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: 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).