Analyst Upgrades

• Akamai (AKAM) to overweight from neutral at Piper Jaffray.
• Las Vegas Sands (LVS) to buy from neutral at UBS.
• Aetna (AET) to Outperform from market perform at Leerink.
• Hot Topic (HOTT) to buy from neutral at Janney Capital.
• Colonial Properties (CLP) upgraded to Outperform from market perform at FBR Capital and to buy from hold at Citigroup.
• Altera (ALTR) to buy from hold at Citigroup.
• American Reprographics (ARC), CarMax (KMX) and American Campus (ACC) to outperform from neutral at RW Baird.
• Zebra Tech (ZBRA) to neutral from underweight at JPMorgan.
• IMAX (IMAX) to buy from hold at Canaccord.
• Basic Energy (BAS) to neutral from sell at Goldman.
• Mednax (MD) to buy from neutral at BofA/Merrill.
• UTi Worldwide (UTIW) to buy from hold at Stifel Nicolaus.

MOST NOTEWORTHY: Cablevision Systems Corp (CVC), Nasdaq Stock Market Inc (NDAQ), Greenbrier Cos (GBX), Southern Copper Corp (PCU) and Hawaiian Holdings (HA) were today's noteworthy downgrades:

• Oppenheimer downgraded shares of Cablevision Systems Corp (NYSE: CVC) to Neutral from Outperform and does not expect a higher bid to emerge.

• Deutsche Bank downgraded Nasdaq Stock Market Inc (NASDAQ: NDAQ) to Hold from Buy, expecting only modest performance in 2007.

• Matrix cut Greenbrier Cos (NYSE: GBX) to Sell from Hold on the belief that slowing demand for double-stack and forest products rail cars is leading to slowing revenues.

• Credit Suisse downgraded Southern Copper (NYSE: PCU) to Underperform from Outperform based on valuation.

• Goldman cut Hawaiian Holdings (AMEX: HA) to Sell from Neutral based on weak fundamentals and increased liquidity concerns.

OTHER DOWNGRADES:

• Sterne Agee downgraded Blockbuster Inc (NYSE: BBI) to Hold from Buy.

• LoJack Corp (NASDAQ: LOJN) was downgraded to Hold from Buy at Needham.

• Axcelis Technologies, Inc (NASDAQ: ACLS) was downgraded to Sell from Hold at AG Edwards.

• CBL & Associates Properties, Inc (NYSE: CBL) was taken down to Sell from Hold at Citigroup.

• Morgan Stanley downgraded UBS AG (NYSE: UBS) to Underweight from Equal Weight.

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