Analyst Upgrades

• Goldman upgraded Jones Lang LaSalle (JLL) to buy from neutral.
• Credit Suisse upgraded Pulte Group (PHM) to neutral from underperform. Note that Citigroup downgraded the stock.
• Ameristar Casinos (ASCA) was upgraded to neutral from sell at Merriman.
• Citigroup upgraded Kimco Realty (KIM) to hold from sell.
• Mistras (MG) was upgraded to buy from hold at KeyBanc.
• Devon Energy (DVN) was upgraded to outperform from neutral at Macquarie.
• Garmin (GRMN) was upgraded to outperform from sector perform at PacCrest.

Flamboyant licensing brand and fading reality television star -- er ... real estate mogul -- Donald Trump has made a great name for himself in super-high-end real estate. Unfortunately, he hasn't been as financially successful as he'd like you to think. For Trump, glitz and glamor have come at a price. But hey, he gets to go on TV and make fun of Rosie, and no price is too high to pay for that.

But other investors -- including his father Fred Trump, by the way -- have had far more success investing in lower-end properties. The latest issues of Forbes features a profile of 78-year old Milton Cooper, and his REIT, Kimco (NYSE: KIM). In the 40 years since he co-founded Kimco, Cooper has turned it into a strip-mall behemoth with over $9 billion in assets. Focusing on less than glamorous "neighborhood and community shopping centers," Kimco has built built an empire anchored by stores like Bed Bath & Beyond, Old Navy, Michael's, and Home Depot. So Fifth Avenue this is not. But Forbes suggests that Kimco's retailers may be better-poised to weather a recession than more upscale locations.

With a strong shareholder return since going public in 1992, its been a consistent upward march that ended precisely at the beginning of 2007.

If you're feeling contrarian and are in the market for REITs, check out Forbes' REIT Gold List.

MOST NOTEWORTHY: REITs, Business Objects, Allstate Corp and P&C Insurance were today's noteworthy downgrades:

• Deutsche Bank downgraded REITs AvalonBay (NYSE: AVB), Boston Properties (NYSE: BXP), Health Care REIT (NYSE: HCN), Kimco (NYSE: KIM) and Public Storage (NYSE: PSA) to Hold from Buy on valuation following the recent share appreciation.
  
• Business Objects (NASDAQ: BOBJ) was downgraded to Neutral from Outperform at Baird following its acquisition by SAP AG (NYSE: SAP).
  
• Wachovia downgraded Allstate Corporation (NYSE: ALL) to Market Perform from Outperform and P&C Insurance (NYSE: PGR) citing deteriorating fundamentals in personal lines.

OTHER DOWNGRADES:

• UBS downgraded BEA Systems (NASDAQ: BEAS) to Neutral from Buy.
  
• JP Morgan downgraded Merrill Lynch (NYSE: MER) to Neutral from Outperform.
  
• Sealy Corporation (NYSE: ZZ) was downgraded to Neutral from Buy at Banc of America.
  
• Friedman Billings downgraded technology stocks, lowering ASE Test Limited (NASDAQ: ASTSF), ASML Holding (NASDAQ: ASML), KLA-Tencor (NASDAQ: KLAC) and Rudolph Technologies (NASDAQ: RTEC) to Market Perform from Outperform.

MOST NOTEWORTHY: Airtran Holdings Inc (NYSE: AAI), UAL Corporation (NASDAQ: UAUA) and the REIT sector were today's noteworthy downgrades:

• Calyon downgraded shares of Airtran Holdings to Neutral from Add, citing concerns with AAI's yield trends.
• The firm also downgraded shares of UAL Corp to Add from Buy based on higher fuel prices and slightly weaker-than-expected RASM increases.
• Stifel downgraded the REIT Sector citing rising interest rates and mutual fund outflows, among other reasons. Companies that include Cedar Shopping Centers Inc (NYSE: CDR), Kimco Realty Corporation (NYSE: KIM), Kite Realty Group Trust (NYSE: KRG), Ramco-Gershenson Properties Trust (NYSE: RPT), Simon Property Group Inc (NYSE: SPG) and Tanger Factory Outlet Centers Inc (NYSE: SKT) were downgraded to Hold from Buy.

OTHER DOWNGRADES:

• Morgan Joseph downgraded shares of Penn National Gaming Inc (NASDAQ: PENN) to Hold from Buy on valuation.
• CBOT Holdings Inc (NYSE: BOT) was downgraded to Neutral from Outperform at Credit Suisse.
• JP Morgan downgraded shares of Netflix Inc (NASDAQ: NFLX) to Underweight from Neutral, as the firm believes the company's growth will be impacted by Blockbuster Inc's (NYSE: BBI) Total Access offer.

MOST NOTEWORTHY: Coca-Cola (KO), Fiserv, Inc (FISV) and several real estate companies were today's noteworthy upgrades:

• Coca-Cola (NYSE: KO) was upgraded to Buy from Hold at Citigroup, as the firm believes the company is addressing growth issues through recent acquisitions and notes that there are signs of stabilization in Japan.
• Fiserv (NASDAQ: FISV) was upgraded to Outperform from Neutral at Cowen based on valuation, upside from restructuring, new management's willingness to unlock value, and the potential possibility of a company sale.
• Deutsche Bank upgraded Apartment Investment and Management Co (NYSE: AIV), AvalonBay Communities (NYSE: AVB), Boston Properties (NYSE: BXP), Developers Diversified Realty Corp (NYSE: DDR), Kilroy Realty Corp (NYSE: KRC), Kimco Realty Corp (NYSE: KIM), Macerich Co (NYSE: MAC) and Simon Property Group (NYSE: SPG).

OTHER UPGRADES:

• RBC Capital upgraded Texas Roadhouse (NASDAQ: TXRH) to Outperform from Sector Perform, citing valuation and improved EPS outlook.
• Kenexa Corp (NASDAQ: KNXA) was upgraded to Outperform from Neutral at Credit Suisse, citing valuation and reduced risk from the BrassRing acquisition.
• Goldman Sachs added Foster Wheeler (NASDAQ: FWLT) added to its Conviction Buy List, citing valuation and leverage to energy infrastructure build and power.
• Goldman also added ProLogis (NYSE: PLD) to its Conviction Buy list, citing upside to FFO guidance, favorable domestic and international demand and above-average development margins.

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