The following ratings changes were generated on Wednesday, Jan. 7. We've upgraded public investment firm Compass Diversified Holdings ( CODI) from sell to hold. Strengths include its robust revenue growth, largely solid financial position with reasonable debt levels by most measures and impressive record of earnings per share growth. However, we also find weaknesses including poor profit margins and weak operating cash flow. Revenue leaped by 91.9%, outpacing the industry average of 8.9% growth. The company's debt-to-equity ratio, 0.3, is low and is below the industry average, implying successful management of debt levels, and its quick ratio of 1.8 demonstrates its ability to cover short-term liquidity needs. Compass Diversified's gross profit margin for is rather low at 22.5%, having decreased from the same quarter last year, and its net profit margin of 1.3% trails the industry average. Net operating cash flow has significantly decreased to $800,000, or by 94.9% when compared with the same quarter last year. We've upgraded retail food supermarket operator Delhaize Group ( DEG) from hold to buy, driven by its attractive valuation levels, good cash flow from operations, notable return on equity and largely solid financial position with reasonable debt levels by most measures. We feel these strengths outweigh the fact that the company has had sub par growth in net income. Net operating cash flow has slightly increased to $360.1 million, or by 6% when compared with the same quarter last year, outperforming the industry's average cash flow growth rate of -77.5%. 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.