Upgrades
- American Campus (ACC) upgraded by Goldman from Sell to Neutral
- Education Realty (EDR) upgraded by Goldman from Sell to Neutral
- Anixter (AXE) upgraded by Longbow from Neutral to Buy
- Waters (WAT) upgraded by BofA/Merrill from Neutral to Buy
- Aflac (AFL) upgraded by Citi from Neutral to Buy
- Houghton Mifflin (HMHC) upgraded by Citi from Neutral to Buy
- CBS (CBS) upgraded by Deutsche Bank from Hold to Buy
- Lincoln National (LNC) upgraded by Goldman from Neutral to Buy
- BlackRock (BLK) upgraded by Credit Suisse from Neutral to Outperform
- HSBC (HSBC) upgraded by BofA/Merrill from Underperform to Neutral
- Southwestern Energy (SWN) upgraded by SunTrust from Neutral to Buy
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Downgrades
- Quiksilver (ZQK) downgraded by B. Riley from Buy to Neutral
- Catalent (CTLT) downgraded by Jefferies from Buy to Hold
- Mettler-Toledo (MTD) downgraded by BofA/Merrill from Buy to Neutral
- eBay (EBAY) downgraded by Cantor from Buy to Hold
- Principal Financial (PFG) downgraded by Goldman from Neutral to Sell
- Volkswagen (VLKAY) downgraded by Exane BNP Paribas from Outperform to Neutral
- Lloyds Banking (LYG) downgraded by Exane BNP Paribas from Outperform to Neutral
- Con-way (CNW) downgraded by Raymond James from Outperform to Market Perform
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Upgrades & Downgrades provided by Theflyonthewall.com 
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