Wednesday's Upgrades and Downgrades

Downgrades
Gold Fields (GFI)- HSBC Securities Neutral » Overweight
IAMGOLD (IAG)- HSBC Securities Underweight » Neutral
DRDGOLD (DROOY)- HSBC Securities Underweight » Neutral
Deckers Outdoor (DECK)- Wedbush Morgan Hold » Buy
Western Alliance Bancorp (WAL)- Sandler O'Neill Sell » Hold
North American Energy (NOA)- BMO Capital Markets Market Perform » Outperform
Foundation Coal (FCL)- Stifel Nicolaus Hold » Buy
UnitedHealth (UNH)- BMO Capital Markets Market Perform » Outperform
Nice Systems (NICE)- UBS Neutral » Buy
Mentor Graphics (MENT)- Citigroup Hold » Buy
Stanley Inc. (SXE)- Cowen & Co Neutral » Outperform
Barnes Group (B)- BB&T Capital Mkts Hold » Buy
Hansen Natural (HANS)- JP Morgan Neutral » Overweight
Watson Pharm (WPI)- WR Hambrecht Hold » Buy
Gasco Energy (GSX)- JP Morgan Neutral » Overweight
British Amrcn Tobacco (BTI)- Deutsche Securities Hold » Buy
Gorman-Rupp Company (GRC)- Friedman Billings Underperform » Mkt Perform
U.S. Steel (X)- UBS Neutral » Buy
Chartered Semi (CHRT)- JP Morgan Underweight » Neutral
Franklin Bank Corp (FBTX)- Keefe Bruyette Underperform » Mkt Perform
Nelnet (NNI)- Friedman Billings Underperform » Mkt Perform

Downgrades
Carrizo Oil & Gas (CRZO)- Dahlman Rose Buy » Hold
Kinross Gold (KGC)- HSBC Securities Neutral » Underweight
Agnico-Eagle Mines (AEM)- HSBC Securities Neutral » Underweight
OmniVision (OVTI)- Longbow Buy » Neutral
Echostar Holdings (SATS)- Stifel Nicolaus Buy » Hold
Marlin Business Services (MRLN)- William Blair Outperform » Mkt Perform
Bed Bath & Beyond (BBBY)- Morgan Keegan Mkt Perform » Underperform
Superior Essex (SPSX)- Morgan Joseph Buy » Hold
Pzena (PZN)- Keefe Bruyette Mkt Perform » Underperform
Bankunited Fin (BKUNA)- Wachovia Outperform » Mkt Perform
Pharmasset (VRUS)- UBS Buy » Neutral
SkyWest (SKYW)- Soleil Buy » Hold
UBS AG (UBS)- Bear Stearns Outperform » Peer Perform
FMC Tech (FTI)- JP Morgan Overweight » Neutral
Sigma Designs (SIGM )- Robert W. Baird Outperform » Neutral

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