Upgrades and Downgrades

Upgrades: Oppenheimer upgrades Cree (CREE 25.79) to Outperform from Perform and sets a $31 tgt, based on LEDs that are beginning to gain traction in general lighting applications, believe the co has positioned itself as a major enabler and beneficiary of this transformation and expect them to benefit from strong growth in Chinese LED-powered outdoor displays with its acquisition of COTCO... HSBC upgrades Goldcorp (GG 31.01) to Neutral from Underweight... Friedman Billings upgrades McAfee (MFE 35.13) to Market Perform from Underperform and maintains their $33 tgt, based on valuation and believe a combination of a strong product cycle and good sales execution has enabled MFE to maintain steady closure rates in the field on the large deal front over the last few weeks, a dynamic which bodes well for 3Q revenue/bookings... Jefferies upgrades Constellation Energy (CEG 24.20) to Hold from Underperform and raises their tgt to $25 from $20, following the co's agreement to merge with MidAmerican Energy and believe shares are fairly valued relative to the $26.50/share cash offer... Jefferies upgrades American Electric Power (AEP 35.75) to Buy from Hold and lowers their tgt to $42 from $42.50, based on valuation and believe shares are already discounting a nominal increase in generation rates in the co's Ohio subsidiaries... UBS upgrades Colfax (CFX 17.91) to Buy from Neutral... Piper Jaffray upgrades Oracle (ORCL 18.75) to Buy from Neutral.

Downgrades: HSBC downgrades Royal Gold (RGLD 37.74) to Neutral from Overweight... Deutsche Bank downgrades Thomson Reuters (TRI 30.69) to Sell from Buy... Baird downgrades Gibraltar Industries (ROCK 22.23) to Neutral from Outperform and maintains their $22 tgt, based on valuation... Baird downgrades Host Hotels & Resorts (HST 17.00) to Neutral from Outperform and maintains their $15 tgt, based on valuation and believe earnings estimates and hotel asset values continue to have a downside bias, given the continued soft economy and greater disruption in the credit markets... Jefferies downgrades Empire District Electric (EDE 22.76) to Hold from Buy and lowers their tgt to 21.50 from $22.50, based on valuation... BofA downgrades Constellation Energy (CEG 24.20) to Neutral from Buy... UBS downgrades FreightCar America (RAIL 36.77) to Sell from Neutral... Citigroup downgrades Lear (LEA 13.15) to Sell from Hold... Citigroup downgrades Flagstone Reinsurance (FSR 11.91) to Hold from Buy... Jefferies downgrades Concur Technologies (CNQR 48.45) to Hold from Buy and maintains their $50 tgt, based on valuation and see fewer catalysts in the next 6+ months... Jefferies downgrades GSI Commerce (GSIC 17.40) to Hold from Buy and raises their tgt to $18 from $17, based on valuation... Wachovia downgrades Microsemi (MSCC 26.39) to Market Perform from Outperform... Piper Jaffray downgrades MIPS Technologies (MIPS 3.70) to Neutral from Buy... Piper Jaffray downgrades Apogee Enterprises (APOG 16.93) to Sell from Neutral.