TheStreet.com Ratings: Stock Upgrades, Downgrades

Each weekday, TheStreet.com Ratings updates its ratings on the stocks we cover. Our model projects a stock's total return potential over a 12-month period including both price appreciation and dividends. Our buy, hold or sell ratings designate how we expect these stocks to perform against a general benchmark of the equities market and interest rates.

While our model is quantitative, it uses both subjective and objective elements. For instance, subjective elements include expected equities market returns, future interest rates, implied industry outlook and forecasted company earnings. Objective elements include volatility of past operating revenue, financial strength and company cash flows.

Some recent rating changes are highlighted below.

Residential real estate investment trust Camden Property Trust (CPT Quote) has been downgraded to hold from buy. The company's revenue increased an anemic 0.2% over the past year, well behind the 15% average annual revenue growth rate for the industry. Its earnings per share declined in fiscal 2006, a trend TheStreet.com Ratings expects to continue. Camden Property Trust had been rated a buy since November 2006.

Another REIT, America First Apartment Investors (APRO Quote), has been upgraded to hold from sell. America First's earnings per share shot up 103% in the fourth quarter of fiscal 2006, compared with the same quarter a year ago. The stock price followed suit, increasing by 35% over the same period. The company had been rated a sell since May 2006.

Markwest Hydrocarbon (MWP Quote) has been downgraded to hold from buy. The company processes, transports and markets natural gas liquids. Markwest's revenue fell 37% in the fourth quarter of fiscal 2006 compared with the same quarter a year earlier. The company's declining revenue appears to be the cause of a decline in earnings per share over the past 12 months. The stock had been rated a buy since November 2006.

Casino operator Pinnacle Entertainment (PNK Quote) has been downgraded to hold from buy. The company's earnings growth has been slowed as competition from other gaming companies increases. TheStreet.com Ratings believes that many of Pinnacle's competitors have an edge due to their larger size, better name recognition and access to lower-cost financing. The stock had been rated a buy since May 2006.

Expressjet(XJT Quote) has been downgraded to hold from buy. The company operates Continental Express, a regional airline offering flights to destinations in North America, Mexico and the Caribbean. The company's weaknesses include deteriorating net income and poor profit margins. Although Expressjet has a very low price-to-earnings ratio compared with its peers in the airline industry, TheStreet.com Ratings does not believe this justifies a recommendation to buy the company. Expressjet had been rated a buy since January 2007.

Additional ratings changes are listed in the table below.

TheStreet.com Ratings Stock Upgrades, Downgrades
Company Name	Ticker	Change	New Rating	Former Rating
America First APT Investors	APRO	Upgrade	Hold	Sell
Camden Property Trust	CPT	Downgrade	Hold	Buy
Esterline Technologies	ESL	Upgrade	Buy	Hold
Markwest Hydrocarbon	MWP	Downgrade	Hold	Buy
Northern States Financial	NSFC	Upgrade	Buy	Hold
Pinnacle Entertainment	PNK	Downgrade	Hold	Buy
Rockwell Med Technologies	RMTI	Downgrade	Sell	Hold
Calavo Growers	CVGW	Downgrade	Hold	Buy
ExpressJet Holdings	XJT	Downgrade	Hold	Buy
Source: TheStreet.com Ratings