Credit Suisse First Boston downgraded several energy and oil companies this morning. Analyst Philip Pace downgraded Swift Energy(SFY) - Get Report, Apache(APA) - Get Report and Noble Affiliates(NBL) - Get Report to buy from strong buy and Pogo Producing (PPP) and Vastar Resources (VRI) to hold from buy.

Upgrades

ADC Telecommunications

(ADCT) - Get Report

: price target UP to 75 at

WR Hambrecht

.

Idexx Laboratories

(IDXX) - Get Report

: price target UP to 30 from 20 at

Prudential

.

Kana Communications

(KANA)

: UP to strong buy from buy at

ING Barings

; price target: 100.

Mandalay Resorts

(MBG)

: UP to attractive from neutral at

Bear Stearns

; price target: 28-30.

USFreightways

(USFC)

: UP to strong buy from buy at ING Barings; price target: 55.

Downgrades

Equant

(ENT) - Get Report

: DOWN to neutral from buy at

Lehman Brothers

.

Flowers Industries

(FLO) - Get Report

: DOWN to trading buy from recommended list at

Goldman Sachs

.

Four Seasons

(FS)

: DOWN to hold from accumulate at Prudential.

National Computer

(NLCS)

: DOWN to market perform from buy at

Donaldson Lufkin & Jenrette

.

Owens-Illinois

(OI) - Get Report

: DOWN to hold from buy at CSFB.

Initiations

Allmerica

(AFC)

: NEW buy at Lehman Brothers; price target: 70.

Pactiv

(PTV)

: NEW outperform at

Morgan Stanley Dean Witter

; price target: 13.

RealNetworks

(RNWK) - Get Report

: NEW buy at CSFB; price target: 57.

Group Moves

Bear Stearns analyst Jason Ader launched coverage of the online travel sector by placing buy ratings on two stocks:

  • Expedia(EXPE) - Get Report: price target: 26-27.
  • Travelocity.com (TVLY) : price target: 34-35.

Lehman Brothers initiated coverage of several retailers with buy ratings:

  • Jones Apparel (JNY) : NEW buy; price target: 36.
  • Liz Clairborne (LIZ) : NEW buy; price target: 57.
  • Tommy Hilfiger (TOM) : NEW outperform; price target: 10.

Merrill Lynch reinstated coverage of several regional banks with near-term neutral ratings and long-term accumulate ratings:

  • Compass Bancshares (CBSS) .
  • First Virginia Banks (FVB) .
  • Huntington Valley Bancshares(HBAN) - Get Report.
  • National Commerce Bancorporation (NCBC) : with a long-term buy.