UPGRADES:
* AK Steel (AKS) to buy: CRT Capital
* CTC Media (CTCM) to buy: BofA Merrill
* Celanese (CE) to buy: CLSA
* City Holding (CHCO) to neutral: Sterne Agee
* Church & Dwight (CHD) to buy: SunTrust Robinson
* CVS Caremark (CVS) to outperform: BMO Capital
* EnerNOC (ENOC) to buy: Capstone
* Health Care REIT (HCN) to buy: Stifel Nicolaus
* Jack Henry (JKHY) to outperform: Wells Fargo
* MGE Energy (MGEE) to neutral: DA Davidson
* National Grid (NGG) to buy: Liberum
* Quicksilver Resources (KWK) to buy: CLSA
* Rackspace (RAX) to outperform: Pacific Crest
* Rackspace (RAX) to buy: Jefferies
DOWNGRADES:
* Apollo Commercial (ARI) to market perform: Raymond James
* Alexco Resource (AXU) to neutral: Global Hunter
* Bridgepoint Education (BPI) to neutral: Citigroup
* Crosstex Energy (XTEX) to market perform: Raymond James
* Charter Communications (CHTR) to neutral: Macquarie
* Dril-Quip (DRQ) to underperform: BofA Merrill
* Echelon (ELON) to hold: Jefferies
* Echelon (ELON) to hold: ThinkEquity
* Fossil (FOSL) to neutral: Citigroup
* FirstEnergy (FE) to neutral: UBS
* FirstEnergy (FE) to market perform: BMO Capital
* Given Imaging (GIVN) to hold: Harel
* Groupon (GRPN) to neutral: Sterne Agee
* Gleacher & Co. (GLCH) to market perform: Keefe Bruyette
* Hackett Group (HCKT) to hold: Craig-Hallum
* Iamgold (IAG) to neutral: Credit Suisse
* InterContinental Hotels (IHG) to neutral: JPMorgan
* InterContinental Hotels (IHG) to neutral: SunTrust Robinson
* Jive Software (JIVE) to neutral: Citigroup
* MGM Resorts (MGM) to equalweight: Morgan Stanley
* Par Pharma (PRX) to neutral: UBS
* Sapient (SAPE) to market perform: Wells Fargo
* Tesoro Logistics (TLLP) to neutral: Credit Suisse
* TransDigm (TDG) to gradually accumulate: Wellington Shields
* US Auto Parts (PRTS) to neutral: Roth Capital
* Windstream (WIN) to reduce: Nomura
* Warner Chilcott (WCRX) to market perform: Wells Fargo
INIATIONS:
* Arcos Dorados (ARCO) neutral: Credit Suisse
* Cubist Pharma (CBST) conviction buy: Goldman Sachs
* Drdgold (DRD) sector performer: CIBC
* Depomed (DEPO) buy: WallachBeth Capital
* Harmony Gold (HMY) sector outperformer: CIBC
* Medicines Co. (MDCO) buy: WallachBeth Capital
* Nordson (NDSN) outperform: Oppenheimer
* Nanometrics (NANO) neutral: JPMorgan
* OYO Geospace (OYOG) neutral: Goldman Sachs
* Tractor Supply (TSCO) outperform: RBC Capital
* Vectren Corp. (VVC) buy: Brean Murray