These are the top ten pre-market analyst upgrades, downgrades, and initiations we have seen from Wall Street analysts this Wednesday morning with about two and a half hours until the market opens:

Air Products (APD) Raised to Buy at KeyBanc.
Chattem (CHTT) Cut to Hold at Jefferies.
Citrix Systems (CTXS) Cut to Perform at Oppenheimer.
Freeport-McMoRan (FCX) Raised to Buy at Citigroup.
Photronics (PLAB) Raised to Buy at UBS.
Qualcomm (QCOM) Started as Outperform at Morgan Keegan.
SAP (SAP) Raised to Buy at Jefferies.
Southern Copper (PCU) Raised to Hold at Citigroup.
STMicro (STM) Raised to Buy at BofA/Merrill.
Starwood Hotels (HOT) Cut to Underperform at Baird.

JON C. OGG
JULY 8, 2009

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