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Upgrades & Downgrades - May 28
(last updated 4:35pm Eastern U.S. time)

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Upgrades
CompanySymbolBrokerage FirmUpgrade from:» Upgrade to:More

Arthur J. GallagherAJGAG EdwardsMaintain» Accumulate History
BEC EnergyBSEMerrill LynchNT Neutral» LT Accumulate History
Bank of AmericaBACMrgn Stnly Dn WttrNeutral» Outperform History
Business ObjectsBOBJJosephthal & LyonBuy» Strong Buy History
Cabletron SystemsCSHambrecht & QuistMaintain» Buy History
Carnival CorpCCLAG EdwardsMaintain» Accumulate History
Computer AssocCACIBC World MarketHold» Strong Buy History
Embratel PartEMTMerrill LynchLT Accumulate» LT Buy History
Equitable ResourEQTSalomon Smth BrnyNeutral» Outperform History
Extreme NetworksEXTRMrgn Stnly Dn WttrNeutral» Outperform History
HitachiHITMerrill LynchLT Neutral» LT Accumulate -
Infinity BroadcastINFING BaringsBuy» Strong Buy History
Marine DrillingMRLABN AMROHold» Outperform History
MedtronicMDTABN AMROOutperform» Buy History
MedtronicMDTCIBC World MarketHold» Buy History
MedtronicMDTPrudentialHold» Strong Buy History
Norsk HydroNHYJP MorganMkt Underperform» Mkt Perform History
Saga PetroleumSPMJP MorganMkt Underperform» Mkt Perform -
TRW, IncTRWBT Alex. BrownMkt Perform» Buy History
TRW, IncTRWDLJMkt Perform» Buy History
Tele Celular SulTSUMerrill LynchNT Neutral» NT Accumulate -
Tele Centro SulTCSMerrill LynchNT Accumulate» NT Buy History
Tele Norte LesteTNEMerrill LynchNT Accumulate» NT Buy History
Telecom BrasilTBHMerrill LynchNT Accumulate» NT Buy History
Telesp Celular PartTCPMerrill LynchNT/LT Acc» NT/LT Buy History
Telesp PartTSPMerrill LynchNT Accumulate» NT Buy History
TranSwitch CorpTXCCNeedham & CoHold» Buy History
Tropical Sportsw Int'lTSICPrudentialAccumulate» Strong Buy -
USWebUSWBCruttenden RothBuy» Strong Buy History
United BanksharesUBSILegg MasonOutperform» Buy History

 
Downgrades
CompanySymbolBrokerage FirmDowngrade from:» Downgrade to:More

Airborne FreightABFSchroder & CoOutperf. Signif.» Perform In Line History
Am Xtal TechAXTISG CowenStrong Buy» Buy History
AutodeskADSKBB Rbrtsn StphnsLT Buy» LT Attractive History
AutodeskADSKMerrill LynchNT Accumulate» NT Neutral History
AutodeskADSKUSB Piper JaffrayStrong Buy» Buy History
Capital Re CorpKRESalomon Smth BrnyOutperform» Neutral History
Dassault SysDASTYBB Rbrtsn StphnsBuy» LT Attractive History
Outdoor SystemsOSIFirst Union Cap MktsBuy» Outperform History
Parametric TechPMTCBB Rbrtsn StphnsBuy» LT Attractive History
Royal CaribbeanRCLAG EdwardsBuy» Accumulate History
Structural DynSDRCBB Rbrtsn StphnsBuy» LT Attractive History
Tecnomatix TechTCNOFBB Rbrtsn StphnsBuy» LT Attractive History
Valero EnergyVLOGoldman SachsMkt Outperform» Mkt Perform History


 
Coverage Initiated
CompanySymbolBrokerage Firm» Initial Recommendation:More

Allstate CorpALLFriedman Billings» Mkt Perform History
Alpha IndustriesAHAAPrudential» Accumulate History
Ames DepartAMESBear Stearns» Buy History
Belco Oil & GasBOGDain Rauscher» Buy History
Canada Occidental PetCXYGoldman Sachs» Mkt Outperform History
Casey's Gen StoreCASYDain Rauscher» Buy History
Coca-Cola EnterCCEBanc of America Sec» Buy History
Edge PetroleumEPEXDain Rauscher» Buy History
Goldman SachsGSMerrill Lynch» NT Neut/LT Buy -
Host MarriottHMSFirst Union Cap Mkts» Outperform History
Int'l MultifoodsIMCFirst Union Cap Mkts» Outperform History
Prima Energy CorpPENGDain Rauscher» Strong Buy -
RespironicsRESPING Barings» Buy History
Tele Centro SulTCSSalomon Smth Brny» Buy History
Telep& Data SysTDSMrgn Stnly Dn Wttr» Outperform History
US CellularUSMMrgn Stnly Dn Wttr» Neutral History
UniCapital CorpUCPRaymond James» Buy History
Wachovia CorpWBAG Edwards» Accumulate History

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