TSC Ratings provides exclusive stock, ETF and mutual fund ratings and commentary based on award-winning, proprietary tools. Its "safety first" approach to investing aims to reduce risk while seeking solid outperformance on a total return basis.

The following ratings changes were generated on Thursday, April 16.

We've upgraded IT services provider CGI Group ( GIB) from hold to buy, driven by its revenue growth, impressive record of earnings per share growth, increase in net income, attractive valuation levels and largely solid financial position with reasonable debt levels by most measures. We feel these strengths outweigh the fact that the company shows weak operating cash flow.

Revenue rose by 11.7% since the same quarter last year, and EPS are up 18.2% compared with the year-ago quarter. The company has demonstrated a pattern of positive EPS growth over the past two years. Net income rose 9.6%, from $72.6 million in the year-ago quarter to $79.6 million. CGI has a debt-to-equity ratio of 0.2, which is above the industry average, and a quick ratio of 0.9.

We've upgraded real estate and landscape nursery company Griffin Land & Nurseries ( GRIF) from sell to hold. Strengths include its revenue growth, largely solid financial position with reasonable debt levels by most measures and solid stock price performance. However, we also find weaknesses including feeble growth in the company's earnings per share, deteriorating net income and disappointing return on equity.

Revenue increased by 3.2% since the year-ago quarter, though EPS declined. The debt-to-equity ratio of 0.4 is below the industry average, and the company has a quick ratio of 1. Net income fell from $1.4 million in the year-ago quarter to -$5 million. Return on equity also decreased compared with the year-ago quarter.

Shares are up on the year, outperforming the S&P 500 over the same time period. Despite the fact that it has already risen in the past year, there is currently no conclusive evidence that warrants the purchase or sale of this stock.

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