at ThinkEquity. The firm is cautious on the sustainability of PC related demand and questions component order levels relative to PC sell through.
  
• Banc of America downgraded shares of Navteq Corporation (NYSE: NVT) to Neutral from Buy following Nokia's (NOK) proposed buyout.

OTHER DOWNGRADES:

• JP Morgan downgraded Companhia Vale do Rio Doce (NYSE: RIO) to Neutral from Overweight.
  
• Goldman removed Johnson Controls (NYSE: JCI) from its Conviction Buy List.
  
• Citigroup downgraded GameStop Corp (NYSE: GME) to Hold from Buy.
  
• Friedman Billings downgraded Brookfield Asset Management (NYSE: BAM) to Neutral from Outperform.