UPGRADES:
* Amgen (AMGN) buy: Brean Murray
* CBOE Holdings (CBOE) to outperform: Raymond James
* Dean Foods (DF) to outperform: BMO Capital
* Goodyear (GT) to buy: Goldman Sachs
* Jazz Pharma (JAZZ) buy: Brean Murray
* Merrimack Pharma (MACK) buy: Brean Murray
* Monsanto (MON) to outperform: Wells Fargo
* Maxim Integrated (MXIM) to buy: Jefferies
DOWNGRADES:
* AU Optronics (AUO) to reduce: Fubon Securities
* Acuity Brands (AYI) to neutral: Piper Jaffray
* Alcoa (AA) to hold: Dahlman Rose
* Altera (ALTR) to hold: Jefferies
* ArcelorMittal (MT) to sell: Goldman Sachs
* Carnival (CCL) to hold: Oriel
* Hewlett-Packard (HPQ) to underperform: Jefferies
* Northwestern (NWE) to hold: KeyBanc
* Telefonica (TEF) to sell: Berenberg
* TripAdvisor (TRIP) to sector perform: RBC Capital
* 7 Days Group (SVN) to neutral: Roth Capital
INITIATIONS:
* Actuate (BIRT) outperform: FBN Securities
* Allstate (ALL) neutral: SunTrust Robinson
* Akorn (AKRX) outperform: Leerink Swann
* Astronics Corp. (ATRO) buy: Topeka Capital
* CME Group (CME) sell: Berenberg
* Cooper Tire (CTB) neutral: Goldman Sachs
* Demandware (DWRE) neutral: Lazard Capital
* Esterline Tech (ESL) buy: Topeka Capital
* Freescale Semiconductor (FSL) buy: Needham
* General Motors (GM) hold: Stifel Nicolaus
* Halozyme (HALO) neutral: UBS
* Informatica (INFA) outperform: FBN Securities
* IntercontinentalExchange (ICE) buy: Berenberg
* Immunogen (IMGN) sell: UBS
* Jazz Pharma (JAZZ) buy: Brean Murray
* Kaman Corp. (KAMN) hold: Topeka Capital
* Merrimack Pharma (MACK) buy: Brean Murray
* Nasdaq (NDAQ) buy: Berenberg
* NYSE Euronext (NYX) hold: Berenberg
* Pacific Drilling (PACD) buy: Dahlman Rose
* Qlik Technologies (QLIK) sector perform: FBN Securities
* Safeguard Scientifics (SFE) buy: Ascendiant Capital
* Spirit Aerosystems (SPR) buy: Topeka Capital
* Splunk (SPLK) outperform: FBN Securities
* Teradata (TDC) outperform: FBN Securities
* Tibco Software (TIBX) outperform: Topeka Capital
* Transdigm (TDG) hold: Topeka Capital
* Tyler Technologies (TYL) outperform: Northland
* Validus (VR) outperform: Credit Suisse