UPGRADES:
* Alon USA (ALJ) to equalweight: Morgan Stanley
* Agrium (AGU) to buy: Citigroup
* Black Hills (BKH) to overweight: JPMorgan
* FMC Technologies (FMC) to equalweight: Morgan Stanley
* Federated Investors (FII) to neutral: Goldman Sachs
* Great Plains (GXP) to overweight: JPMorgan
* Group 1 Automotive (GPI) to overweight: Morgan Stanley
* JB Hunt Transport (JBHT) to buy: BofA Merrill
* Kinder Morgan (KMI) to neutral: BofA Merrill
* Kohl’s (KSS) to buy: Deutsche Bank
* Rogers Communications (RCI) to buy: BofA Merrill
* Stewart Enterprises (STEI) to buy: BOE Securities
* Silican Labs (SLAB) to buy: Williams Financial
DOWNGRADES:
* Automatic Data Processing (ADP) to underperform: Jefferies
* Amgen (AMGN) to neutral: Robert Baird
* Basic Energy Services (BAS) to neutral: Macquarie
* Cohen & Steers (CNS) to sell: Goldman Sachs
* Ericsson (ERIC) to hold: Pareto
* Finish Line (FINL) to underperform: Sterne Agee
* Holly Energy Partners (HEP) to underperform: BofA Merrill
* Novo Nordisk (NVO) to neutral: Natixis
* MPG Office Trust (MPG) to hold: Stifel
* Nabors (NBR) to neutral: Macquarie
* Paychex (PAYX) to underperform: Jefferies
* Paccar (PCAR) to underperform: Wells Fargo
* Packaging Corp. (PKG) to market perform: BMO Capital
* Potash (POT) to neutral: Citigroup
* Sunoco (SUN) to equalweight: Morgan Stanley
* Synaptics (SYNA) to hold: Needham
* Standard Pacific (SPF) to neutral: UBS
* Texas Instruments (TXN) to underperform: FBR Capital
* Vodafone (VOD) to neutral: Nomura
INITIATIONS:
* Apollo Commercial (ARI) market perform: JMP Securities
* Arqule (ARQL) market outperform: Burrill Research
* Asbury Auto (ABG) underweight: Morgan Stanley
* Core Lab (CLB) neutral: Natixis
* Carmax (KMX) overweight: Morgan Stanley
* DemandWare (DWRE) buy: Janney Capital
* Dollar General (DG) overweight: Piper Jaffray
* Fortinet (FTNT) outperform: Northland Capital
* Lithia Motors (LAD) overweight: Morgan Stanley
* LivePerson (LPSN) buy: Benchmark Co.
* MasterCard (MA) outperform: Pacific Crest
* McDermott (MDR) buy: Global Hunter
* Pacific Coast Oil (ROYT) neutral: Citigroup
* Standard Motor (SMP) buy: BofA Merrill
* Visa (V) outperform: Pacific Crest
* Wisdomtree (WETF) equalweight: Morgan Stanley