Upgrades and Downgrades

Upgrades:

JP Morgan upgrades F5 Networks (FFIV 31.04) to Overweight from Underweight... JP Morgan upgrades GOL Linhas Areas Inteligentes (GOL 8.06) to Overweight from Underweight... BofA upgrades Pepsi Bottling Group (PBG 31.71) to Buy from Neutral... Baird upgrades Gilead Sciences (GILD 49.04) to Outperform from Neutral and maintains their $57 tgt, based on valuation and a review of scripts Q3-to-date that suggests an in-line or better quarter shaping up... UBS upgrades Syngenta (SYT 45.18) to Neutral from Sell... Piper Jaffray upgrades Ormat Technologies (ORA 40.63) to Buy from Neutral.

Downgrades:

Oppenheimer downgrades P.F. Chang's China Bistro (PFCB 25.47) to Underperform from Perform, based on ongoing sluggish retail sales, the prolonged tightening of consumer credit, the co's high exposure to aspirational customers and expect SSS to underperform in Q408...HSBC downgrades Canon (CAJ 40.76) to Underweight from Neutral, based on anticipation of weak demand and price competition... J.P Morgan downgrades Portugal Telecom (PT 10.26) to Underweight from Neutral... UBS downgrades Portugal Telecom (PT 10.26) to Sell from Neutral... UBS downgrades Best Buy (BBY 46.00) to Neutral from Buy... JP Morgan downgrades ARM Holdings (ARMH 5.75) to Neutral from Overweight... JP Morgan downgrades Ericsson (ERIC 10.44) to Underweight from Neutral... Deutsche Bank downgrades Danaher (DHR 77.19) to Hold from Buy and lowers their tgt to $85 from $90, based on valuation premium vs industrial peers at cyclically high levels and concerns about DHR's heavy EU/FX exposure... Piper Jaffray downgrades Quality Systems (QSII 44.89) to Neutral from Buy... Piper Jaffray downgrades BioScrip (BIOS 2.56) to Neutral from Buy.