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Analyst downgrades 6-11-07: AAI, UAUA and the REIT sector

MOST NOTEWORTHY: Airtran Holdings Inc (NYSE: AAI), UAL Corporation (NASDAQ: UAUA) and the REIT sector were today's noteworthy downgrades:

Calyon downgraded shares of Airtran Holdings to Neutral from Add, citing concerns with AAI's yield trends.
The firm also downgraded shares of UAL Corp to Add from Buy based on higher fuel prices and slightly weaker-than-expected RASM increases.
Stifel downgraded the REIT Sector citing rising interest rates and mutual fund outflows, among other reasons. Companies that include Cedar Shopping Centers Inc (NYSE: CDR), Kimco Realty Corporation (NYSE: KIM), Kite Realty Group Trust (NYSE: KRG), Ramco-Gershenson Properties Trust (NYSE: RPT), Simon Property Group Inc (NYSE: SPG) and Tanger Factory Outlet Centers Inc (NYSE: SKT) were downgraded to Hold from Buy.

OTHER DOWNGRADES:

Morgan Joseph downgraded shares of Penn National Gaming Inc (NASDAQ: PENN) to Hold from Buy on valuation.
CBOT Holdings Inc (NYSE: BOT) was downgraded to Neutral from Outperform at Credit Suisse.
JP Morgan downgraded shares of Netflix Inc (NASDAQ: NFLX) to Underweight from Neutral, as the firm believes the company's growth will be impacted by Blockbuster Inc's (NYSE: BBI) Total Access offer.

MOST NOTEWORTHY: Coca-Cola (KO), Fiserv, Inc (FISV) and several real estate companies were today's noteworthy upgrades:

Coca-Cola (NYSE: KO) was upgraded to Buy from Hold at Citigroup, as the firm believes the company is addressing growth issues through recent acquisitions and notes that there are signs of stabilization in Japan.
Fiserv (NASDAQ: FISV) was upgraded to Outperform from Neutral at Cowen based on valuation, upside from restructuring, new management's willingness to unlock value, and the potential possibility of a company sale.
Deutsche Bank upgraded Apartment Investment and Management Co (NYSE: AIV), AvalonBay Communities (NYSE: AVB), Boston Properties (NYSE: BXP), Developers Diversified Realty Corp (NYSE: DDR), Kilroy Realty Corp (NYSE: KRC), Kimco Realty Corp (NYSE: KIM), Macerich Co (NYSE: MAC) and Simon Property Group (NYSE: SPG).

OTHER UPGRADES:

RBC Capital upgraded Texas Roadhouse (NASDAQ: TXRH) to Outperform from Sector Perform, citing valuation and improved EPS outlook.
Kenexa Corp (NASDAQ: KNXA) was upgraded to Outperform from Neutral at Credit Suisse, citing valuation and reduced risk from the BrassRing acquisition.
Goldman Sachs added Foster Wheeler (NASDAQ: FWLT) added to its Conviction Buy List, citing valuation and leverage to energy infrastructure build and power.
Goldman also added ProLogis (NYSE: PLD) to its Conviction Buy list, citing upside to FFO guidance, favorable domestic and international demand and above-average development margins.

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

MAJOR PAPERS:

The Wall Street Journal reported that the expiration of Roche Holding's (OTC: RHHBY) Tamiflu stockpiles poses a dilemma for some poor Asian countries of whether to spend millions and restock with the drug.
The Financial Times wrote that China has launched its first navigation satellite.

OTHER PAPERS:

The Associated Press reported that Michael Dell outlined corporate changes in a company wide email, and said he will "quash" bonuses for 2006, reduce managers, would not hire a new COO, push for faster product development and expand into new businesses at Dell Inc (NASDAQ: DELL).
The New York Times reported that Simon Property Group is expected to bid $1.56B for Mills Corp (NYSE: MLS).
The Los Angeles Times reported that General Electric Company's (NYSE: GE) NBC Universal will name Jeff Zucker as its new CEO this week.
According to the Detroit Free Press, DaimlerChrysler AG's (NYSE: DCX) Chrysler Group may cut up to 10,000 jobs next week.