Upgrades: Oppenheimer upgrades Concur Tech (CNQR 44.81) to Outperform from Perform with a $55 tgt saying while not inexpensive, they expect the shares to outperform the broader SaaS group, as Concur continues to beat expectations and improve its outlook. Downgrades: BofA downgrades Las Vegas Sands (LVS 41.02) to Sell from Neutral... Piper Jaffray downgrades Physicians Formula (FACE 7.20) to Neutral from Buy... Deutsche Bank downgrades Logitech (LOGI 26.24) to Hold from Buy... Wachovia downgrades Symmetry Medical (SMA 18.17) to Underperform from Market Perform... UBS downgrades Burger King (BKC 25.50) to Neutral from Buy... Lehman downgrades ShoreTel (SHOR 5.30) to Equal Weight from Overweight... Oppenheimer downgrades Noah Education (NED 5.84) to Perform from Outperform. Miscellaneous: Lehman reinstates Lawson Software (LWSN 7.96) with an Equal Weight.

Downgrades: Robert W. Baird downgrades Pacific Sunwear (PSUN 7.78) to Neutral from Outperform and lowers their tgt to $8 from $13 following earnings, and lowered FY08 guidance. The firm notes the retail environment is extremely difficult and the primary root of PSUN's poor performance. However, given the company's revised back-half outlook, its strategy of refreshing stores and refining its merchandise mix isn't making enough of a difference to warrant an Outperform rating anymore... Merriman Curhan Ford downgrades Avanex (AVNXD 10.44) to Neutral from Buy based on a significant reduction in revenue and margin guidance for F1Q09, driven by a number of factors headlined by a slower than expected new product ramp... Friedman Billings downgrades Pacific Sunwear (PSUN 7.78) to Mkt Perform from Outperform and lowers their tgt to $6 from $10 following earnings and lowered guidance. Firm says they are concerned that: a recent buyback used a substantial portion of the co's cash reserves; the environment for apparel retailing has materially worsened. The firm forecasts negative free cash flow... Friedman Billings downgrades Talbots (TLB 10.25) to Mkt Perform from Outperform and lowers their tgt to $9 from $18 as early August reads for retail are far worse than they had anticipated. The firm notes thus far in the earnings cycle, they have learned that the consumer remains incredibly reluctant to spend, particularly in the missy space.

Miscellaneous: Robert W. Baird initiates AMEDISYS (AMED 53.72) with a Outperform and price target of $68 saying they see the recent pullback in AMED shares as a compelling entry point for risk-tolerant small-cap investors. The firm expects further noise from the shorts to dominate trading over the near term adding to further volatility, but believe in time these concerns will likely pass... Robert W. Baird initiates Almost Family (AFAM 42.71) with a Neutral and price target of $45 noting AFAM shares are up 100%+ year-to-date, now trading over 10.0x EV/EBITDA based on their Street-high 2009 estimate. The firm says while they continue to believe much long-term upside does exist, they also sense the stock likely needs to grow into its valuation in the near term... Robert W. Baird initiates LHC Group (LHCG 28.34) with a Neutral and price target of $29 saying saying valuation at 10x 2009E EV/EBITDA and 18x their 2009E EPS near fair value given the recent rally. The firm has grown much more appreciative of the operational improvement marked by enhanced collection efforts and sense LHCG is just hitting its stride with respect to acquisitions, but await a better entry point... Robert W. Baird initiates Gentiva Health Svcs (GTIV 27.22) with a Outperform and price target of $31 saying they believe GTIV carries the most potential to drive margins higher over time through acquisitions, improving Medicare mix, lower training costs for clinicians, expanding specialty programs, point-of-care, and leveraging corporate G&A from consolidating costs in Atlanta, over time.