The following ratings' changes were generated on September 26.

Texas Capital Bancshares

(TCBI) - Get Report

has been upgraded from hold to buy. Texas Capital Bancshares, Inc. operates as the holding company for Texas Capital Bank, National Association that provides various banking and financial services for middle market commercial and high net worth customers in Texas. It primarily engages in generating deposits and originating loans. The company's strengths can be seen in multiple areas, such as its expanding profit margins and reasonable valuation levels. We feel these strengths outweigh the fact that the company has had lackluster performance in the stock itself.

The gross profit margin for TCBI is rather high; currently it is at 53.90%. It has increased from the same quarter the previous year. Regardless of the strong results of the gross profit margin, the net profit margin of 8.50% trails the industry average.

TCBI, with its decline in revenue, underperformed when compared with the industry average of 11.1%. Since the same quarter one year prior, revenue fell by 13.8%. The declining revenue appears to have seeped down to the company's bottom line, decreasing earnings per share.

TCBI's earnings per share declined by 29.0% in the most-recent quarter compared with the same quarter a year ago. This company has reported somewhat volatile earnings recently.

We feel it is likely to report a decline in earnings in the coming year. During the past fiscal year, TCBI's increased its bottom line by earning $1.17 vs. $1.10 in the prior year. For the next year, the market is expecting a contraction of 4.7% in earnings ($1.12 vs. $1.17).

The change in net income from the same quarter one year ago has exceeded that of the commercial banks industry average, but is less than that of the

S&P 500

. The net income has significantly decreased by 30.7% when compared with the same quarter one year ago, falling from $8.21 million to $5.68 million.

TCBI had been rated a hold since December 28, 2007.

Huntington Bancshares

(HBAN) - Get Report

has been upgraded from sell to hold. Huntington Bancshares Incorporated operates as the holding company for The Huntington National Bank that provides commercial and consumer financial products and services. The company's strengths can be seen in multiple areas, such as its robust revenue growth, expanding profit margins and increase in net income. However, as a counter to these strengths, we also find weaknesses including a generally disappointing performance in the stock itself, disappointing return on equity and feeble growth inthe company's earnings per share.

The revenue growth came in higher than the industry average of 11.1%. Since the same quarter one year prior, revenue rose by 33.5%. This growth in revenue does not appear to have trickled down to the company's bottom line, displayed by a decline in earnings per share.

The gross profit margin for HBAN is rather high; currently it is at 54.20%. It has increased from the same quarter the previous year. Along with this, the net profit margin of 10.90% is above that of the industry average.

Net operating cash flow has significantly increased by 142.98% to $285.40 million when compared with the same quarter last year. Despite an increase in cash flow of 142.98%, HBAN is still growing at a significantly lower rate than the industry average of 307.99%

Despite any intermediate fluctuations, we have only bad news to report on this stock's performance over thelast year: it has tumbled by 46.25%, worse than the S&P 500's performance. Consistent with the plunge in thestock price, the company's earnings per share are down 26.47% compared with the year-earlier quarter.

Although its share price is down sharply from a year ago, do not assume that it can now be tagged as cheapand attractive. The reality is that, based on its current price in relation to its earnings, HBAN is still moreexpensive than most of the other companies in its industry.

Return on equity has greatly decreased when compared to its ROE from the same quarter one year prior. Thisis a signal of major weakness within the corporation. Compared with other companies in the commercial banksindustry and the overall market on the basis of return on equity, HBAN has underperformed against that of the industry average and is significantly less than that of the S&P 500.

HBAN has been rated a sell since January 22, 2008.

CGG Veritas

( CGV) has been downgraded from buy to hold. Compagnie Generale de Geophysique-Veritas S.A., together with its subsidiaries, provides geophysical services worldwide. Our recommendation is based on the company's strong revenue growth, notable returns, and sustainable earnings growth. These factors are further supported by strategic acquisitions and strong guidance. However, the company faces downside risks from Metrolog integration-related challenges and a declining operating margin.

Oil and gas equipment services provider, CGG Veritas's first quarter fiscal year 2007 revenue surged 16.7% to $924.59 million from $792.01 million a year ago. The increase was driven by impressive performance from the services segment along with strong growth in Europe, Africa, and the Middle East markets. Geographically, revenue from Europe, Africa, and Middle East operation soared 66.7%, whereas the Services segment revenue rose 15.7%, driven by strong contract performance and an 84.0% fleet utilization rate.

The company's net earnings increased 9.8% to $98.94 million or 71 cents per share compared with where $90.14 million or 70 cents per share in first quarter fiscal year 2007. Total debt decreased 6.3%, whereas stockholders' equity grew 13.0%. Subsequently, the debt-to-equity ratio improved to 0.54 from 0.66. In addition, the interest coverage ratio increased to 4.94 from 3.75, following a decline in interest expenses. The return on equity ratio rose 258 basis points, while return on assets expanded 151 basis points.

CGG Veritas manufacturing subsidiary Sercel acquired Metrolog, a provider of high pressure, high temperature gauges and other downhole instruments to the oil and gas industry. Looking forward, CGV anticipates that seismic equipment deliveries will continue to increase throughout 2008, fueled by Sercel's record backlog. CGV further expects library sales to increase particularlyin fourth quarter fiscal year 2008, fueled by the timing of licensing rounds.

The company reported robust revenue growth that percolated to the bottom-line. However, declining operating margins, a weak cash position and Metrolog integration-related challenges may hurt its profitability in the upcoming quarters.

CGV had been rated a buy since December 12, 2008.

CNH Global NV

(CNH)

has been downgraded from buy to hold. CNH Global N.V. engages in the manufacture, marketing and distribution of a range of agricultural and construction equipment worldwide. It operates in three segments: agricultural equipment, construction equipment and financial services. The company's strengths canbe seen in multiple areas, such as its robust revenue growth, impressive record of earnings per share growth and compelling growth in net income. However, as a counter to these strengths, we also find weaknesses including generally poor debt management, poor profit margins and weak operating cash flow.

The revenue growth came in higher than the industry average of 15.4%. Since the same quarter one year prior, revenue rose by 28.4%. Growth in the company's revenue appears to have helped boost the earnings per share.

CNH has reported significant earnings per share improvement in the most-recent quarter comparedwith the same quarter a year ago. The company has demonstrated a pattern of positive earnings per sharegrowth over the past two years. We feel that this trend should continue. This trend suggests that theperformance of the business is improving. During the past fiscal year, CNH has increased its bottomline by earning $2.35 vs. $1.23 in the prior year. This year, the market expects an improvement in earnings($3.55 vs. $2.35).

Net operating cash flow has significantly decreased to -$167.00 million or 1570.00% when compared with thesame quarter last year. In addition, when comparing it to the industry average, the firm's growth rate is muchlower.

Currently the debt-to-equity ratio of 1.75 is quite high overall and when compared with the industry average,suggesting that the current management of debt levels should be re-evaluated.

CNH has been rated a hold since July 24, 2007.

Aurizon Mines

(AZK)

has been downgraded from hold to sell. Aurizon Mines, engages in the acquisition, exploration, development and operation of gold properties in North America. The company's weaknesses can be seen in multiple areas, such as its deteriorating net income and disappointing return on equity.

The company, on the basis of change in net income from the same quarter one year ago, has significantlyunderperformed compared to the metals & mining industry average, but is greater than that of the S&P 500.The net income has decreased by 19.2% when compared with the same quarter one year ago, dropping from$6.98 million to $5.64 million.

Current return on equity is lower than its ROE from the same quarter one year prior. This is a clear sign ofweakness within the company. Compared with other companies in the metals & mining industry and the overallmarket, AZK's return on equity significantly trails that of both the industry average and the S&P 500.

AZK's earnings per share declined by 20.0% in the most-recent quarter compared with the same quarter a year ago. This company has not demonstrated a clear trend in earnings over the past 2 years, making it difficult to accurately predict earnings for the coming year. During the past fiscal year, AZK has turned its bottom line around by earning 4 cents vs. -10 cents in the prior year.

48.90% is the gross profit margin for AZK which we consider to be strong. Regardless ofAZK's high profit margin, it has managed to decrease from the same period last year. Despite the mixedresults of the gross profit margin, the net profit margin of 15.50% trails the industry average.

Compared with where it was trading one year ago, AZK is down 27.30% to its most-recent closing price of 2.85.Looking ahead, our view is that this stock still does not have good upside potential and may even sufferfurther declines.

AZK had been rated a hold since December 11, 2007.The following ratings' changes were generated on September 26.

Ticker

Company

Current

Change

Previous

ANCX

Access National

SELL

Downgrade

HOLD

AZK

Aurizon Mines

SELL

Downgrade

HOLD

BVX

Bovie Medical

BUY

Upgrade

HOLD

CGV

CGG Veritas

HOLD

Downgrade

BUY

CNH

CNH Global NV

HOLD

Downgrade

BUY

CPSL

China Precision Steel

HOLD

Upgrade

SELL

FRD

Friedman Industries

BUY

Upgrade

HOLD

HBAN

Huntington Bancshares

HOLD

Upgrade

SELL

MFCO

Microwave Filter Co.

HOLD

Upgrade

SELL

NAII

Natural Alternatives

HOLD

Upgrade

SELL

SSP

EW Scripps

SELL

Downgrade

HOLD

TCBI

Texas Capital Bancshares

BUY

Upgrade

HOLD

TPL

Texas Pacific Land Trust

HOLD

Downgrade

BUY

WLFC

Willis Lease Financial Corp

BUY

Upgrade

HOLD

WTT

Wireless Telecom Group Inc.

SELL

Downgrade

HOLD

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.

This article was written by a staff member of TheStreet.com Ratings.