Upgrades
Motorola (MOT)- AmTech Research Sell » Neutral
Telecom Italia (TI)- Bear Stearns Underperform » Peer Perform
EnCana (ECA)- Bernstein Underperform » Mkt Perform
Apache (APA)- Bernstein Mkt Perform » Outperform
XTO Energy (XTO)- Bernstein Mkt Perform » Outperform
Waters (WAT)- JP Morgan Neutral » Overweight
Clear Channel Outdoor (CCO)- Jefferies & Co Hold » Buy
Watson Wyatt (WW)- UBS Neutral » Buy
Talisman Energy (TLM)- Citigroup Hold » Buy
Comp. Cervecerias (CU)- Citigroup Sell » Hold
Downgrades
SiRF Technology (SIRF)- Collins Stewart Buy » Hold
Jabil Circuit (JBL)- Longbow Buy » Neutral
Clear Channel (CCU)- SMH Capital Buy » Sell
Jabil Circuit (JBL)- Credit Suisse Outperform » Neutral
Elan (ELN)- Canaccord Adams Hold » Sell
Brookfield Asset Mngmt (BAM)- BMO Capital Markets Outperform » Market Perform
Cooper Tire (CTB)- KeyBanc Capital Mkts Aggressive Buy » Hold
PF Chang's (PFCB)- Friedman Billings Mkt Perform » Underperform
Hudson City Banc (HCBK)- Friedman Billings Outperform » Mkt Perform
Astoria Fincl (AF)- Friedman Billings Mkt Perform » Underperform
Aircastle (AYR)- JP Morgan Overweight » Neutral
Genesis Lease (GLS)- JP Morgan Overweight » Neutral
Jabil Circuit (JBL)- JP Morgan Overweight » Underweight

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