UPGRADES:
* American Science & Engineering (ASEI) to buy: Benchmark Co.
* Coventry Health Care (CVH) to hold: Deutsche Bank
* Hudson City Bancorp (HCBK) to outperform: RBC Capital
* Lilly (LLY) to overweight: Atlantic Equities
* Minerals Technologies (MTX) to overweight: First Analysis
* Seadrill (SDRL) to neutral: Natixis
DOWNGRADES:
* ASML Holding (ASML) to sell: Deutsche Bank
* Amphenol (APH) to neutral: BofA Merrill
* GlaxoSmithKline (GSK) to neutral: UBS
* Hudson City Bancorp (HCBK) to neutral: Guggenheim
* Immunomedics (IMMU) to neutral: Wedbush
* KLA-Tencor (KLAC) to sell: Deutsche Bank
* Kenexa (KNXA) to neutral: Credit Suisse
* Pharmacyclics (PCYC) to sector perform: RBC Capital
* PetroLogistics (PDH) to neutral: Citigroup
* Seadrill (SDRL) to hold: Carnegie
INITIATIONS:
* Assured Guaranty (AGO) market perform: Keefe Bruyette
* Bank of Montreal (BMO) hold: Stifel Nicolaus
* Bank of Nova Scotia (BNS) hold: Stifel Nicolaus
* Boyd Gaming (BYD) hold: Brean Murray
* CIBC (CM) hold: Stifel Nicolaus
* CU Bancorp (CUNB) neutral: DA Davidson
* Del Frisco’s (DFRG) outperform: Raymond James
* Ford (F) outperform: CLSA
* Freescale Semiconductor (FSL) neutral: UBS
* Full House Resorts (FLL) buy: Brean Murray
* General Motors (GM) underperform: CLSA
* Globus Medical (GMED) overweight: Piper Jaffray
* Globus Medical (GMED) outperform: Oppenheimer
* Kosmos Energy (KOS) outperform: Raymond James