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Analyst downgrades: WAG, CBS, SLG, BDN and NVT

MOST NOTEWORTHY: Walgreen, CBS Corp, SL Green Realty, Brandywine Realty Trust and Navteq were today's noteworthy downgrades:

Walgreen (NYSE: WAG) was downgraded to Neutral from Buy at Merrill and to Market Perform from Outperform following its weak Q4 report. Merrill sees limited upside following the worse-than-expected quarter.
CBS Corporation (NYSE: CBS) was downgraded to Hold from Buy at Deutsche Bank to reflect the company's soft rating trends and poor local advertising growth.
Banc of America downgraded shares of SL Green Realty (NYSE: SLG) and Brandywine Realty Trust (NYSE: BDN) to Neutral from Buy. The firm downgraded shares of SL Green to reflect their more cautious stance on the office sector and believes uncertainty over cap rates will limit share upside, and downgraded shares of Brandywine to reflect a lack of near-term catalysts and their more cautious stance on the office sector.
Navteq Corporation (NYSE: NVT) was downgraded to Neutral from Buy at UBS and to Market Perform from Outperform at JMP Securities following its acquisition by Nokia Corporation (NYSE: NOK).

OTHER DOWNGRADES:

Goldman Sachs removed Monsanto Company (NYSE: MON) from its Conviction Buy List.
The firm downgraded Air Products & Chemicals (NYSE: APD) to Neutral from Buy and Valspar Corporation (NYSE: VAL) to Sell from Neutral.
CIBC downgraded Axcan Pharma (NASDAQ: AXCA) to Sector Performer from Sector Outperformer.
Humana Inc (NYSE: HUM) was downgraded to Neutral from Buy at Merrill.

MOST NOTEWORTHY: EMC Corporation, Tesco PLC, SL Green Realty, Ariba and Motorola were today's noteworthy upgrades:

EMC Corporation (NYSE: EMC) was upgraded to Outperform from Peer Perform at Bear Stearns on valuation. Shares were also upgraded to Buy from Hold at Citigroup after coming off restriction to reflect the long-term benefits of virtualization and valuation.
Tesco (OTC: TSCDY) was upgraded to Buy from Hold at Citigroup on valuation and the company's growth prospects.
SL Green Realty Corporation (NYSE: SLG) was upgraded to Buy from Hold at Keybanc based on valuation. The firm views concerns regarding NYC office demand as overblown.
Cowen expects FY07 to be a tough year for Ariba Inc (NASDAQ: ARBA) as benefits from the on-demand subscription model are realized. The firm upgraded shares to Outperform from Market Perform.
Motorola Inc (NYSE: MOT) was upgraded to Outperform from Sector Perform at RBC Capital citing firming trends in its handset division.

OTHER UPGRADES:

Jefferies upgraded Optium Corporation (NASDAQ: OPTM) to Buy from Hold.
JP Morgan upgraded Susster Holdings Corporation (NASDAQ: SUSS) to Overweight from Neutral.
Thomas Weisel upgraded Vishay Intertechnology (NYSE: VSH) to Overweight from Market Weight.
Royal Caribbean Cruises (NYSE: RCL) was upgraded to Strong Buy from Outperform at Raymond James.

MOST NOTEWORTHY: Applix, Time Warner, Apple and Level 3 Communications were today's noteworthy downgrades:

Applix Inc (NASDAQ: APLX) was downgraded to Neutral from Buy at First Albany and SunTrust Robinson Humphrey following the acquisition by Cognos Inc (NASDAQ: COGN).
Time Warner Inc (NYSE: TWX) was downgrade to Neutral from Buy at Pali Capital. The firm has lost faith in Time Warner's executive management team and Board of Directors and feels the outlook for AOL is concerning.
Gabelli downgraded Apple Inc (NASDAQ: AAPL) shares to Hold from Buy on iPhone concerns and valuation as they view the iPhone price cut as an indication that sales are not living up to management's expectations.
Buckingham Research downgraded shares of Level 3 Communications Inc (NASDAQ: LVLT) to Underperform from Neutral citing deterioration in demand for some key products.

OTHER DOWNGRADES:

SL Green Realty (NYSE: SLG) was downgraded to Equal Weight from Overweight at Lehman Brothers.
Citigroup downgraded shares of Volkswagen AG (OTC: VLKAY) to Sell from Hold.
Zumiez Inc (NASDAQ: ZUMZ) was downgraded to Market Perform from Outperform at Morgan Keegan.
JP Morgan downgraded Northeast Utilities (NYSE: NU) to Neutral from Overweight.
Goldman Sachs downgraded Radiation Therapy Services Inc (NASDAQ: RTSX) to Neutral from Buy.