UPGRADES:
* Activision Blizzard (ATVI) to overweight: Piper Jaffray
* AK Steel (AKS) to buy: Longbow
* Black & Decker (SWK) to overweight: Morgan Stanley
* Electrolux (ELUXY) to select list: Cheuvreux
* L’Oreal (LRLCY) to underweight: Morgan Stanley
* Randgold Resources (GOLD) to overweight: JPMorgan
* Snyders-Lance (LNCE) to buy: KeyBanc
* SunTrust Banks (STI) to overweight: JPMorgan
* Trican Well Services (TOLWF) to market perform: Raymond James
DOWNGRADES:
* Air lease (AL) to neutral: Macquarie
* Alstom (ALSMY) to neutral: UBS
* ArcelorMittal (MT) to reduce: Kepler
* ASML (ASML) to hold: SocGen
* Barclays (BCS) to neutral: Credit Suisse
* Cliffs Natural (CLF) to neutral: Longbow
* Cliffs Natural (CLF) to neutral: UBS
* Corporate Executive Board (CEB) to hold: Deutsche Bank
* Concur Technologies (CNQR) to perform: Oppenheimer
* Georgia Gulf (GGC) to neutral: Macquarie
* Ingersoll Rand (IR) to equalweight: Morgan Stanley
* Marketaxess (MKTX) to market perform: Raymond James
* Nokia (NOK) to sell: Deutsche Bank
* Nokia (NOK) to sell: SocGen
* Novo Nordisk (NVO) to neutral: Nomura
* OCX Technology (OCZ) to hold: Needham
* OCX Technology (OCZ) to hold: Craig-Hallum
* Seagate Technology (STX) to hold: Needham
* West Lake Chemical (WLK) to neutral: Macquarie
* Warner Chilcott (WCRX) to hold: Cantor
INITIATIONS:
* Arena Pharma (ARNA) underperform: Credit Suisse
* American Capital Mortgage (MTGE) buy: Wunderlich
* American Vanguard (AVD) buy: Topeka Capital
* Atwood Oceanics (ATW) outperform: BMO Capital
* Adventrx (ANX) market outperform: Brinson Patrick
* CIT Group (CIT) market perform: Oppenheimer
* Cash America (CSH) market perform: JMP Securities
* Cardiovascular Systems (CSII) outperform: Leerink Swann
* Dendreon (DNDN) buy: WallachBeth Capital
* Flowserve (FLS) market perform: William Blair
* Geron (GERN) market perform: JMP Securities
* Harris & Harris Group (TINY) buy: Ascendiant Capital
* Isis Pharma (ISIS) market perform: JMP Securities
* Jazz Pharma (JAZZ) neutral: Cowen
* Monsanto (MON) hold: Topeka Capital
* Orexigen Pharma (OREX) outperform: Credit Suisse
* OM Group (OMG) buy: Topeka Capital
* Polypore (PPO) buy: Topeka Capital
* Rigel Pharma (RIGL) outperform: Leerink Swann
* Synageva BioPharma (GEVA) overweight: Piper Jaffray
* Sunesis Pharma (SNSS) outperform: Leerink Swann
* Team Health (TMH) outperform: Wells Fargo
* Western Refining (WNR) outperform: Raymond James