Top 10 Analyst Upgrades and Downgrades (APD, CHTT, CTXS, FCX, PLAB, QCOM, SAP, PCU, STM, HOT)

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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