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Analyst downgrades: KSWS, BJRI and F

MOST NOTEWORTHY: K Swiss, BJ's Restaurants and Ford were today's noteworthy downgrades:

Merrill expects the turnaround at K Swiss (NASDAQ: KSWS) to be difficult given weakening retail sales. Shares were downgraded to Sell from Neutral.
Jefferies cut shares of BJ's Restaurants (NASDAQ: BJRI) to Hold from Buy due to the company's high relative exposure to the subprime mortgage markets.
Ford (NYSE: F) was downgraded to Underperform from Peer Perform at Bear Stearns. The firm recommends taking some profits following the recent rally in shares. Shares were also cut to Neutral from Overweight at JP Morgan, citing valuation, and to Sell from Neutral at Merrill Lynch.

OTHER DOWNGRADES:

Wachovia cut EastGroup Properties (NYSE: EGP) to Market Perform from Outperform.
Goldman removed SL Green Realty (NYSE: SLG) from its Conviction Buy List.
RBC Capital lowered Developers Diversified Realty (NYSE: DDR) to Sector Perform from Outperform.
Raytheon (NYSE: RTN) was downgraded at JP Morgan to Neutral from Overweight.

MOST NOTEWORTHY: BHP Billiton, Rio Tinto and Prudential Financial were today's noteworthy upgrades:

Bernstein upgraded shares of BHP Billiton (NYSE: BHP) and Rio Tinto (NYSE: RTP) to Outperform from Market Perform as they believe urbanization in China will increase demand for metals.
Prudential Financial (NYSE: PRU) was raised to Overweight from Underweight at Lehman as they believe the company's exposure to commercial mortgage-backed securities is limited.

OTHER UPGRADES:

SL Green Realty (NYSE: SLG) and Brookfield Properties (NYSE: BPO) were upgraded at Credit Suisse to Neutral from Underperform.
Yamana Gold (NYSE: AUY) was raised at UBS to Buy from Neutral.

MOST NOTEWORTHY: Pharmacopeia, Zumiez, Norfolk Southern and OccuLogix were today's noteworthy upgrades:

CIBC upgraded Pharmacopeia (NASDAQ: PCOP) to Sector Outperformer from Sector Performer, as they believe its lead cardiovascular drug DARA has the potential to become an important new therapy for hypertension and diabetic nephropathy.
Think Equity upgraded shares of Zumiez (NASDAQ: ZUMZ) to Buy from Accumulate to reflect the company's strong same store sales growth.
Norfolk Southern Corporation (NYSE: NSC) was upgraded to Equal Weight from Underweight at Lehman Brothers on valuation.
Caris upgraded shares of OccuLogix (NASDAQ: OCCX) to Above Average from Average, as they believe weakness in the stock creates a buying opportunity. The firm believes the stock has dropped due to concerns about the company's cash position, but thinks the current stock price underestimates the revenue potential of the company's assets.

OTHER UPGRADES:

BRE Properties (NYSE: BRE) was upgraded to Outperform from Neutral at Credit Suisse.
Bear Stearns raised Capital Product Partners (NASDAQ: CPLP) to Outperform from Peer Perform.
JP Morgan upgraded Celestica (NYSE: CLS) to Neutral from Underweight.
Stifel upgraded SL Green Realty (NYSE: SLG) to Buy from Hold.