UPGRADES:
* Approach Resources (AREX) to overweight: JPMorgan
* Buffalo Wild Wings (BWLD) to outperform: RBC Capital
* Safeway (SWY) to outperform: BMO Capital
* Tivo (TIVO) to buy: Lazard Capital
* WNS Holdings (WNS) to outperform: Wells Fargo
DOWNGRADES:
* Automatic Data Processing (ADP) to neutral: UBS
* Abaxis (ABAX) to market perform: Raymond James
* Anixter (AXE) to underperform: Credit Suisse
* Covnex (CGNX) to underweight: Piper Jaffray
* Capstead Mortgage (CMO) to neutral: Macquarie
* CSG Systems (CSGS) to neutral: Citigroup
* Coventry Health (CVH) to neutral: Citigroup
* Grifols (GRFS) to hold: Kepler
* Gevo (GEVO) to hold: ThinkEquity
* Genon Energy (GEN) to neutral: Citigroup
* LG Display (LPL) to market perform: Bernstein
* Marriott (MAR) to market perform
* Nokia (NOK) to underperform: BMO Capital
* Penn West Petroleum (PWE) to market perform: BMO Capital
* Paychex (PAYX) to sell: Citigroup
* Paychex (PAYX) to neutral: UBS
* Telefonica (TEF) to underperform: Jefferies
INITIATIONS:
* Bank of New York Mellon (BK) buy: Citigroup
* Cray (CRAY) hold: Wunderlich Securities
* Fusion-io (FIO) buy: Wunderlich Securities
* Genomic Health (GHDX) outperform: Credit Suisse
* Lufkin (LUFK) neutral: JPMorgan
* LeapFrog (LF) buy: SunTrust Robinson
* Life Technologies (LIFE) outperform: William Blair
* Myriad Genetics (MYGN) neutral: Credit Suisse
* Northern Trust (NTRS) neutral: Citigroup
* Nvidia (NVDA) buy: Roth Capital
* Pandora (P) reduce: Nomura
* Super Micro (SMCI) buy: Wunderlich Securities
* Sequenom (SQNM) underperform: Credit Suisse
* STMicroelectronics (STM) neutral: HSBC
* State Street (STT) buy: Citigroup
* Teradata (TDC) market perform: BMO Capital
* Synergy Pharma (SGYP) buy: Cantor
* UIL Holdings (UIL) hold: ISI Group