Top Pre-Market Stock Upgrades/Downgrades May 4, 2010

Here is a list of this morning’s top companies upgrades, downgrades, and initiations by brokerage firms.

Upgrades:

• AnnTaylor (ANN) upgraded to Buy at Wall Street Strategies; price target $28
• Encore Energy Partnersy (ENP) upgraded to Outperform from Perform at Wells Fargo
• Forest Oil (FST) upgraded to Strong Buy from Perform at Raymond James
• NutriSystem (NTRI) upgraded to Buy from Hold at Lazard
• Powerwave Technologies (PWAV) upgraded to Buy from Neutral at Merriman & to Buy from Hold at Jefferies
• Qiagen NV (QGEN) upgraded to Perform from Underperform at RBC Capital Markets
• Salesforce.com (CRM) upgraded to Buy from Neutral at Goldman; price target $102 from $60
• Sapient (SAPE) upgraded to Buy from Hold at Citigroup
• Synovus Financial (SNV) upgraded to Buy from Hold at Citigroup
• Valeant Pharmaceuticals (VRX) upgraded to Neutral from Underweight at Piper Jaffray; price target $44 from $27

Downgrades:

• eHealth (EHTH) downgraded to Hold from Buy at ThinkEquity
• Hologic (HOLX) downgraded to Perform from Outperform at RBC Capital Markets
• Kaydon (KDN) downgraded to Hold from Buy at KeyBanc
• True Religion Apparel (TRLG) downgraded to Hold from Buy at Lazard

Coverage Initiated:

• Applied Signal Technology (APSG) initiated with a Perform at Morgan Keegan
• Calix Networks (CALX) initiated with a Buy at Jefferies; price target $16
• City Telecom (H.K.) Limited (CTEL) initiated with an Outperform at Oppenheimer; price target $18
• Corcept Therapeutics (CORT) initiated with an Outperform at JMP Securities; price target $6
• MercadoLibre (MELI) initiated with an Overweight at Piper Jaffray; price target $64

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