Intimate Brands (IBI) , owner of such stores as Express Lane Bryant; Lerner New York; Henri Brendel and, first and foremost, Victoria's Secret was upgraded this morning to strong buy at Chase H&Q with a 54 price target.

Also this morning, the company reported that same-store sales rose 14% during April with net sales of $669 million compared to $640 million a year ago.

Upgrades

Pharmacopeia

(PCOP)

: UP to strong buy from buy at

SG Cowen

.

Simon Property

(SPG) - Get Report

: UP to strong buy from buy at

Deutsche Banc Alex. Brown

.

Trigon Healthcare

(TGH) - Get Report

: UP to strong buy from buy at

First Union

.

Wendy's

(WEN) - Get Report

: UP to buy from market perform at

Banc of America

.

Downgrades

Electronic Arts

(ERTS)

: DOWN to buy from strong buy at

US Bancorp Piper Jaffray

.

Eon Communications

(EONC)

: DOWN to neutral at

W.R. Hambrecht

.

Manor Care

(HCR) - Get Report

: DOWN to market perform from buy at

Banc of America

.

Initiations

MetLife

(MET) - Get Report

: NEW outperform at Lehman; price target: 22.

Numerical Technologies

(NMTC)

: NEW Strong buy at CSFB; price target: 70.

V.I. Technologies

(VITX)

: NEW buy at UBS Warburg; price target: 14.