Major investment upgrades/downgrades as of April 22

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
Callon Petroleum	Morgan Keegan	-	Market Perform	Outperform
Eclipsys	Raymond James	-	Under Perform	Market Perform
IberiaBank	Morgan Keegan	-	Market Perform	Outperform
Netegrity	CSFB	4.00	Under Perform	Neutral
3M Company	CSFB	125.00	Outperform	Neutral
American Electric	Lehman Brothers	24.00	Overweight	Equal-weight
Arkansas Best	Morgan Stanley	-	Equal-weight	Underweight
Capital One	UBS Warburg	36.00	Buy	Neutral
Cheesecake Factory	JP Morgan	-	Neutral	Underweight
Imation Corp	Robert W. Baird	42.00	Outperform	Neutral
Impath	Raymond James	-	Overweight	Neutral
Lifepoint Hospital	Lehman Brothers	-	Equal-weight	Underweight
Medical Staffing	Lehman Brothers	-	Equal-weight	Underweight
Pioneer Natural	CSFB	30.00	Outperform	Neutral
Royal Dutch	Prudential Securities	-	Buy	Hold
Shell Transport & Trading Company Plc.	Prudential Securities	-	Buy	Hold
Triad Hospitals	Lehman Brothers	-	Overweight	Equal-weight
j2 Global	First Albany Corp	-	Neutral	Under Perform