UPGRADES:
* American Water Works (AWK) to outperform: Robert Baird
* Arris Group (ARRS) to buy: Jefferies
* Ashford Hospitality (AHT) to market perform: FBR Capital
* Beazer Homes (BZH) to market perform: Wells Fargo
* Beazer Homes (BZH) to neutral: Credit Suise
* Curtiss-Wright (CW) to buy: Capstone
* Crexus Investment (CXS) to market perform: FBR Capital
* Endologix (ELGX) to buy: Lazard Capital
* Kraft Foods (KFT) to buy: Jefferies
* North Valley (NOVB) to outperform: Raymond James
* Questcor Pharmaceuticals (QCOR) to buy: SunTrust Robinson
* Regions Financial (RF) to buy: BofA Merrill
* Redwood Trust (RWT) to buy: Wunderlich
* Sappi Ltd. (SPP) to buy: Citigroup
* Wellcare Health (WCG) to positive: Susquehanna
* Wellcare Health (WCG) to outperform: Wedbush
DOWNGRADES:
* Annaly Capital (NLY) to underperform; FBR Capital
* BE Aerospace (BEAV) to neutral: Cowen
* Brookfield Office Properties (BPO) to neutral: Citigroup
* Chesapeake Energy (CHK) to market perform: BMO Capital
* Cryolife (CRY) to hold: Benchmark Co.
* Iridium Communications (IRDM) to neutral: Macquarie
* Kratos Defense & Security (KTOS) to hold: Benchmark Co.
* Martin Midstream Partner (MMLP) to market perform: Wells Fargo
* Progressive (PGR) to neutral: Credit Suisse
* Polypore (PPO) to hold: BB&T Capital
* Warner Chilcott (WCRX) to equalweight: Morgan Stanley
INITIATIONS:
* Apollo Residential (AMTG) market outperform: JMP Securities
* Echo Therapeutics (ECTE) buy: Ascendiant Capital
* First Community Corp. (FCCO) outperform: Raymond James
* RDA Microelectronics (RDA) strong buy: Needham