UPGRADES:
* Analogic (ALOG) to buy: Needham
* CF Industries (CF) to overweight: JPMorgan
* HollyFrontier (HFC) to outperform: Wells Fargo
* KEYW Holdings (KEYW) to buy: Suntrust
* Skywest (SKYW) to strong buy: Raymond James
DOWNGRADES:
* CME Group (CME) to underweight: JPMorgan
* Cracker Barrell (CBRL) to hold: KeyBanc
* Citizens Republic (CRBC) to market perform: Keefe Bruyette
* LPL Financial (LPLA) to sell: UBS
* Level 3 (LVLT) to underperform: Raymond James
* Quest Diagnostics (DGX) to neutral: Credit Suisse
* Saul Centers (BFS) to neutral: Robert Baird
* Spirit Airlines (SAVE) to market perform: Raymond James
* Synaptics (SYNA) to neutral: Lazard Capital
* Trina Solar (TSL) to underperform: Raymond James
* Transocean (RIG) to neutral: Guggenheim
* Quest Diagnostics (DGX) to neutral: Credit Suisse
* Viacom (VIAB) to equalweight: Evercore Partners
* Weingarten Realty (WRI) to neutral: Robert Baird
* Werner Enterprises (WERN) to neutral: JPMorgan
* Werner Enterprises (WERN) to hold: BB&T Capital
* Werner Enterprises (WERN) to market perform: Wells Fargo
* Werner Enterprises (WERN) to market perform: Raymond James
* Westamerica (WABC) to market perform: KBW
INITIATIONS:
* Ansys (ANSS) neutral: Wedbush
* Autodesk (ADSK) neutral: Wedbush
* Ametek (AME) buy: Janney Capital
* Applied Industrial (AIT) buy: Janney Capital
* Acuity Brands (AYI) market perform: Wells Fargo
* BOFI Holding (BOFI) outperform: Raymond James
* Children’s Place (PLCE) buy: Citigroup
* Cognizant (CTSH) neutral: Credit Suisse
* Danaher (DHR) buy: Janney Capital
* Emerson Electric (EMR) neutral: Janney Capital
* EPL Oil & Gas (EPL) buy: Brean Murray
* Fastenal (FAST) neutral: Janney Capital
* Grainger (GWW) buy: Janney Capital
* Hi-Crush Partners (HCLP) outperform: Raymond James
* MSC Industrial (MSM) buy: Janney Capital
*MRC Global (MRC) buy: KeyBanc
* PolyOne (POL) buy: Jefferies
* Parametric Technology (PMTC) outperform: Wedbush
* Rockwell Automation (ROK) neutral: Janney Capital
* Spartan Stores (SPTN) market perform: Raymond James
* Shutterfly (SFLY) neutral: Lazard Capital
* SPX Corp. (SPW) buy: Janney Capital
* Splunk (SPLK) buy: Needham
* Vantiv (VNTV) overweight: Evercore Partners
* Wesco (WCC) buy: Janney Capital