UPGRADES:
* Achillion Pharm (ACHN) to market outperform: JMP Securities
* Kinder Morgan (KMI) to overweight: JPMorgan
* Northwestern (NWE) to buy: KeyBanc
DOWNGRADES:
* Abercrombie & Fitch (ANF) to underperform: Macquarie
* Applied Materials (AMAT) to underperform: CLSA
* Bally Technologies (BYI) to hold: Deutsche Bank
* Convergys (CVG) to perform: Oppenheimer
* Costar (CSGP) to underweight: Morgan Stanley
* Digital Domain Media (DDMG) to neutral: Janney Capital
* GNC Holdings (GNC) to hold: Deutsche Bank
* Lone Pine Resources (LPR) to neutral: JPMorgan
* Millicom (MIICF) to underperform: BofA Merrill
* Philip Morris (PM) to sell: Renaissance Capital
* Staples (SPLS) to sell: Citigroup
INITIATIONS:
* American Express (AXP) neutral: Janney Capital
* Arkansas Best (ABFS) neutral: Longbow
* Burger King (BKW) equalweight: Barclays
* Conway (CNW) neutral: Longbow
* Canadian National Railway (CNI) top pick: FirstEnergy Capital
* Canadian Pacific Rail (CP) outperform: First Energy Capital
* Cimarex Energy (XEC) outperform: Imperial Capital
* Cabot Oil & Gas (COG) in-line: Imperial Capital
* Energen (EGN) outperform: Imperial Capital
* Genomic Health (GHDX) buy: BofA Merrill
* Gastar Exploration (GST) in-line: Imperial Capital
* Magnum Hunter (MHR) outperform: Imperial Capital
* Old Dominion Freight (ODFL) buy: Longbow
* Oasis Petroleum (OAS) outperform: Imperial Capital
* Pioneer Natural (PXD) outperform: Imperial Capital
* PDC Energy (PDCE) in-line: Imperial Capital
* Rex Energy (REXX) in-line: Imperial Capital
* Spectrum Pharma (SPPI) buy: WallachBeth Capital
* Saratoga Resources (SARA) buy: CK Cooper
* SM Energy (SM) outperform: Imperial Capital
* Triangle Petroleum (TPLM) outperform: Imperial Capital