Analyst Upgrades

• NYSE Euronex (NYX) to conviction buy from neutral at Goldman.
• General Dynamics (GD) to buy from hold at Citigroup.
• Deere (DE), Parker-Hannifin (PH) and ExlService (EXLS) to overweight from neutral at JPMorgan.
• Aflac (AFL) to outperform from market perform at FBR Capital.
• Wynn Resorts (WYNN) to buy from neutral at Janney Capital.
• Amdocs (DOX) to buy from neutral at UBS.
• Juniper (JNPR) to buy from hold at ThinkEquity.
• Rudolph Tech (RTEC) and KLA-Tencor (KLAC) to perform from underperform at Oppenheimer.
• Hershey (HSY) and Pinnacle Entertainment (PNK) to outperform from market perform at Wells Fargo.
• Spirit AeroSystems (SPR) to equal weight from underweight at Morgan Stanley.
• Micron (MU) to outperform from neutral at RW Baird.

Analyst Upgrades

• SunTrust upgraded Lennox (LII) to buy from neutral, given signs of improved residential HVAC equipment and service demand and a bottom in commercial lines. The firm has a $55 price target on the stock.
• Cowen upgraded Universal Display (PANL) to outperform from neutral. The firm expects OLED display growth to accelerate driven by increased handset and other mobile device penetration, followed by high-end TV and lighting applications.
• Canaccord upgraded Amylin (AMLN) to hold from sell following Roche's (RHHBY) delay in its Phase 3 study for taspo, a competitor to Amylin's bydureon. The firm has an $18 target on Amylin shares.
• DiamondRock Hospitality (DRH) was upgraded to buy from hold at Citigroup.
• Public Service (PEG) was upgraded to conviction buy from buy at Goldman.
• QuinStreet (QNST) was upgraded to overweight on valuation at Thomas Weisel.

Monday, May 26

• Markets closed for Memorial Day holiday.

Tuesday, May 27

• Vodafone Group Plc (ADR) (NYSE: VOD) to report preliminary earnings results for the year ending 3/13/08, conference call at 5:00am.
• Modine Manufacturing Co. (NYSE: MOD) to report Q4 earnings; conference call at 11:00am.

Wednesday, May 28

• Polo Ralph Lauren Corporation (NYSE: RL) to report Q4 earnings; conference call at 9:00am.
• TiVo Inc. (NASDAQ: TIVO) to report Q1 earnings; conference call at 5:00pm.

MOST NOTEWORTHY: RadiSys, Diageo plc, Vitesse, Big 5 Sporting Goods and Coca-Cola Enterprises were today's noteworthy upgrades:

• Jefferies upgraded shares of RadiSys (NASDAQ: RSYS) to Buy from Hold following the Q3 upside to reflect the large ramp of new business expected in 2008.
  
• Lehman raised its rating on Diageo plc (NYSE: DEO) to Equal Weight from Underweight and has increased confidence that the group can increase margins.
  
• CIBC upgraded shares of Vitesse (NASDAQ: VTSS) to Sector Performer from Sector Underperformer following the company's business update, as they believe progress is being made on numerous fronts.
  
• Nollenberger upgraded shares of Big 5 Sporting Goods (NASDAQ: BGFV) to Buy from Neutral following the better-than-expected Q3 results and improved full-year outlook, as they believe visibility has improved significantly.
  
• Citigroup upgraded Coca-Cola Enterprises (NYSE: CCE) to Buy from Hold on valuation as they believe the stock is undervalued given Glaceau's expansion to European markets. The broker recommends taking profits in Pepsi Bottling Group (NYSE: PBG) and swapping into CCE.

OTHER UPGRADES:

• Baird upgraded Modine Manufacturing (NYSE: MOD) and Accuride (NYSE: ACW) to Neutral from Underperform.
  
• Deutsche Bank upgraded Energizer (NYSE: ENR) to buy from Hold.
  
• Goldman added Celanese (NYSE: CE) to its Conviction Buy List.

MOST NOTEWORTHY: Kellogg Co (K) and the Auto & Truck Supplier Sector were today's noteworthy downgrades:

• JP Morgan downgraded Kellogg Co (NYSE: K) to Neutral from Outperform, citing reduced earnings growth.

• Baird downgraded the Auto & Truck Supplier Sector to Market Underweight citing valuation and lower estimates; the firm downgraded American Axle & Manufacturing Holdings Inc (NYSE: AXL), Autoliv Inc (NYSE: ALV) and Modine Manufacturing Co (NYSE: MOD) to Underperform from Neutral.

OTHER DOWNGRADES:

• JP Morgan downgraded Juniper Networks Inc (NASDAQ: JNPR) to Market Perform from Outperform with a $22 target, explaining that although Juniper's December quarter showed improved revenue results, earnings guidance was disappointing given investment plans for 2007.

• Sanders Morris downgraded Benihana Inc (NASDAQ: BNHNA) to Buy from Strong Buy with a $38 target, noting that they cannot find enough catalysts that would push shares another 20% in the next six months; however, the firm is still bullish on Benihana's short-term and long-term outlooks.

• Credit Suisse downgraded Office Depot Inc (NYSE: ODP) to Neutral from Outperform, with a $41 target and believes that expectations to be overly optimistic.

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