The following ratings changes were generated on Thursday, Nov. 20.

We've downgraded Ctrip.com ( CTRP - Get Report), which provides travel services for hotel accommodations, airline tickets, and packaged-tours in the People's Republic of China, from buy to hold. Strengths include its robust revenue growth, largely solid financial position with reasonable debt levels by most measures and growth in earnings per share. However, as a counter to these strengths, we find that the stock has had a generally disappointing performance in the past year.

Revenue rose by 26.6% since the same quarter one year ago, boosting EPS but underperforming the industry average of 28.4%. Ctrip.com has a debt-to-equity ratio of zero, which we consider to be a relatively favorable sign. It also has a quick ratio of 2.28, which demonstrates the ability of the company to cover short-term liquidity needs. Current return on equity exceeded its ROE from the same quarter one year prior, a clear sign of strength within the company. On the basis of ROE, Ctrip.com underperformed the hotels, restaurants and leisure industry average but outperformed the S&P 500. Net income increased by 5.1% over the same quarter last year, to $15.4 million, significantly underperforming the average net income growth of the industry but outperforming the S&P 500.

Shares are down 68.6% on the year, underperforming the S&P 500. Although its share price is down sharply from a year ago, do not assume that it can now be tagged as cheap and attractive. The reality is that, based on its current price in relation to its earnings, Ctrip.com is still more expensive than most of the other companies in its industry

We've downgraded Greif ( GEF - Get Report), which engages in the manufacture and sale of industrial packaging products, and containerboard and corrugated products worldwide, from buy to hold. Strengths include 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 weak operating cash flow, a generally disappointing performance in the stock itself and poor profit margins.

Revenue is up 18.3% since the same quarter last year, outperforming the industry average of 2.5% growth and boosting EPS. Greif has improved earnings per share by 33% in the most recent quarter compared to the same quarter a year ago. The company has demonstrated a pattern of positive earnings per share growth over the past two years that we feel should continue, suggesting improving business performance. During the past fiscal year, Greif increased its bottom line by earning $3.30 vs. $3.04 in the prior year. This year, the market expects an improvement in earnings to $4.18. Net operating cash flow has decreased to $69.84 million or 16.77% when compared to the same quarter lastyear.

The debt-to-equity ratio is somewhat low, currently at 0.72, and is less than that of the industry average, implying a relatively successful effort in the management of debt levels. Greif's quick ratio of 0.72 is somewhat weak and could be cause for future problems. Net operating cash flow has decreased to $69.8 million, or 16.8% when compared with the same quarter last year. Compared with the industry's average cash generation rate, the firm's growth is significantly lower.

Shares are down 44.5% compared with a year ago, apparently dragged down in part by the decline we have seen in the S&P 500. In one sense, the stock's sharp decline last year is a positive for future investors, making it cheaper (in proportion to its earnings over the past year) than most other stocks in its industry. However, due to other concerns, we feel the stock is still not a good buy right now.

We've downgraded Realty Income ( O - Get Report), which engages in the acquisition and ownership of commercial retail real estate properties in the U.S., from buy to hold. Strengths include its revenue growth, largely solid financial position with reasonable debt levels by most measures and expanding profit margins. However, as a counter to these strengths, we also find weaknesses including disappointing return on equity, weak operating cash flow and a decline in the stock price during the past year.

Revenue rose by 12.3% since the same quarter one year prior, outperforming the industry average of 4.2%. EPS, however, declined. The debt-to-equity ratio is somewhat low, currently at 0.94, and is less than that of the industry average, implying a relatively successful effort in the management of debt levels. The company's current return on equity has slightly decreased from the same quarter one year prior, implying a minor weakness in the organization. Realty Income's ROE is below that of both the industry average and the S&P 500.

Net operating cash flow has declined marginally to $45.06 million, or 3.31% when compared with the same quarter last year. In addition, when comparing the cash generation rate with the industry average, the firm's growth is significantly lower.

We've downgraded Polycom ( PLCM), which provides communications solutions to enterprise and public sector customers to enable voice, video and content communications, from buy to hold. Strengths include its revenue growth, largely solid financial position with reasonable debt levels by most measures and expanding profit margins. However, as a counter to these strengths, we also find weaknesses including a decline in the stock price during the past year and weak operating cash flow.

Revenue rose by 14.9% since the same quarter a year ago but does not appear to have trickled down to the company's bottom line, displaying stagnant earnings per share. Polycom has a debt-to-equity ratio of zero and a quick ratio of 1.85, which demonstrates the ability of the company to cover short-term liquidity needs. Its gross profit margin is rather high at 62.2%, having increased from the same quarter last year, but its net profit margin of 6.5% significantly trails the industry average. Net operating cash flow has declined marginally to $40.4 million, or 3.82% when compared with the same quarter last year. Despite a decrease in cash flow, Polycom is still fairing well by exceeding its industry average cash flow growth rate of -31.76%.

Shares are off 35.1% compared with a year ago, but this decline was actually not as bad as the broader market plunge during that same time frame. Don't assume that it can now be tagged as cheap and attractive, though. Based on its current price in relation to its earnings, Polycom is still more expensive than most of the other companies in its industry.

We've downgraded Dentsply ( XRAY - Get Report) from buy to hold. Strengths include its revenue growth, largely solid financial position with reasonable debt levels by most measures and reasonable valuation levels. However, as a counter to these strengths, we find that we feel that the company's cash flow from its operations has been weak overall.

Revenue increased 8.6% since the same quarter a year ago, underperforming the industry average of 15%. This growth in revenue appears to have trickled down to the company's bottom line, improving the earnings per share. Dentsply's debt-to-equity ratio is very low at 0.26 and is currently below that of the industry average, implying very successful management of debt levels. The company also has a quick ratio of 1.75, which demonstrates its ability to cover short-term liquidity needs.

The return on equity has improved slightly when compared to the same quarter one year prior, which can be construed as a modest strength in the organization. On the basis of ROE, Dentsply has underperformed the health care equipment and supplies industry but has outperformed the S&P 500. Net income increased 0.5% since the same quarter last year, to $66.1 million, underperforming the industry but outperforming the S&P 500.

Other ratings changes include Hecla Mining ( HL - Get Report) and Zale ( ZLC), both downgraded from hold to sell.

All ratings changes generated on Nov. 20 are listed below.
Ticker Company
Current
Change
Previous
ABAT Advanced Battery Technologies
HOLD
Downgrade
BUY
ARM ArvinMeritor
SELL
Downgrade
HOLD
CCC Calgon Carbon
HOLD
Downgrade
BUY
CMED China Medical
HOLD
Downgrade
BUY
CSR China Security & Surveillance
SELL
Downgrade
HOLD
CTRP Ctrip.com
HOLD
Downgrade
BUY
DFT DuPont Fabros
SELL
Initiated
DHT DHT Maritime
HOLD
Upgrade
SELL
FCFS First Cash Financial
HOLD
Downgrade
BUY
FIT Health Fitness
HOLD
Upgrade
SELL
FOE Ferro
SELL
Downgrade
HOLD
GEF Greif
HOLD
Downgrade
BUY
HL Hecla Mining
SELL
Downgrade
HOLD
IMMR Immersion
SELL
Downgrade
HOLD
IPGP IPG Photonics
SELL
Downgrade
HOLD
LABL Multi-Color
HOLD
Downgrade
BUY
MENT Mentor Graphics
SELL
Downgrade
HOLD
O Realty Income
HOLD
Downgrade
BUY
PLCM Polycom
HOLD
Downgrade
BUY
REP Repsol
SELL
Downgrade
HOLD
SUMR Summer Infant
SELL
Downgrade
HOLD
UCTT Ultra Clean Holdings
SELL
Downgrade
HOLD
WASH Washington Trust Bancorp
HOLD
Downgrade
BUY
XRAY Dentsply
HOLD
Downgrade
BUY
ZLC Zale
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.

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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.