Major investment upgrades/downgrades as of April 23

Every morning, Patria publishes a list of U.S. stocks which had their investment recommendations changed the previous day. In the first part of the table you will find titles with recommendation upgrade, the second part on the contrary presents titles with recommendation downgrade. Previous and current investment rating is included, as well as the name of the rating institution (i.e. investment bank) and/or the target price.

Stock	Company	Target Price	Previous rec.	New rec.	Change
Baker Hughes	Prudential Securities	-	Hold	Buy
Borg Warner	CSFB	-	Neutral	Outperform
Continental Air	CSFB	16,00	Neutral	Outperform
MDU Resources	Robert W. Baird	34,00	Neutral	Outperform
PEC Solutions	JP Morgan	-	Underweight	Neutral
Pepsi Bottling	CSFB	-	Neutral	Outperform
PepsiCo	Deutsche Securities	51,00	Hold	Buy
U.S. Steel	Merrill Lynch	-	Neutral	Buy
UPS	JP Morgan	-	Underweight	Neutral
Verizon Comm	Morgan Keegan	-	Market Perform	Outperform
eBay	First Albany Corp	-	Neutral	Buy
ActivCard	JP Morgan	-	Neutral	Underweight
Arch Capital	Merrill Lynch	-	Buy	Neutral
Everest Re	Smith Barney Citigroup	77,00	Outperform	In Line
Flowers Foods	Banc of America Sec	30,00	Buy	Neutral
Georgia-Pacific	Prudential Securities	7,00	Hold	Sell
Jefferson-Pilot	Lehman Brothers	42,00	Overweight	Equal-weight
Juniper Networks	UBS Warburg	10,20	Buy	Neutral
Merck	Goldman Sachs	-	Outperform	In Line
Questar	Goldman Sachs	-	Outperform	In Line
SAP AG	Morgan Stanley	-	Equal-weight	Underweight
Southwest Air	CSFB	15,00	Outperform	Neutral