UPGRADES:
* Ansys (ANSS) raised to outperform: Baird
* Cigna (CI) raised to buy: Societe Generale
* Demandware (DWRE) raised to buy: Goldman
* Genco Shipping (GNK) raised to neutral: Global Hunter
* Gladstone Capital (GLAD) raised to buy: Hilliard Lyons
* Hologic (HOLX) raised to strong buy: Raymond James
* Immersion (IMMR) raised to hold: Capstone
* MercadoLibre (MELI) raised to overweight: JP Morgan
* Mistras Group (MG) raised to outperform: Baird
* OpenTable (OPEN) raised to outperform: Oppenheimer
* Ralcorp (RAH) raised to buy: UBS
* SM Energy (SM) raised to buy: Societe Generale
* Steris (STE) raised to market outperform: JMP Securities
* Teradata (TDC) raised to buy: Sterne
* Union Drilling (UDRL) raised to outperform: BMO
* Whole Foods Market (WFM) raised to overweight: Morgan Stanley
* Willis Group (WSH) raised to buy: Citi
DOWNGRADES:
* Allstate (ALL) cut to neutral: UBS
* Annaly Capital (NLY) cut to hold: Wunderlich
* Ariba (ARBA) cut to equalweight: Barclays
* AtriCure (ATRC) cut to market perform: JMP
* AtriCure (ATRC) cut to neutral: Piper
* Aveo Pharmaceuticals (AVEO) cut to hold: Jefferies
* Becton Dickinson (BDX) cut to underperform: Credit Agricole
* Berry Petroleum (BRY) cut to neutral: Global Hunter
* ComScore (SCOR) cut to hold: Deutsche Bank
* Concur Technologies (CNQR) cut to sell: Goldman
* Fresh Market (TFM) cut to neutral: JP Morgan
* ICF International (ICFI) cut to hold: BB&T
* Intuit (INTU) cut to equalweight: Barclays
* Jack in the Box (JACK) cut to neutral: Lazard
* Knight Capital (KCG) cut to market perform: Raymond James
* MGIC Investment (MTG) cut to market perform: FBR
* Molycorp (MCP) cut to underweight: JP Morgan
* Nordstrom (JWN) cut to neutral: Baird
* Obagi Medical (OMPI) cut to hold: Cantor
* Spartan Stores (SPTN) cut to market perform: BMO
* Spectra Energy (SE) cut to hold: Deutsche Bank
* Ternium (TX) cut to neutral: Goldman
* Two Harbors Investment (TWO) cut to hold: Wunderlich
* Viasat (VSAT) cut to perform: Oppenheimer
* World Fuel Services (INT) cut to underperform: BofAML
* Zipcar (ZIP) cut to neutral: JPMorgan
* Zipcar (ZIP) cut to perform: Oppenheimer
* Zipcar (ZIP) cut to underweight: Morgan Stanley
* Zipcar (ZIP) cut to hold: Needham
INITIATIONS:
* Palo Alto Networks (PANW) new outperform: Baird
* Palo Alto Networks (PANW) new outperform: William Blair
* Rockwell Collins (COL) new in-line: Imperial Capital
* Triumph Group (TGI) new outperform: Imperial Capital