Upgrades / Downgrades

Here are the late Friday and early Monday calls

UPGRADES

TD Ameritrade AMTD UBS Neutral » Buy
Merrill Lynch MER UBS Neutral » Buy
McMoRan Expl MMR JP Morgan Neutral » Overweight
PG&E PCG Deutsche Securities Hold » Buy
Electronic Arts ERTS Bear Stearns Peer Perform » Outperform
AnnTaylor ANN DA Davidson Neutral » Buy
Insituform Tech INSU Canaccord Adams Sell » Hold
St. Mary Lnd/Expl SM KeyBanc Capital Mkts / McDonald Hold » Buy
Gulfmark Offshore GLF CapitalOne southcoast Hold » Buy
Telefonica S.A. TEF Lehman Brothers Underweight » Equal-weight
OdysseyRe ORH Ferris Baker Watts Neutral » Buy
Transocean RIG Wachovia Mkt Perform » Outperform
Ensco ESV Wachovia Mkt Perform » Outperform
Assured Guaranty AGO Calyon Securities Neutral » Buy
AMBAC Fincl ABK Calyon Securities Add » Buy
Amylin Pharms AMLN Cowen & Co Underperform » Neutral



DOWNGRADES

Luminent Mortgage Capital LUM JP Morgan Neutral » Underweight
CheckFree CKFR JP Morgan Overweight » Neutral
Penn Va GP Hldgs PVG RBC Capital Mkts Outperform » Sector Perform
Independent Bank IBCP RBC Capital Mkts Sector Perform » Underperform IMPAC Mortgage IMH Deutsche Securities Buy » Hold
Nortel NT Charter Equity Buy » Mkt Perform
Ditech DITC First Albany Buy » Underperform
PNM Resources PNM RBC Capital Mkts Sector Perform » Underperform
Owens & Minor OMI Credit Suisse Outperform » Neutral
Silicon Image SIMG Longbow Buy » Neutral
Portfolio Recovery Assoc. PRAA First Analysis Sec Overweight » Equal-Weight
Asset Acceptance Capital AACC First Analysis Sec Overweight » Equal-Weight
SPSS Inc SPSS Cowen & Co Neutral » Underperform
Radiation Therapy Services RTSX Cowen & Co Outperform » Neutral