UPGRADES:
* Elan (ELN) to buy: UBS
* Skywest (SKYW) to neutral: BofA Merrill
* Wright Medical (WMGI) to buy: Mizuho Securities
* Willis Group (WSH) to: buy: BofA Merrill
DOWNGRADES:
* Aviva (AV) to hold: Canaccord
* China Mobile (CHL) to hold: BNP Paribas
* Domino’s Pizza (DPZ) to neutral: Goldman Sachs
* Envivio (ENVI) to hold: Deutsche Bank
* Envivio (ENVI) to neutral: Goldman Sachs
* Groupon (GRPN) to neutral: Citigroup
* Groupon (GRPN) to hold: Benchmark Co.
* New York & Co. (NWY) to neutral: Janney Capital
* NCR Corp. (NCR) to neutral: Wedbush
* Pearson (PSO) to equalweight: Morgan Stanley
* Real Goods Solar (RSOL) to hold: ThinkEquity
* Scansource (SCSC) to hold: KeyBanc
* Southwest (LUV) to underperform: BofA Merrill
* Scientific Games (SGMS) to hold: Deutsche Bank
* Thompson Creek Metals (TC) to hold: TD Securities
* Vale (VALE) to neutral: BofA Merrill
INITIATIONS:
* ARM Holdings (ARMH) overweight: Evercore
* Avnet (AVT) outperform: CLSA
* Arrow Electronic (ARW) outperform: CLSA
* Changyou.com (CYOU) buy: Citigroup
* Community Health (CYH) hold: WallachBeth Capital
* Durata (DRTX) outperform: Credit Suisse
* Giant Interactive (GA) buy: Citigroup
* Huntington Ingalls (HII) neutral: JPMorgan
* HCA Holdings (HCA) buy: WallachBeth Capital
* Health Management (HMA) buy: WallachBeth Capital
* Ingram Micro (IM) underperform: CLSA
* Kayak Software (KYAK) equalweight: Morgan Stanley
* Kayak Software (KYAK) neutral: Piper Jaffray
* Kayak Software (KYAK) buy: Deutsche Bank
* LifePoint Hospitals (LPNT) hold: WallachBeth Capital
* NetEase.com (NTES) neutral: Citigroup
* Perfect World (PWRD) buy: Citigroup
* Palo Alto Networks (PANW) equalweight: Morgan Stanley
* Palo Alto Networks (PANW) neutral: Citigroup
* Palo Alto Networks (PANW) buy: Goldman Sachs
* Palo Alto Networks (PANW) outperform: Credit Suisse
* Palo Alto Networks (PANW) equalweight: Barclays
* Palo Alto Networks (PANW) strong buy: Raymond James
* Shanda Games (GAME) neutral: Citigroup
* Synnex Corp. (SNX) buy: CLSA
* Select Comfort (SCSS) overweight: Barclays
* Sealy (ZZ) underweight: Barclays
* Tech Data (TECD) outperform: CLSA
* Universal Health (UHS) buy: WallachBeth Capital