MOST NOTEWORTHY: Air France, BHP Billiton, AstraZeneca, Broadcom and Savvis were today's noteworthy downgrades:

• Goldman removed shares of Air France (NYSE: AKH) from its Conviction Buy List due to the increase in the price of fuel and the possibility of an economic slowdown.
  
• Goldman downgraded BHP Billiton (NYSE: BHP) to Neutral from Buy and removed the stock from its Pan-Europe Buy List due to valuation.
  
• Merrill Lynch downgraded shares of AstraZeneca (NYSE: AZN) to Sell from Neutral to reflect increased competition from generic-drug makers, a poor pipeline and slow earnings growth.
  
• Wachovia downgraded shares of Broadcom Corporation (NASDAQ: BRCM) to Hold from Buy to reflect valuation and the company's lower than expected Q3 results. Shares were also lowered to Hold from Buy at Deutsche Bank.
  
• Stanford lowered Savvis (NASDAQ: SVVS) to Hold from Buy and notes that the company's Q3 results and Q4 revenue guidance brings the company's 2007 revenue outlook $15M below the consensus, and advises investors to remain on the sidelines. The firm believes the company's strategy is sound, but that its execution has been slow.

OTHER DOWNGRADES:

• Blockbuster (NYSE: BBI) and Akzo Nobel (OTC: AKZOY) were downgraded to Neutral from Overweight at JP Morgan.
  
• Friedman Billings downgraded the E&P sector, including Brigham Exploration Company (NASDAQ: BEXP), Mariner Energy (NYSE: ME) and Nobel Energy (NYSE: NBL) to Market Perform from Outperform.
  
• Baird downgraded Plantronics (NYSE: PLT) to Neutral from Outperform.
  
• Goldman downgraded Boston Scientific (NYSE: BSX) to Neutral from Buy.

MOST NOTEWORTHY: Crocs, Inc (CROX), Plantronics, Inc (PLT), MasterCard Inc (MA) and American Express Co (AXP) top Wednesday's noteworthy list:

• JP Morgan started Crocs Inc (NASDAQ: CROX) with an Overweight rating based on the company's strong growth model.

• JMP Securities upgraded Plantronics Inc (NYSE: PLT) with a Market Perform citing price competition and visibility in the speaker market.

• MasterCard Inc (NYSE: MA) was started with an Underweight rating at Thomas Weisel citing concerns regarding increased pressure from bank issuing partners regarding fees and reduced cross border pricing benefits. Additionally,

• Thomas Weisel started American Express Co (NYSE: AXP) with an Overweight rating, expecting increased card issuance migration and merchant migration due to increased pressure on bank fees and increasing consumer demand for rewards...

OTHER INITIATIONS:

• Stifel started Microsemi Corp (NASDAQ: MSCC) with a Buy rating and $28 target.

• JP Morgan initiated shares of Deckers Outdoor Corp (NASDAQ: DECK) with an Overweight rating.

• Goldman started Eastman Kodak Co (NYSE: EK) with a Neutral rating.

• Soleil initiated shares of Urban Outfitters, Inc (NASDAQ: URBN) with a Buy rating.

• United Therapeutics Corp (NASDAQ: UTHR) was initiated with a Sector Outperformer rating and $83 target at CIBC.

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

MOST NOTEWORTHY: Schering-Plough Corp (SGP), Jones Soda Co (JSDA), RealNetworks, Inc (RNWK), Westwood One, Inc (WON), and Darden Restaurants, Inc (DRI) were today's noteworthy upgrades:

• Prudential raised shares of Schering-Plough Corp (NYSE: SGP) to Overweight from Neutral to reflect management's activity on the deal front and recent data on the drug TRA.

• ThinkEquity upgraded shares of Jones Soda Co (NASDAQ: JSDA) to Accumulate from Source of Funds after disappointing Q1 results. The firm believes results will get better in FY07 as the canned soda roll-out continues and high fructose corn syrup inventory is depleted.

• RealNetworks Inc (NASDAQ: RNWK) was upgraded to Market Perform from Underperform at JP Morgan, citing valuation.

• Bear Stearns upgraded shares of Westwood One Inc (NYSE: WON) following reports the company hired UBS AG (UBS) to help find potential buyers.

• KeyBanc Capital markets raised Darden Restaurants (NYSE: DRI) to Buy from Hold based on accelerating same-store sales at Olive Garden.

OTHER UPGRADES:

• Bear Stearns raised Plantronics, Inc (NYSE: PLT) to Peer Perform from Underperform.

• SunTrust Robinson Humphrey upgraded Career Education Corp (NASDAQ: CECO) to Neutral from Reduce.

• Credit Suisse upped Estee Lauder Cos (NYSE: EL) to Outperform from Neutral.

• Needham upgraded shares of Andrew Corp (NASDAQ: ANDW) to Buy from Hold.

• Wedbush upgraded Crocs, Inc (NASDAQ: CROX) to Strong Buy from Buy with a $95 target.

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

MOST NOTEWORTHY: Baidu.com Inc ADS (BIDU), XM Satellite Radio Holdings Inc (XMSR) and Vonage Holdings Corp (VG) were today's most notable downgrades:

• UBS downgraded shares of Baidu.com Inc ADS (NASDAQ: BIDU) to Reduce from Neutral with a $99 target following first quarter guidance calling for flat Q/Q revenue growth in the first quarter. The broker attributes the forth quarter upside to lower expenses and the booking of tax income.Citigroup downgraded Baidu.com to Sell from Neural with a $105 target while Brean Murray downgraded to company to Hold from Buy.

• XM Satellite Radio Holdings Inc (NASDAQ: XMSR) was downgraded to Hold from Buy with a $15 target at Stanford based on the shift in retail share and a remote chance of a merger with Sirius Satellite Radio (NASDAQ: SIRI).

• Buckingham downgraded Vonage Holdings Corp (NYSE: VG) to Underperform from Neutral following the disappointing fourth quarter results.
  

OTHER DOWNGRADES:

• Schering-Plough Corp (NYSE: SGP) was downgraded to Neutral from Overweight at Prudential, citing valuation.

• Matrix USA downgraded Plantronics Int (NYSE: PLT) to Strong Sell from Sell based on the softening demand for entertainment headsets.

• DA Davidson downgraded Alcan Inc (NYSE: AL) to Buy from Hold.

• Citigroup downgraded CSX Corp (NYSE: CSX) to Hold from Buy with a $42 target and removed the company from its Recommended List on valuation.

• Deutsche Bank downgraded Radio One Inc (NASDAQ: ROIAK) to Hold from Buy telling clients that Q1 revenue trends could be weaker than expected.

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

MOST NOTEWORTHY: JetBlue Airways (JBLU), Plantronics (PLT) and Qwest (Q) top today's list of upgrades.

• J.P. Morgan upgraded JetBlue Airways Corp. (NASDAQ:JBLU) to Neutral from Underweight, citing management's bullish outlook for the fourth quarter.
• Robert W. Baird upgraded Plantronics, Inc. (NYSE:PLT) to Outperform from Neutral based on positive revenue and margin trends in call center & office segments, and its valuation.
• UBS expects Qwest Communications International, Inc. (NYSE:Q) to report strong third-quarter margins and upgraded the company to Buy from Neutral.

OTHER UPGRADES:

• Websense, Inc. (NASDAQ:WBSN) was upgraded to Strong Buy from Outperform at JMP Securities based on the company's stronger than expected third quarter.
• CIBC upgraded Silicon Image, Inc. (NASDAQ:SIMG) to Sector Outperformer from Sector Performer. The firm believes current levels suggest a buying opportunity given Silicon Image's robust HDMI business, solid recent execution and storage diversification plan forming in 2007.
• A stable outlook and improving operations at Applied Biosystems (NYSE:ABI) was enough for UBS to upgrade the company to Neutral from Reduce.
• Finally, Western Union Co. (NYSE:WU) was added to Goldman Sachs Conviction Buy List. Goldman believes the December quarter will mark a trough for fundamentals and they advise building positions at these levels.

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