Avanex upgraded at Raymond James: AVNX was upgraded from Market Perform to Strong Buy, Raymond James said. Operations improving, along with the broader industry. Chico's FAS upgraded at Suntrust: CHS was upgraded from Neutral to Buy, Suntrust Robinson Humphrey. $44 price target. 2006 consensus estimates could prove conservative. Company is "best of breed" retailer. Chipotle rated new Hold at AG Edwards: Coverage of CMG was started with a Hold rating, AG Edwards said. Company will use IPO funds to go national, and should be able to sustain 20% annual growth. Chipotle rated new Underperform at Wachovia: CMG was initiated with an Underperform rating, Wachovia said. Valuation call, even though the concept can generate 25% annual growth over the long term. Diamond Foods downgraded at Merrill: Merrill said it is lowering its estimates on DMND to Neutral from Buy. Cites expiration of a lock up of 50% of the shares outstanding. JetBlue downgraded at Prudential: Prudential said it is downgrading JBLU to an Underweight rating as longer-term structural issues are more important than current losses. Kronos downgraded at Jefferies: Jefferies said it was downgrading KRON from Buy to Hold, lowering FY 2006 and 2007 EPS estimates from $1.91 and $2.16 to $1.88 and $2.12 respectively and the target from $47 to $43 on heightened risks in the near-term. OptionsXpress upgraded at Raymond James: OXPS was upgraded from Market Perform to Outperform, Raymond James said. Stock has dropped 18% from Monday's intraday high, despite reporting solid February trading metrics. PDL Bio downgraded at Deutsche: PDLI was downgraded from Buy to Hold, Deutsche Bank said. $34 price target. Valuation call, as the company continues to see risk to its clinical development program. Pain Therapeutics downgraded at Oppenheimer: PTIE was downgraded from Buy to Neutral, Oppenheimer said. Valuation call, as the stock is approaching $12 price target. Fundamentals remain sound.