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 Wednesday, April 29.

We've upgraded retail store chain operator Bed Bath & Beyond ( BBY) from hold to buy, driven by its largely solid financial position with reasonable debt levels by most measures, good cash flow from operations, expanding profit margins, attractive valuation levels and notable return on equity. We eel these strengths outweigh the fact that the company has had somewhat weak growth in earnings per share.

Bed Bath & Beyond has a quick ratio of 0.7. Net operating cash flow increased 27.3% compared with the same quarter last year, to $476.9 million. The company's gross profit maring is 40.8%, which has decreased from the same period last year. The 7.4% net profit margin outperformed the industry average. Revenue fell 0.5% from the year-ago quarter, and EPS are also down.

We've upgraded Dionex ( DNEX) from hold to buy, driven by its revenue growth, largely solid financial position with reasonable debt levels by most measures, notable return on equity, impressive record of earnings per share growth and increase in net income. Although no company is perfect, currently we do not see any significant weaknesses which are likely to detract from the generally positive outlook.

Revenue increased by 5.1% since the year-ago quarter, and EPS are up 20.8%. We feel that the company's two-year trend of EPS growth should continue. Dionex's debt-to-equity ratio of 0.1 is below the industry average, and it maintains a quick ratio of 1.5. Return on equity has improved slightly compared with the year-ago quarter. Net income is up 14.8%, from $14.8 million to $17 million.

We've upgraded Enbridge Energy Partners ( EEP) from hold to buy, driven by its compelling growth in net income, good cash flow from operations, notable return on equity, impressive record of earnings per share growth and relatively strong performance when compared with the S&P 500 during the past year. We feel these strengths outweigh the fact that the company has had generally poor debt management on most measures that we evaluated.

Net income increased by 89% since the year-ago quarter, from $64.5 million to $121.9 million. Net operating cash flow is up 54.1% to $70.1 million. ROE is also up. Revenue fell 11.3% since the year-ago quarter, but EPS increased. We anticipate, however, underperformance in the coming year relative to the company's yearlong pattern of EPS growth.

We've upgraded Gymboree ( GYMB) from hold to buy, driven by its revenue growth, largely solid financial position with reasonable debt levels by most measures, increase in net income, good cash flow from operations and expanding profit margins. Although the company may harbor some minor weaknesses, we feel they are unlikely to have a significant impact on results.

Revenue increased by 3.7% since the year-ago quarter, and EPS are up. The company's quick ratio is 1.4. Net income increased by 10.1% compared with the same quarter last year, from $26.8 million to $29.5 million. Net operating cash flow rose 29.1% to $56.6 million. Gymboree's gross profit margin of 48.3% has decreased from the year-ago quarter. Its 10.2% net profit margin compared favorably with the industry average.

We've upgraded franchise pizza restaurant company Papa John's International ( PZZA) from hold to buy, driven by its impressive record of earnings per share growth, increase in net income, good cash flow from operations, solid stock price performance and notable return on equity. We feel these strengths outweigh the fact that the company shows low profit margins.

EPS are up compared with the same quarter last year, and we think that the company's two-year trend of EPS growth should continue. Net income rose 65% compared with the year-ago quarter, from $7.7 million to $12.8 million, and net operating cash flow rose 76.8% to $25.5 million. ROE is up compared with the same quarter last year.

It goes without saying that even the best stocks can fall in an overall down market. However, in any other environment, this stock still has good upside potential despite the fact that it has already risen in the past year.

Other ratings changes include Immucor ( BLUD), downgraded from buy to hold, and Omniture ( OMTR), upgraded from sell to hold.

All ratings changes from April 29 are listed below.

 
Ticker
Company
Current
Change
Previous
ACLI
American Commercial Lines
HOLD
Upgrade
SELL
BBBY
Bed Bath & Beyond
BUY
Upgrade
HOLD
BLUD
Immucor
HOLD
Downgrade
BUY
BMTC
Bryn Mawr Bank
BUY
Upgrade
HOLD
BPSG
Broadpoint Securities
HOLD
Upgrade
SELL
CLR
Continental Resources
HOLD
Upgrade
SELL
CPB
Campbell Soup
HOLD
Downgrade
BUY
CPII
CPI International
HOLD
Upgrade
SELL
CTS
CTS
SELL
Downgrade
HOLD
CVU
CPI Aerostructures
BUY
Upgrade
HOLD
DNEX
Dionex
BUY
Upgrade
HOLD
EEP
Enbridge Energy Partners
BUY
Upgrade
HOLD
ELNK
Earthlink
BUY
Upgrade
HOLD
FDML
Federal-Mogul
HOLD
Upgrade
SELL
GYMB
Gymboree
BUY
Upgrade
HOLD
HSR
Hi-Shear Technology
HOLD
Downgrade
BUY
INFI
Infinity Pharmaceuticals
SELL
Downgrade
HOLD
JOSB
Jos. A Bank Clothiers
BUY
Upgrade
HOLD
NTRS
Northern Trust
HOLD
Downgrade
BUY
OLN
Olin
HOLD
Upgrade
SELL
OMTR
Omniture
HOLD
Upgrade
SELL
PZZA
Papa Johns International
BUY
Upgrade
HOLD
SABA
Saba Software
HOLD
Upgrade
SELL
SMG
Scott's Miracle-Gro
BUY
Upgrade
HOLD
TAMB
Tamalpais Bancorp
SELL
Downgrade
HOLD
TDW
Tidewater
BUY
Upgrade
HOLD
TSS
Total System Services
BUY
Upgrade
HOLD
VIT
VanceInfo Technologies
HOLD
Upgrade
SELL
WBSN
Websense
HOLD
Upgrade
SELL

Note: Our quantitative model makes stock recommendations based on GAAP figures that may differ materially from data as reported by the companies themselves. As a result, rating changes are occasionally driven by so-called nonrecurring items. As always, we urge readers to use TSC Ratings' reports in conjunction with additional information to construct their opinions on the value that should be placed on any given stock.

TheStreet.com Ratings, recently cited for Best Stock Selection from October 2007 through February 2009 , is an independent research provider that combines fundamental and technical analysis to offer investors tremendous value in volatile times. To see how your portfolio can use this research, click here now!

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