MOST NOTEWORTHY: Countrywide Financial (CFC), Hoku Scientific (HOKU), Lam Research (LRCX), Weight Watchers (WTW) and NutriSystem (NTRI) were today's more noteworthy downgrades:

• Friedman Billings downgraded Countrywide Financial (NYSE: CFC) to Underperform from Market Perform until credit stabilizes.

• Piper Jaffray downgraded Hoku Scientific (NASDAQ: HOKU) to Underperform from Outperform and sees several near-term risks, including competitive threats from larger and well-financed polysilicon start ups as well as financing risk.

• ThinkEquity downgraded Lam Research (NASDAQ: LRCX) to Source of Funds from Accumulate, expecting a recovery in the foundry segment but at 90nm, the nodes where Lam's market share is not high.

• Lehman downgraded Weight Watchers (NYSE: WTW) to Underweight from Equal Weight and NutriSystem (NASDAQ: NTRI) to Equal Weight from Overweight...

OTHER DOWNGRADES:

• First Albany downgraded Sketchers USA (NYSE: SKX) to Neutral from Buy.

• UBS downgraded Georgia Gulf (NYSE: GGC) to Reduce from Neutral.

• Bear Stearns cut GlaxoSmithKline (NYSE: GSK) to Underperform from Peer Perform.

• AG Edwards cut Peabody Energy (NYSE: BTU) to Hold from Buy.

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

MOST NOTEWORTHY: Novartis AG (NVS), Intel (INTC), Total S.A. (TOT), Syniverse Holdings, Inc (SVR) and Kindred Healthcare (KND) were today's noteworthy downgrades:

• Merrill cut Novartis (NYSE: NVS) to Neutral from Buy based on a lack of near-term catalysts. Credit Suisse downgraded shares of the company to Underperform from Neutral on expectations of slowing sales growth in 2H07.

• JMP Securities downgraded Intel (NASDAQ: INTC) to Market Perform from Outperform based on valuation and lower estimates.

• JP Morgan cut Total S.A. (NYSE: TOT) to Neutral from Overweight on valuation.

• Syniverse (NYSE: SVR) was cut to Strong Sell from Sell at Matrix USA as competition in North America is creating a cut in Network Services and Number Portability Services revenue.

• Kindred Healthcare (NYSE: KND) was cut to Underperform from Market Perform at Wachovia based on valuation...

OTHER DOWNGRADES:

• DaVita (NYSE: DVA) was downgraded to Hold from Buy at Deutsche Bank.

• Citigroup downgraded the coal sector, including Arch Coal (NYSE: ACI), Peabody Energy (NYSE: BTU) and Foundation Coal (NYSE: FCL) to Hold from Buy.

• Credit Suisse downgraded ACA Capital Holdings (NYSE: ACA) to Neutral from Outperform.

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

MOST NOTEWORTHY: Today's noteworthy upgrades include ConAgra Foods, Inc (CAG), Dell Inc (DELL), Ryland Group, Inc (RYL) and Volterra Semiconductor Corp (VLTR).

• Prudential upgraded shares of ConAgra Foods Inc (NYSE: CAG) to Neutral from Underweight with a $26 target on valuation.
• Pacific Crest upgraded shares of Dell Inc (NASDAQ: DELL) to Outperform from Sector Perform as the firm believes new management, new products and supply chain cost realignments could boost operating margins.
• Ryland Group, Inc (NYSE: RYL) was upgraded to Neutral from Underperform at Credit Suisse.
• Unterberg upgraded shares of Volterra Semiconductor (NASDAQ: VLTR) to Market Perform from Underperform on valuation.

OTHER UPGRADES:

• Friedman Billings upgraded Peabody Energy Corp (NYSE: BTU) to Outperform from Market Perform based on lack of CAPP exposure, growth profile, rising international demand and certain benefits from the scrubber trend.
• JP Morgan upgraded shares of Cincinnati Bell Inc (NYSE: CBB) to Overweight from Neutral, as the firm believes higher capex is reflected in the valuation and FCF should recover in 2008.
• Sandler upgraded First Charter Corp (NASDAQ: FCTR) to Buy from Hold based on valuation.
• Brean Murray has increased confidence in the success of Isle of Capri Casinos' (NASDAQ: ISLE) Isle casino, soon to open at Pompapno Park, and the considerable option value that should be embedded in shares related to a Florida gaming bill which would loosen restrictions on gaming at pari-mutual facilities. The firm upgraded shares to Buy from Hold on the news.
• Deutsche Bank upgraded shares of Pogo Producing Co (NYSE: PPP) to Hold from Sell to reflect the likelihood of corporate action over the near term, most likely the sale of the company in whole or in parts.
• Merill Lynch upgraded Janus Capital Group Inc (NYSE: JNS) and Calamos Asset Management, Inc (NASDAQ: CLMS) to Buy from Neutral.

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

MOST NOTEWORTHY: Ericsson (ERIC) and Peabody Energy (BTU) top today's modest upgrade list.

• Ericsson Telephone Company (NASDAQ: ERIC) was upgraded to Overweight from Neutral at Prudential. The firm sees potential catalysts including GSM based spending in developing countries, 3G licenses in China, Russia, and India, and GSM overlay networks.
• Peabody Energy Corp (NYSE: BTU) was upgraded to Above Average from Average at Caris. The firm cites the completion of the Excel transition and a more favorable supply/demand balance in PRB after the volume cuts.

OTHER UPGRADES:

• The Hershey Company (NYSE: HSY) was upgraded at Bear Stearns to Outperform from Peer Perform on valuation.
• Robert W. Baird upgraded Arbitron, Inc. (NYSE: ARB) to Outperform from Neutral. The firm says Arbitron is building momentum toward the commercialization of both PPM-based ratings and Project Apollo as well as the likelihood that management will be aggressive on buybacks.
• Finally, Kaufman Bros believes there is further upside potential in Logitech International (NASDAQ: LOGI), and upgraded the company to Buy from Hold.

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