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Upgrades & Downgrades - August 04
(last updated 4:35pm Eastern U.S. time)

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Upgrades
CompanySymbolBrokerage FirmUpgrade from:» Upgrade to:More

Allegiance TelecomALGXKaufman BrosBuy» Strong Buy History
Analog DevicesADILehman BrothersOutperform» Buy History
DeVRYDVCSFBHold» Buy History
Delphi Auto SysDPHDeutsche Bc Alex. BrMkt Perform» Strong Buy History
Dow ChemicalDOWMerrill LynchNT Neutral» NT Accum History
Duke EnergyDUKJP MorganLong Term Buy» Buy History
Ivax CorporationIVXWarburg Dillon ReadHold» Buy History
Lattice SemiLSCCLehman BrothersOutperform» Buy History
Limited, TheLTDSalomon Smth BrnyOutperform» Buy History
MBIA Inc.MBIPrudentialHold» Accumulate History
Panam BeveragesPBLehman BrothersNeutral» Buy History
Parker DrillingPKDJefferies & CoHold» Buy History
RenaissanceRe HldgRNRBear StearnsNeutral» Attractive History
Smurfit-Stone ContnrSSCCBrown BrothersST Neutral» ST Buy History
Southwest AirlinesLUVPaineWebberNeutral» Attractive History
Station CasinosSTNDLJMarket Perform» Buy History
Ticketmaster OnlineTMCSThomas WeiselBuy» Strong Buy History
UNUM CorpUNMDLJBuy» Top Pick History
United HealthCareUNHAdvest IncMarket Perform» Buy History
United HealthCareUNHING BaringsBuy» Strong Buy History
Veeco InstrmntsVECOAdams HarknessAccumulate» Strong Buy History
Young & RubicamYNRPrudentialHold» Accumulate History

 
Downgrades
CompanySymbolBrokerage FirmDowngrade from:» Downgrade to:More

Amer. RetirementACRJefferies & CoBuy» Accumulate History
CVS CorporationCVSMerrill LynchNT Buy» NT Accum History
Chesapeake CorpCSKBrown BrothersLT Buy» LT Neutral History
FARO TechsFARORaymond JamesBuy» Accumulate -
FelCor Lodg TrustFCHPaineWebberAttractive» Neutral History
Georgia-Pacific GrGPBrown BrothersST Buy» ST Neutral History
Hines HorticultureHORTBB Robertson StephensBuy» LT Attractive History
Mac-Gray CorpTUCPrudentialStrong Buy» Hold History
Mead CorpMEABrown BrothersLT Buy» LT Neutral History
Mentor GraphicsMENTCSFBBuy» Hold History
Mentor GraphicsMENTDain Rauscher WesselsStrong Buy Aggress» Neutral History
Mentor GraphicsMENTMerrill LynchNT Accum» NT Neutral History
Nextera EnterprisesNXRABanc of America SecStrong Buy» Buy History
Office DepotODPDLJBuy» Market Perform History
OfficeMaxOMXDLJBuy» Market Perform History
Pediatrix MedicalPDXDeutsche Bc Alex. BrBuy» Mkt Perform History
Pegasus CommsPGTVMerrill LynchNT Accum» NT Neutral History
Rayonier Inc.RYNBrown BrothersLT Buy» LT Neutral History
Staples, Inc.SPLSDLJBuy» Market Perform History
Stewart EnterprisesSTEIMerrill LynchNT Buy» NT Accum History
Walgreen CompanyWAGMerrill LynchNT Accum» NT Neutral History
Wet Seal, TheWTSLABanc of America SecStrong Buy» Market Perform History


 
Coverage Initiated
CompanySymbolBrokerage Firm» Initial Recommendation:More

BiomatrixBXMBanc of America Sec» Strong Buy History
Champ. Auto RacingMPHBear Stearns» Neutral History
Champion Int'lCHAABN AMRO» Buy History
Diamond OffshoreDOBanc of America Sec» Market Perform History
Dover DownsDVDBear Stearns» Neutral History
Ensco Int'lESVBanc of America Sec» Buy History
Exodus CommsEXDSCIBC World Markets» Buy History
General InstrumentGICRobinson Humphrey» ST Mkt Perform History
Global MarineGLMBanc of America Sec» Strong Buy History
Interliant (a)INITCIBC World Markets» Buy -
Interliant (a)INITMerrill Lynch» NT Accum/LT Buy -
Meritor AutomotiveMRASalomon Smth Brny» Neutral History
Monsanto CoMTCING Barings» Buy History
Noble DrillingNEBanc of America Sec» Strong Buy History
OneMain.comONEMFAC/Eqts First Albany» Buy History
Pacific SunwearPSUNMerrill Lynch» NT Accum/LT Buy History
Parametric TechPMTCWarburg Dillon Read» Strong Buy History
Pegasus CommsPGTVDeutsche Bc Alex. Br» Buy History
Rowan CompaniesRDCBanc of America Sec» Market Perform History
Santa Fe Int'lSDCBanc of America Sec» Strong Buy History
Smurfit-Stone ContnrSSCCWarburg Dillon Read» Buy History
Speedway MotorspwyTRKBear Stearns» Neutral History
Splitrock Srvs (a)SPLTPrudential» Strong Buy -
Transocean OffshoreRIGBanc of America Sec» Market Perform History

(a) Brokerage firm initiating coverage participated in underwriting the recent IPO.
(b) Brokerage firm resumes coverage.
(c) Brokerage firm initiating coverage participated in the secondary offering.

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