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Analyst downgrades 6-4-07: BP, DB, D ...

MOST NOTEWORTHY: Dominion Resources (D), Digene (DIGE) and Deutsche Bank (DB) were today's noteworthy downgrades:

BMO Capital downgraded shares of Dominion Resources Inc. (NYSE: D) to Market Perform from Outperform citing the sale proceeds for its onshore U.S. E&P properties that were below expectations.
Digene Corp. (NASDAQ: DIGE) was downgraded to Sell from Neutral at Ferris Baker Watts based on the acquisition by Qiagen (NASDAQ: QGEN). Digene was also downgraded at SummerStreet to Neutral from Buy, as the firm views the Qiagen's acquisition for $1.6B as reasonable.
Deutsche Bank (NYSE: DB) was downgraded to Underweight from Neutral at JP Morgan, as the firm sees better value in traditional credit-exposed banks.

OTHER DOWNGRADES:

Norsk Hydro (NYSE: NHY) and BP PLC (NYSE: BP) were downgraded to Hold from Buy at Citigroup.
Quiksilver Inc. (NYSE: ZQK) was downgraded to Neutral from Outperform at Robert W Baird due to valuation.
Banc of America downgraded shares of SunTrust Banks Inc. (NYSE: STI) to Neutral from Buy on valuation as they believe further sales of Coke may not be very accretive to EPS.
LifePoint Hospitals Inc. (NASDAQ: LPNT) was downgraded to Hold from Buy at Jefferies based on valuation.
Clear Channel Outdoors Holdings Inc. (NYSE: CCO) was downgraded to Hold from Buy at DBAB on valuation.
Matrix USA downgraded shares of Apollo Group Inc. (NASDAQ: APOL) to Hold from Buy to reflect rising costs and lower enrollment rates.
Matrix also downgraded True Religion Apparel Inc. (NASDAQ: TRLG) to Hold from Buy on valuation.

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

MOST NOTEWORTHY: Travelzoo Inc (TZOO) and Cisco Systems Inc (CSCO) topped today's list of noteworthy upgrades:

Travelzoo Inc (NASDAQ: TZOO) was upgraded to Strong Buy from Underperform with a $38 target at First Albany based on valuation and the potential for significant upside in first quarter. Stifel upgraded Travelzoo to Hold from Sell, also on valuation.

Following the company's Q2 results and guidance, Baird upgraded shares of Cisco Systems Inc (NASDAQ: CSCO) to Outperform from Neutral with a $32 target.

OTHER UPGRADES:

AG Edwards upgraded shares of Marriott Int'l Inc (NYSE: MAR) to Buy from Hold with a $56 target. The firm believes that given recent indications of sulid industry fundamentals, Marriott is being overlooked. In addition, AG Edwards believes Marriot is poised to report strong earnings on Thursday.

Broadcom Corp (NASDAQ: BRCM) was upgraded to Overweight from Equal Weight with a $40 target at Morgan Stanley.

FEI Company (NASDAQ: FEIC) was upgraded by Credit Suisse to Neutral from Underperform following its Q4 report and outlook.

Goldman added Gilead Sciences Inc (NASDAQ: GILD) to the America's Buy List based on its HIV franchise and pipeline. Goldman also upgraded Earthlink (ELNK) to Neutral from Sell on valuation.