MOST NOTEWORTHY: Anadigics, Crystal River Capital and Canadian Solar were today's noteworthy downgrades:

• Oppenheimer downgraded shares of Anadigics (NASDAQ: ANAD) to Perform from Outperform on valuation following the recent run-up.
  
• Wachovia downgraded Crystal River Capital (NYSE: CRZ) to Market Perform from Outperform citing the uncertain near-term strategic outlook.
  
• Broadpoint downgraded shares of Canadian Solar (NASDAQ: CSIQ) to Buy from Strong Buy on valuation following yesterday's rally but raised their target to $45 from $29.

OTHER DOWNGRADES:

• UBS cut Sunstone Hotel Investors (NYSE: SHO) to Neutral from Buy.
  
• KeyBanc downgraded Wabtec (NYSE: WAB) to Hold from Buy.
  
• Goldman downgraded Fiserv (NASDAQ: FISV) to Neutral from Buy.
  
• Suntrust downgraded Spectrum Brands (NYSE: SPC) to Neutral from Buy.

MOST NOTEWORTHY: Buffalo Wild Wings (BWLD), Pepsi Bottling (PBG), Brinker International (EAT), Northwest Airlines (NWA) and Spectrum Brands (SPC) were today's noteworthy upgrades:

• Merriman upgraded shares of Buffalo Wild Wings (NASDAQ: BWLD) to Buy from Neutral on valuation as they believe the 25% sell-off post in-line earnings is overdone.

• Banc of America upgraded shares of Pepsi Bottling (NYSE: PBG) to Buy from Neutral to reflect the company's earnings power in 2008, ongoing cost controls and more robust product pipeline.

• SMH Capital upgraded shares of Brinker Int'l (NYSE: EAT) as they believe expectations are too low for Q4 and FY08.

• Northwest Airlines (NYSE: NWA) was upgraded to Overweight from Equal Weight at Morgan Stanley on valuation.

• Spectrum Brands (NYSE: SPC) was upgraded to Neutral from Underperform at Buckingham on valuation...

OTHER UPGRADES:

• Gap (NYSE: GPS) was upgraded to Neutral from Underperform at CL King & Associates.

• Raymond James upgraded Ruby Tuesday (NYSE: RT) to Market Perform from Underperform.

• Burger King (NYSE: BKC) was raised to Buy from Hold at Citigroup.

• MetLife (NYSE: MET) was added to Goldman Sachs' Conviction Buy List.

• Bear Stearns upgraded Martha Stewart Living Omnimedia (NYSE: MSO) to Outperform from Peer Perform.

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

MOST NOTEWORTHY: Dell Inc (DELL), JetBlue Airways Corp (JBLU), Time Warner Inc (TWX) and Spectrum Brands, Inc (SPC) were some of today's notable upgrades.

• Goldman Sachs upgraded Dell Inc (NASDAQ: DELL) to Buy from Neutral with a $28 target to reflect the potential for buyback as well as other growth steps in the company's turnaround efforts.

• JetBlue Airways Corp (NASDAQ: JBLU) was upgraded to Neutral from Reduce at UBS.

• Time Warner Inc (NYSE: TWX) Inc was upgraded to Outperform from Peer Perform at Bear Stearns.

• Prudential upgraded Spectrum Brands Inc (NYSE: SPC) to Neutral from Underweight with a $5 target on valuation.

OTHER UPGRADES:

• United Technologies Corp (NYSE: UTX) was upgraded to Outperform from Neutral with a $79 target at Credit Suisse as the firm believes management can achieve better results across the company's commercial business.

• JP Morgan upgraded Applied Biosystems, Inc (NYSE: ABI) to Neutral from Underweight.

• Matrix USA upgraded Realnetworks, Inc (NASDAQ: RNWK) to Buy from Hold on valuation.

• Calyon upgraded Red Lion Hotels Corp (NYSE: RLH) to Add from Neutral with a $14 target.

• Prudential upgraded PDL BioPharma Inc (NASDAQ: PDLI) to Overweight from Neutral with a $28 target.

• Citigroup added Caterpillar Inc (NASDAQ: CAT) to its Recommended List.

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

MOST NOTEWORTHY: Roche Holdings AG (RHHBY), US Steel Corp (X) and Penn National Gaming (PENN) topped today's list of most notable downgrades:

• Bear Sterns downgraded Roche Holdings AG (OTC: RHHBY), to Peer Perform from Outperform after they lowered estimates to reflect higher taxes, slowing pharmaceutical sales, increased payments to third-party groups and reduced diagnostics profitability. Bernstein also downgraded Roche to Market Perform from Outperform.

• CIBC downgraded U.S. Steel Corp (NYSE: X) to Sector Performer from Sector Outperformer based on valuation. Bank of America also downgraded shares to Neutral from Buy with a $90 target citing the good news is reflected in the valuation.

• Penn National Gaming (NASDAQ: PENN) was downgraded to Hold from Buy on valuation with a $48.50 target.

OTHER DOWNGRADES:

• Silicon Image Inc (NASDAQ: SIMG) was downgraded to Underperform from Hold with a $7.50 target at Jefferies to reflect slow 1.3 HDMI adoption, aggressive 2007 guidance and deteriorating ASPs and margins; the firm recommends investors sell the stock. Silicon Image was also downgraded to Hold from Buy at Stanford and Needham, to Sector Performer from Outperformer at CIBC and to Neutral from Buy at DA Davidson.

• Spectrum Brands Inc (NYSE: SPC) was downgraded to Underweight from Neutral with a $7 target at Prudential following the company's disappointing first quarter results.

• Bear Stearns downgraded Forward Air Corp (NASDAQ: FWRD) to Underperform from Peer Perform.

• AG Edwards downgraded Callaway Golf Corp (NYSE: ELY) to Hold from Buy on valuation.

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