Upgrades
- Union Pacific (UNP) upgraded by UBS from Neutral to Buy
- British American Tobacco (BTI) upgraded by Credit Suisse from Neutral to Outperform
- HSBC (HBC) upgraded by Nomura from Neutral to Buy
- Barclays (BCS) upgraded by Nomura from Neutral to Buy
- J.M. Smucker (SJM) upgraded by Goldman from Neutral to Conviction Buy
- Estee Lauder (EL) upgraded by BofA/Merrill from Neutral to Buy
- Colgate (CL) upgraded by BofA/Merrill from Neutral to Buy
- Dole Food (DOLE) upgraded by JP Morgan from Neutral to Overweight
- Aeroflex (ARX) upgraded by Goldman from Buy to Conviction Buy
- Arch Coal (ACI) upgraded by Deutsche Bank from Hold to Buy
- Telefonica (TEF) upgraded by Bernsteinfrom Market Perform to Outperform
- McGraw-Hill (MHP) upgraded by Argus from Hold to Buy
- United Microelectronic (UMC) upgraded by BofA/Merrill from Underperform to Buy
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Downgrades
- Procter & Gamble (PG) downgraded by BofA/Merrill from Buy to Neutral
- Goodyear Tire (GT) downgraded by BofA/Merrill from Buy to Neutral
- ConAgra (CSG) downgraded by Goldman from Buy to Neutral
- Lloyds Banking (LYG) downgraded by Nomura from Buy to Neutral
- Societe Generale (SCGLY) downgraded by Nomura from Buy to Reduce
- Scotts Miracle-Gro (SMG) downgraded by BofA/Merrill from Buy to Neutral
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Upgrades & Downgrades provided by TheFlyOnTheWall.com
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