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Stock Upgrades, Downgrades From Ratings

Computer printer manufacturer Lexmark (LXK) has been downgraded to a hold from a buy. The company's net operating cash flow has decreased significantly, 60.5% in the first quarter of fiscal 2007 compared to the same quarter a year ago. Net income grew by just 7.2% during that same time period, below the average for the computer storage and peripherals industry. Lexmark had been rated a buy since October 2006.

Dean Foods (DF) has been downgraded to a hold from a buy. The company is one of the country's largest distributors of dairy products, as well as soymilk and other organic foods. Ratings feels that the current gross profit margin for Dean Foods is lower than what is desirable, coming in at 27.8%. The net profit margin of 2.4% trails the industry average. Dean Foods had been rated a buy since November 2005.

Furniture manufacturer Flexsteel (FLXS) has been downgraded to a hold from a buy. Earnings per share fell 14.8% in the third quarter of 2007 compared to the same quarter a year ago. Sales and net income have also dropped during that same time period, underperforming the average competitor within its industry. The company's gross profit margin is essentially unchanged over the past fiscal year. Flexsteel had been rated a buy since February 2007.

Pervasive Software (PVSW) has been upgraded to a buy from a hold. PVSW provides data management software products to companies worldwide. The company's earnings per share doubled in the third quarter of fiscal 2007 compared to the third quarter of 2006. Ratings expects more EPS growth in the future. Pervasive Software has a debt-to-equity ratio of zero and appears to be able to cover short-term cash needs. The company had been rated a hold since May 2005.

Mexican Restaurants (CASA) has been downgraded to a hold from a buy. The company operates Mexican-themed dining franchises including Crazy Jose's, Monterey's and Mission Burrito. The company swung to a loss in the fourth quarter of 2006, losing 12 cents per share after earning 45 cents per share for the same quarter the previous year. The company's stock price has taken a hit, declining 29.4% in the past twelve months. Mexican Restaurants had been rated a buy since May 2005.

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