Top Analyst Upgrades and Downgrades (BCSI, CSCO, CAL, DAL, DYN, HA, MTL, SRE, LUV, TTM)

These are the top pre-market analyst upgrades and downgrades we have seen this Thursday.  There are going to be fewer and fewer research notes from now to what is most likely Tuesday morning as Friday is a holiday and Monday is being taken off by so many investment and research personnel.

• Blue Coat Systems (BCSI) Started as Buy ar Auriga.
• Cisco Systems (CSCO) Started as Buy at Deutsche Bank.
• Continental Airlines (CAL) Raised to Overweight at Morgan Stanley.
• Delta Airlines (DAL) Started as Overweight at Morgan Stanley.
• Dynegy (DYN) Cut to Sell at Deutsche Bank.
• Hawaiian Airlines (HA) Cut to Equal Weight at Morgan Stanley.
• Mechel Steel (MTL) Raised to Neutral at Credit Suisse.
• Sempra (SRE) Cut to Hold at Deutsche Bank.
• Southwest Airlines (LUV) Cut to Underweight at Morgan Stanley.
• Tata Motors (TTM) Raised to Buy at Deutsche Bank.

Jon C. Ogg
July 1, 2009