Analyst Upgrades & Downgrades for Tuesday July 25, 2006

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

Upgrades:

	Company/	From/	Jul 24
Ticker	Brokerage	To	Close
(AXP)	American Express Co.	Hold	$50.66
	Stifel Nicolaus	Buy
(BAB)	British Airways plc	Underweight	$68.57
	Morgan Stanley	Equal-weight
(BRO)	Brown & Brown Inc.	Neutral	$27.94
	Ferris Baker Watts	Buy
(BSRR)	Sierra Bancorp	Hold	$28.00
	Sandler O'Neill	Buy
(CC)	Circuit City Stores Inc.	Neutral	$23.29
	Goldman Sachs	Buy
(CETV)	Central European Media Enterprises Ltd.	Sell	$55.21
	Deutsche Securities	Hold
(CHR)	Converium Holding AG	Neutral	$5.05
	JP Morgan	Overweight
(CKCM)	Click Commerce Inc.	Hold	$16.21
	Matrix Research	Buy
(EBAY)	eBay Inc.	Peer Perform	$25.13
	Bear Stearns	Outperform
(FBC)	Flagstar Bancorp Inc.	Hold	$14.68
	KeyBanc Capital Mkts / McDonald	Buy
(GERN)	Geron Corporation	Strong Sell	$6.07
	Matrix Research	Hold
(HTLD)	Heartland Express Inc.	Hold	$15.59
	Stifel Nicolaus	Buy
(ITW)	Illinois Tool Works Inc.	Neutral	$43.93
	Goldman Sachs	Buy
(LRY)	Liberty Property Trust	Mkt Perform	$44.14
	Wachovia	Outperform
(MRH)	Montpelier Re Holdings Ltd.	Underweight	$17.43
	Morgan Stanley	Equal-weight
(OSCI)	Oscient Pharmaceuticals Corp.	Mkt Outperform	$0.65
	JMP Securities	Strong Buy
(RJET)	Republic Airways Holdings Inc.	Hold	$17.02
	KeyBanc Capital Mkts / McDonald	Buy
(RJET)	Republic Airways Holdings Inc.	Add	$17.02
	Calyon Securities	Buy
(SNDK)	SanDisk Corp.	Neutral	$40.20
	Robert W. Baird	Outperform
(UNP)	Union Pacific Corp.	Hold	$85.42
	Stifel Nicolaus	Buy
(UPFC)	United Panam Financial Corp.	Hold	$18.80
	Matrix Research	Strong Buy
(YRCW)	YRC Worldwide Inc.	Neutral	$42.65
	Credit Suisse	Outperform

Downgrades:

	Company/	From/	Jul 24
Ticker	Brokerage	To	Close
(ALDN)	Aladdin Knowledge Systems Ltd.	Buy	$14.37
	CE Unterberg Towbin	Market Perform
(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
(DGX)	Quest Diagnostics Inc.	Buy	$61.26
	Jefferies & Co	Hold
(DHT)	Double Hull Tankers, Inc.	Buy	$15.25
	UBS	Neutral
(DKS)	Dick's Sporting Goods Inc.	Buy	$36.59
	Goldman Sachs	Neutral
(EW)	Edwards Lifesciences Corp.	Buy	$44.92
	Needham & Co	Hold
(FCTR)	First Charter Corp. (NC)	Buy	$24.39
	Sandler O'Neill	Hold
(HCA)	HCA Inc.	Buy	$49.48
	Jefferies & Co	Hold
(IFX)	Infineon Technologies AG	Overweight	$10.67
	Lehman Brothers	Equal-weight
(JTX)	Jackson Hewitt Tax Service Inc.	Buy	$34.91
	Matrix Research	Hold
(LXP)	Lexington Corporate Properties Trust	Buy	$20.20
	BB&T Capital Mkts	Hold
(MTXX)	Matrixx Initiatives Inc.	Outperform	$15.17
	Ryan, Beck & Co	Mkt Perform
(NAT)	Nordic American Tanker Shipping Ltd.	Neutral	$38.13
	UBS	Reduce
(VFGI)	Virginia Financial Group Inc.	Buy	$41.49
	Sun Trust Rbsn Humphrey	Neutral
(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
Ticker	Brokerage	Rating	Close
(ACAS)	American Capital Strategies, Ltd.	Peer Perform	$34.55
	Bear Stearns
(BBSI)	Barrett Business Services Inc.	Buy	$20.67
	Sun Trust Rbsn Humphrey
(BEAS)	BEA Systems Inc.	Buy	$11.89
	Citigroup
(CAMP)	CalAmp Corp.	Buy	$6.02
	Oppenheimer
(GGXY)	Golf Galaxy, Inc.	Underweight	$14.24
	JP Morgan
(GOLF)	Golfsmith International Holdings Inc.	Overweight	$9.75
	JP Morgan
(MFB)	Maidenform Brands Inc.	Strong Buy	$12.62
	Brean Murray
(SIRI)	Sirius Satellite Radio Inc.	Outperform	$3.94
	Credit Suisse
(TIBX)	Tibco Software Inc.	Buy	$7.40
	Citigroup
(USG)	USG Corp.	Buy	$46.16
	Jefferies & Co
(VOLC)	Volcano Corporation	Outperform	$8.83
	Cowen & Co
(VOLC)	Volcano Corporation	Outperform	$8.83
	Piper Jaffray
(VOLC)	Volcano Corporation	Overweight	$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