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The following ratings changes were generated on Friday, Jan. 9.

We've upgraded

Harmony Gold Mining

(HMY) - Get Harmony Gold Mining Co. Ltd. Report

, which Limited conducts underground and surface gold mining, from sell to hold. Strengths include its compelling growth in net income, revenue growth and good cash flow from operations. However, we also find weaknesses including poor profit margins and a decline in the stock price during the past year.

Net income increased by 158.8% compared with the same quarter a year ago, outperforming the

S&P 500

and the metals and mining industry. Revenue increased by 3.7% but trails the industry average of 72.5% growth. Earnings per share rose significantly compared with the year-ago quarter, and though Harmony has reported somewhat volatile earnings recently, we feel it is poised for EPS growth in the coming year. During the past fiscal year, it reported -26 cents vs. 28 cents in the prior year, but this year the market expects improvement to 46 cents.

Harmony's gross profit margin is lower than desirable at 29%, though it has increased significantly from the same period last year. Its net profit margin of 15% is significantly lower than the same period one year prior. Shares are down 13.4%, reflecting, in part, the market's overall decline. Looking ahead, we do not see anything in this company's numbers that would change the one-year trend. It was down over the last 12 months, and it could be down again in the next 12. Naturally, a bull or bear market could sway the movement of this stock.

We've upgraded

InterDigital

(IDCC) - Get InterDigital, Inc. Report

, which engages in the design and development of digital wireless technologies and products, from hold to buy, driven by its increase in net income, largely solid financial position with reasonable debt levels by most measures, solid stock price performance, growth in earnings per share and expanding profit margins. We feel these strengths outweigh the fact that the company is trading at a premium valuation based on our review of its current price compared with such things as earnings and book value.

Net income rose by 5.6% to $9.2 million compares with the year-ago quarter, outperforming the S&P 500 and the communications equipment industry. Its debt-to-equity ratio of 0.03 is very low and below the industry average, implying very successful management of debt levels. Its quick ratio or 1.6 demonstrates its ability to cover short-term liquidity needs. Revenue dropped by 2.6%, still managing to outperform the industry.

EPS are up 11% compared with the same quarter last year, and while the company has reported somewhat volatile earnings recently, we feel it is poised for EPS growth in the coming year. Investors have apparently begun to recognize positive factors such as those we have mentioned in this report, driving up the company's shares by a sharp 38% over the past year, a rise that has exceeded that of the S&P 500. The stock's sharp rise over the last year has already helped drive it to a level which is relatively expensive compared with the rest of its industry, but we feel that other strengths this company displays justify these higher price levels.

We've downgraded

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TheStreet Recommends

Integral Systems

( ISYS), which builds satellite ground systems and equipment, from buy to hold. Strengths include its largely solid financial position with reasonable debt levels by most measures, notable return on equity and reasonable valuation levels. However, we find that we feel that the company's cash flow from its operations has been weak overall.

The company has a high quick ratio of 1.5, which demonstrates strong liquidity. Return on equity has improved slightly when compared with the same quarter one year prior, which can be construed as a modest strength in the organization. On the basis of ROE, Integral Systems outperforms both the industry and the S&P 500. Net income, however, decreased significantly, by 48.6%, compared with the year-ago quarter, falling to $2.5 million, and net operating cash flow decreased by 48.3%.

Shares have risen over the past year, clearly outperforming the S&P 500 over the same period, despite weak earnings results for the company. However, there is currently no conclusive evidence that warrants the purchase or sale of this stock.

We've upgraded

Oshkosh

(OSK) - Get Oshkosh Corp Report

, which designs, manufactures and markets a range of specialty vehicles and vehicle bodies worldwide, from sell to hold. Strengths include its revenue growth and good cash flow from operations. However, we also find weaknesses including deteriorating net income, generally poor debt management and disappointing return on equity.

Revenue is up 5.8% since the same quarter last year, underperforming the industry average of 12% growth. Net operating cash flow increased by 203.4% to $271.5 million, compared with the industry average cash flow growth rate of -25.2%. ROE has greatly decreased, however, a signal of major weakness, underperforming the industry and the S&P 500. Oshkosh's gross profit margin of 15.7% is low, having decreased from the same quarter last year, and its net profit margin of 2.8% trails the industry average.

EPS declined by 36.8% in the most recent quarter compared with the same quarter last year, and while the company has reported a trend of declining EPS over the past year, the consensus estimate suggests that it should reverse in the coming year. During the past fiscal year, Oshkosh reported lower earnings of $1.05 vs. $3.58 in the prior year, and this year, the market expects an improvement in earnings to $1.70.

We've downgraded

Renasant

(RNST) - Get Renasant Corporation Report

, which offers a range of financial and insurance services to retail and commercial customers, from buy to hold. Strengths include its expanding profit margins, notable return on equity and reasonable valuation levels. However, we also find weaknesses including a decline in the stock price during the past year, feeble growth in the company's earnings per share and weak operating cash flow.

Renasant's gross profit margin is rather high at 60.6%, having increased from the same quarter last year, and its 11.9% net profit margin is above the industry average. ROE has improved slightly compared with the year-ago quarter, outperforming the industry but underperforming the S&P 500. Net operating cash flow decreased by 17.9% to $27.2 million compared with the year-ago quarter.

EPS are down 7.7% in the most recent quarter compared with the same quarter last year, and we anticipate EPS to continue to decline in the coming year. During the past fiscal year, Renasant reported lower earnings of $1.65 vs. $1.72 in the prior year. For the next year, the market is expecting a contraction of 12.1% in earnings to $1.45.

All ratings changes generated on Jan. 9 are listed below.

Each business day, TheStreet.com Ratings updates its ratings on the stocks it covers. The proprietary ratings model projects a stock's total return potential over a 12-month period, including both price appreciation and dividends. Buy, hold or sell ratings designate how the Ratings group expects these stocks to perform against a general benchmark of the equities market and interest rates. While the ratings 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 company earnings forecasts. Objective elements include volatility of past operating revenue, financial strength and company cash flows. However, the rating does not incorporate all of the factors that can alter a stock's performance. For example, it doesn't always factor in recent corporate or industry events that could affect the stock price, nor does it include recent technology developments and competitive dynamics that may affect the company. For those reasons, we believe a rating alone cannot tell the whole story, and that it should be part of an investor's overall research.