Seeking Alpha

The following analyst upgrades/downgrades have been reported as of 9 AM

Upgrades:

Company/From/Jul 24
TickerBrokerageToClose

(NYSE:AXP)American Express Co.Hold$50.66
Stifel Nicolaus Buy
(NYSEARCA:BAB)British Airways plcUnderweight$68.57
Morgan Stanley Equal-weight
(NYSE:BRO)Brown & Brown Inc.Neutral$27.94
Ferris Baker Watts Buy
(NASDAQ:BSRR)Sierra BancorpHold$28.00
Sandler O'Neill Buy
(CC)Circuit City Stores Inc.Neutral$23.29
Goldman Sachs Buy
(NASDAQ:CETV)Central European Media Enterprises Ltd.Sell$55.21
Deutsche Securities Hold
(NYSE:CHR)Converium Holding AGNeutral$5.05
JP Morgan Overweight
(CKCM)Click Commerce Inc.Hold$16.21
Matrix Research Buy
(NASDAQ:EBAY)eBay Inc.Peer Perform$25.13
Bear Stearns Outperform
(NYSE:FBC)Flagstar Bancorp Inc.Hold$14.68
KeyBanc Capital Mkts / McDonald Buy
(NASDAQ:GERN)Geron CorporationStrong Sell$6.07
Matrix Research Hold
(NASDAQ:HTLD)Heartland Express Inc.Hold$15.59
Stifel Nicolaus Buy
(NYSE:ITW)Illinois Tool Works Inc.Neutral$43.93
Goldman Sachs Buy
(LRY)Liberty Property TrustMkt Perform$44.14
Wachovia Outperform
(NYSE:MRH)Montpelier Re Holdings Ltd.Underweight$17.43
Morgan Stanley Equal-weight
(OSCI)Oscient Pharmaceuticals Corp.Mkt Outperform$0.65
JMP Securities Strong Buy
(NASDAQ:RJET)Republic Airways Holdings Inc.Hold$17.02
KeyBanc Capital Mkts / McDonald Buy
(RJET)Republic Airways Holdings Inc.Add$17.02
Calyon Securities Buy
(NASDAQ:SNDK)SanDisk Corp.Neutral$40.20
Robert W. Baird Outperform
(NYSE:UNP)Union Pacific Corp.Hold$85.42
Stifel Nicolaus Buy
(OTC:UPFC)United Panam Financial Corp.Hold$18.80
Matrix Research Strong Buy
(NASDAQ:YRCW)YRC Worldwide Inc.Neutral$42.65
Credit Suisse Outperform

Downgrades:

Company/From/Jul 24
TickerBrokerageToClose

(ALDN)Aladdin Knowledge Systems Ltd.Buy$14.37
CE Unterberg Towbin Market Perform
(NYSE:ALE)ALLETE Inc.Buy$49.02
BB&T Capital Mkts Hold
(ATYT)ATI Technologies Inc.Outperform$19.67
RBC Capital Mkts Sector Perform
(ATYT)ATI Technologies Inc.Buy$19.67
UBS Neutral
(NYSE:DGX)Quest Diagnostics Inc.Buy$61.26
Jefferies & Co Hold
(NYSE:DHT)Double Hull Tankers, Inc.Buy$15.25
UBS Neutral
(NYSE:DKS)Dick's Sporting Goods Inc.Buy$36.59
Goldman Sachs Neutral
(NYSE:EW)Edwards Lifesciences Corp.Buy$44.92
Needham & Co Hold
(FCTR)First Charter Corp. (NYSE:NC)Buy$24.39
Sandler O'Neill Hold
(NYSE:HCA)HCA Inc.Buy$49.48
Jefferies & Co Hold
(IFX)Infineon Technologies AGOverweight$10.67
Lehman Brothers Equal-weight
(JTX)Jackson Hewitt Tax Service Inc.Buy$34.91
Matrix Research Hold
(NYSE:LXP)Lexington Corporate Properties TrustBuy$20.20
BB&T Capital Mkts Hold
(MTXX)Matrixx Initiatives Inc.Outperform$15.17
Ryan, Beck & Co Mkt Perform
(NYSE:NAT)Nordic American Tanker Shipping Ltd.Neutral$38.13
UBS Reduce
(VFGI)Virginia Financial Group Inc.Buy$41.49
Sun Trust Rbsn Humphrey Neutral
(NASDAQ:ZRAN)Zoran Corp.Sector Outperform$19.73
CIBC Wrld Mkts Sector Perform
(ZRAN)Zoran Corp.Buy$19.73
Oppenheimer Neutral

Coverage Inititated:

Company/Jul 24
TickerBrokerageRatingClose

(NASDAQ:ACAS)American Capital Strategies, Ltd.Peer Perform$34.55
Bear Stearns
(NASDAQ:BBSI)Barrett Business Services Inc.Buy$20.67
Sun Trust Rbsn Humphrey
(BEAS)BEA Systems Inc.Buy$11.89
Citigroup
(NASDAQ:CAMP)CalAmp Corp.Buy$6.02
Oppenheimer
(GGXY)Golf Galaxy, Inc.Underweight$14.24
JP Morgan
(NASDAQ:GOLF)Golfsmith International Holdings Inc.Overweight$9.75
JP Morgan
(NYSE:MFB)Maidenform Brands Inc.Strong Buy$12.62
Brean Murray
(NASDAQ:SIRI)Sirius Satellite Radio Inc.Outperform$3.94
Credit Suisse
(NASDAQ:TIBX)Tibco Software Inc.Buy$7.40
Citigroup
(NYSE:USG)USG Corp.Buy$46.16
Jefferies & Co
(NASDAQ:VOLC)Volcano CorporationOutperform$8.83
Cowen & Co
(VOLC)Volcano CorporationOutperform$8.83
Piper Jaffray
(VOLC)Volcano CorporationOverweight$8.83
JP Morgan
(WEBM)webMethods Inc.Hold$6.40
Citigroup
(WIND)Wind River Systems Inc.Sell$8.32
Citigroup
(XMSR)XM Satellite Radio Holdings Inc.Neutral$11.20
Credit Suisse

Data: Briefing.com, CapitalIQ

Source: Analyst Upgrades & Downgrades for Tuesday July 25, 2006