Analyst Upgrades

• Molycorp (MCP) to overweight from neutral at JPMorgan.
• Humana (HUM), HealthSpring (HS) and UnitedHealth (UNH) to buy from neutral at UBS.
• Williams Cos. (WMB) to conviction buy from neutral and UBS (UBS) to buy from neutral at Goldman.
• China Kanghui (KH) to overweight from neutral at Piper Jaffray.
• Arthur J. Gallagher (AJG) to buy from hold at Citigroup.
• Armstrong World (AWI) to buy from hold at BB&T.
• Time Warner (TWX) to buy from hold at Benchmark Co.
• Calpine (CPN) to overweight from equal weight at Barclays.
• 3M Company (MMM) to neutral from underperform and Kirby (KEX) to buy from underperform at BofA/Merrill.

MOST NOTEWORTHY: Cisco Systems, Kirby and First Fed Financial were today's noteworthy downgrades:

• UBS downgraded Cisco (NASDAQ: CSCO) to Neutral from Buy after channel checks indicated orders are slowing, which gives them concern over the July quarter.
  
• Stephens cut Kirby (NYSE: KEX) to Equal Weight from Overweight as they believe a good 2008 is already priced into shares and that the liquid barge industry cycle may be nearing a top.
  
• First Fed Financial (NYSE: FED) was lowered to Neutral from Outperform at Credit Suisse, citing credit quality deterioration.

OTHER DOWNGRADES:

• JP Morgan removed HB Fuller (NYSE: FUL) from its Focus List.
  
• RBC Capital downgraded SourceFire (NASDAQ: FIRE) to Sector Perform from Outperform.
  
• Goldman cut Lloyds TSB Group (NYSE: LYG) to Sell from Neutral.