Analyst Upgrades

• Air Products (APD) to buy from hold at Deutsche Bank.
• Zimmer (ZMH) to outperform from neutral at RW Baird.
• SunPower (SPWRA) to buy from hold at Jefferies.
• Brocade (BRCD) to buy from hold at Wunderlich and at ThinkEquity.
• Duke Energy (DUK) to neutral from underperform at BofA/Merrill.
• NewStar Financial (NEWS) to outperform from market perform at Keefe Bruyette.
• Hormel Foods (HRL) to hold from sell at Soleil.
• Inspire Pharma (ISPH) to hold from sell at Duncan-Williams.
• Alnylam (ALNY) to buy from neutral at Roth Capital.
• Weight Watchers (WTW) to equal weight from underweight at Morgan Stanley.
• Raytheon (RTN) and Toreador Resources (TRGL) to outperform from sector perform at RBC Capital.

MOST NOTEWORTHY: Anworth Mortgage, MFA Mortgage, New Star Asset Management and Saks were today's noteworthy downgrades:

• Keefe Bruyette downgraded Anworth Mortgage (NYSE: ANH) and MFA Mortgage (NYSE: MFA) to Market Perform from Outperform to reflect lower book value estimates based on the widening in agency spreads.
  
• Deutsche Bank downgraded New Star Asset Management (OTC: NWSAF) to Sell from Buy, as they are negative on the company's business model and growth prospects in the current environment.
  
• Saks (NYSE: SKS) was cut to Neutral from Buy at Banc of America as they believe the high-end is slowing.

OTHER DOWNGRADES:

• Goldman downgraded Lonmin Plc (OTC: LNMIY) to Neutral from Buy.
  
• RBC Capital downgraded Maguire Properties (NYSE: MPG) and First Potomac (NYSE: FPO) to Underperform from Sector Perform.
  
• Shares of Zumiez (NASDAQ: ZUMZ) were downgraded to Neutral from buy at Piper and to Neutral from Positive at Susquehanna.

MOST NOTEWORTHY: Hershey Foods, Cognos, Resmed and Artes Medical were today's noteworthy downgrades:

• Hershey (NYSE: HSY) was downgraded to Underperform from Peer Perform at Bear Stearns. Bear believes the new CEO will be under intense pressure to improve operating performance, which will likely lead to higher R&D and marketing spending.
  
• Cognos (NASDAQ: COGN) was downgraded to Equal Weight from Overweight at Morgan Stanley following the acquisition by IBM (NYSE: IBM).
  
• ABN Amro lowered its rating on Resmed (NYSE: RMD) to Hold from Buy on valuation following the recent rally.
  
• Cowen downgraded Artes Medical (NASDAQ: ARTE) to Neutral from Buy following the company's disappointing Q3 report.

OTHER DOWNGRADES:

• Merrill downgraded Target (NYSE: TGT) to Neutral from Buy.
  
• Goldman downgraded Gatehouse Media (NYSE: GHS) and NewStar Financial (NASDAQ: NEWS) to Neutral from Buy.
  
• Bernstein downgraded Rio Tinto (NYSE: RTP) to Market Perform from Outperform.