UBS Research: Rating Change http://clientportal.ibb.ubs.com/portal/index.jsp?page=eqresearch UBS Research: Rating Change en Copyright (C) UBS 2010. All rights reserved. eMarketing@ubs.com eMarketing@ubs.com Wed, 10 Feb 2010 Wed, 10 Feb 2010 60 http://clientportal.ibb.ubs.com/portal/index.jsp?page=eqrschrss http://research.ibb.ubs.com:80/images/logo.gif UBS http://www.ubs.com 160 44 <![CDATA[Commerce Bancshares "Upgrading to Buy" (Buy) Penala]]> http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uez86101|native|public Regions
  • Global

  • Americas

  • United States

  • North America


Sectors
  • Global Banks

  • Global Financial

  • Global Banks, Ex-S&L

  • Americas Banks

  • US Banks

  • Americas Financial

  • US Financial

  • US Banks, Ex-S&L

  • Americas Banks, Ex-S&L

  • North American Banks, Ex-S&L

  • North American Banks

  • North American Financial


Companies
  • CBSH.O Commerce Bancshares


Subjects
  • Change in Recommendation

  • Company Update

  • Morning Note

]]> Erika Penala CBSH.O http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uez86101|native|public|20100210051016 Wed, 10 Feb 2010 <![CDATA[Energy Conversion "Increased Uncertainty - Downgrade to Sell" (Sell) Chin]]> http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uez86125|native|public Regions
  • Global

  • Americas

  • United States

  • North America


Sectors
  • Global Electric Components & Equipment

  • Global Industrial

  • Global Industrial Goods & Services

  • Americas Electric Components & Equipment

  • US Electric Components & Equipment

  • Americas Industrial

  • US Industrial

  • Americas Industrial Goods & Services

  • US Industrial Goods & Services

  • North American Electric Components & Equipment

  • North American Industrial

  • North American Industrial Goods & Services


Companies
  • ENER.O Energy Conversion


Subjects
  • Change in Recommendation

  • Company Update

  • Morning Note

]]> Stephen Chin ENER.O http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uez86125|native|public|20100210040602 Wed, 10 Feb 2010 <![CDATA[Crucell "Good FY09 results. More cautious in 2010." (Neutral) van Renterghem]]> http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uer72979|native|public Regions
  • Europe Including UK

  • Europe Ex. UK

  • Global

  • Netherlands

  • UBSW EMEA


Sectors
  • Netherlands Biotechnology

  • European Biotechnology

  • European Ex. UK Biotechnology

  • Global Biotechnology

  • European Healthcare

  • European Ex. UK Healthcare

  • Global Healthcare

  • Netherlands Healthcare


Companies
  • CRCL.AS Crucell


Subjects
  • Change in Recommendation

  • Company Update

  • Operating Results

  • Morning Note

]]> Guillaume van Renterghem CRCL.AS http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uer72979|native|public|20100210040019 Wed, 10 Feb 2010 <![CDATA[ING BSK "Upgrading the stock to Neutral" (Neutral) Walkowicz]]> http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uer72974|native|public Regions
  • Global

  • Poland

  • EMEA Emerging

  • UBSW EMEA

  • Emerging Markets

  • CE Europe


Sectors
  • Global Banks

  • Polish Banks

  • EMEA Emerging Banks

  • EMEA Emerging Financial

  • Global Financial

  • Polish Financial

  • Polish Banks, Ex-S&L

  • EMEA Emerging Banks, Ex-S&L

  • Global Banks, Ex-S&L

  • Global Emerging Banks, Ex-S&L

  • Global Emerging Banks

  • Global Emerging Financial

  • CE Europe Banks, Ex-S&L

  • CE Europe Banks

  • CE Europe Financial


Companies
  • SLAS.WA ING BSK


Subjects
  • Change in Recommendation

  • Company Update

  • Operating Results

  • Morning Note

]]> Tomasz Walkowicz SLAS.WA http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uer72974|native|public|20100210040014 Wed, 10 Feb 2010 <![CDATA[Cimarex "Delivering Results Through Cimplicity" (Buy) Coleman]]> http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uez86092|native|public Regions
  • Global

  • Americas

  • United States

  • North America


Sectors
  • Global Oil Companies, Secondary

  • Global Energy

  • Americas Oil Companies, Secondary

  • US Oil Companies, Secondary

  • Americas Energy

  • US Energy

  • North American Energy

  • North American Oil Companies, Secondary


Companies
  • XEC.N Cimarex


Subjects
  • Change in Recommendation

  • Company Update

  • Morning Note

]]> Andrew Coleman XEC.N http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uez86092|native|public|20100209190726 Tue, 9 Feb 2010 <![CDATA[Fletcher Building "Still short term risk, however on a 12 mth view looks ..."]]> http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uet12045|native|public Regions
  • Global

  • Asia Pacific

  • Asia Pacific Ex. JP

  • New Zealand

  • Australasia


Sectors
  • Global Building Materials

  • Global Industrial

  • Global Construction

  • Asian Pacific Building Materials

  • Asian Pacific Construction

  • Asian Pacific Industrial

  • Asian Pacific Ex. JP Building Materials

  • Asian Pacific Ex. JP Construction

  • Asian Pacific Ex. JP Industrial

  • New Zealand Building Materials

  • New Zealand Industrial

  • New Zealand Construction

  • Australasian Building Materials

  • Australasian Construction

  • Australasian Industrial


Companies
  • FBU.NZ Fletcher Building


Subjects
  • Change in Recommendation

  • Company Update

  • Morning Note

]]> Jason Bloom FBU.NZ http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uet12045|native|public|20100209130818 Tue, 9 Feb 2010 <![CDATA[Israel Corp "Upgrade to Buy" (Buy) Biron]]> http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uez86008|native|public Regions
  • Global

  • Israel

  • EMEA Emerging

  • UBSW EMEA

  • Emerging Markets


Sectors
  • Global Industrial, Diversified

  • Israeli Industrial, Diversified

  • EMEA Emerging Industrial, Diversified

  • EMEA Emerging Industrial

  • Global Industrial

  • Israeli Industrial

  • EMEA Emerging Industrial Goods & Services

  • Global Industrial Goods & Services

  • Israeli Industrial Goods & Services

  • Global Emerging Industrial, Diversified

  • Global Emerging Industrial

  • Global Emerging Industrial Goods & Services


Companies
  • ILCO.TA Israel Corp

  • ICL.TA Israel Chemicals


Subjects
  • Change in Recommendation

  • Company Update

  • Morning Note

]]> Roni Biron ILCO.TA ICL.TA http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uez86008|native|public|20100209040019 Tue, 9 Feb 2010 <![CDATA[Austevoll Seafood "Downgrade after strong fish meal prices" (Neutral) Kerstens]]> http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uer72895|native|public Regions
  • Europe Including UK

  • Europe Ex. UK

  • Global

  • Norway

  • Nordic

  • UBSW EMEA


Sectors
  • European Food Products

  • European Ex. UK Food Products

  • Global Food Products

  • Norwegian Food Products

  • European Consumer, Non-Cyclical

  • European Ex. UK Consumer, Non-Cyclical

  • Global Consumer, Non-Cyclical

  • Norwegian Consumer, Non-Cyclical

  • European Food & Beverage

  • European Ex. UK Food & Beverage

  • Global Food & Beverage

  • Norwegian Food & Beverage

  • Norwegian Food

  • European Food

  • European Ex. UK Food

  • Nordic Food

  • Nordic Food & Beverage

  • Nordic Food Products

  • Nordic Consumer, Non-Cyclical

  • Global Food


Companies
  • AUSS.OL Austevoll Seafood


Subjects
  • Change in Recommendation

  • Company Update

  • Operating Results

  • Morning Note

]]> David Kerstens AUSS.OL http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uer72895|native|public|20100209040023 Tue, 9 Feb 2010 <![CDATA[Israel Chemicals "Upgrade to Neutral" (Neutral) Biron]]> http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uez86007|native|public Regions
  • Global

  • Israel

  • EMEA Emerging

  • UBSW EMEA

  • Emerging Markets


Sectors
  • Israeli Chemicals, Specialty

  • EMEA Emerging Chemicals, Specialty

  • Global Chemicals, Specialty

  • EMEA Emerging Basic Materials

  • EMEA Emerging Chemicals

  • Global Basic Materials

  • Global Chemicals

  • Israeli Basic Materials

  • Israeli Chemicals

  • Global Emerging Basic Materials

  • Global Emerging Chemicals

  • Global Emerging Chemicals, Specialty


Companies
  • ILCO.TA Israel Corp

  • ICL.TA Israel Chemicals


Subjects
  • Change in Recommendation

  • Company Update

  • Morning Note

]]> Roni Biron ILCO.TA ICL.TA http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uez86007|native|public|20100209040022 Tue, 9 Feb 2010 <![CDATA[Krones "Downgrade to Sell" (Sell) Weier]]> http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uer72750|native|public Regions
  • Germany

  • Europe Including UK

  • Europe Ex. UK

  • Global

  • UBSW EMEA


Sectors
  • German Factory Equipment

  • European Factory Equipment

  • European Ex. UK Factory Equipment

  • Global Factory Equipment

  • German Industrial

  • European Industrial

  • European Ex. UK Industrial

  • Global Industrial

  • German Industrial Goods & Services

  • European Industrial Goods & Services

  • European Ex. UK Industrial Goods & Services

  • Global Industrial Goods & Services

  • German Industrial Equipment

  • European Industrial Equipment

  • European Ex. UK Industrial Equipment

  • Global Industrial Equipment


Companies
  • KRNG.DE Krones


Subjects
  • Change in Recommendation

  • Company Update

  • Morning Note

]]> Sven Weier KRNG.DE http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uer72750|native|public|20100205040034 Fri, 5 Feb 2010 <![CDATA[Software AG "Downgrade to Neutral" (Neutral) Baeumer]]> http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uer72740|native|public Regions
  • Germany

  • Europe Including UK

  • Europe Ex. UK

  • Global

  • UBSW EMEA


Sectors
  • German Software

  • European Software

  • European Ex. UK Software

  • Global Software

  • German Technology

  • European Technology

  • European Ex. UK Technology

  • Global Technology


Companies
  • SOWG.DE Software AG


Subjects
  • Change in Recommendation

  • Company Update

  • Operating Results

  • Morning Note

]]> Marcus Baeumer SOWG.DE http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uer72740|native|public|20100205040046 Fri, 5 Feb 2010 <![CDATA[Air New Zealand "Stock up - Downgraded to Neutral" (Neutral) Bloom]]> http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uet12015|native|public Regions
  • Global

  • Asia Pacific

  • Asia Pacific Ex. JP

  • New Zealand

  • Australasia


Sectors
  • Global Airlines

  • Global Consumer, Cyclical

  • Global Cyclical Goods & Services

  • Asian Pacific Airlines

  • Asian Pacific Cyclical Goods & Services

  • Asian Pacific Consumer, Cyclical

  • Asian Pacific Ex. JP Airlines

  • Asian Pacific Ex. JP Cyclical Goods & Services

  • Asian Pacific Ex. JP Consumer, Cyclical

  • New Zealand Airlines

  • New Zealand Consumer, Cyclical

  • New Zealand Cyclical Goods & Services

  • Australasian Airlines

  • Australasian Cyclical Goods & Services

  • Australasian Consumer, Cyclical


Companies
  • SIAL.SI Singapore Airlines

  • AIR.NZ Air New Zealand

  • QAN.AX Qantas Airways

  • VBA.AX Virgin Blue Airlines


Subjects
  • Change in Recommendation

  • Company Update

  • Morning Note

]]> Jason Bloom SIAL.SI AIR.NZ QAN.AX VBA.AX http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uet12015|native|public|20100205031334 Fri, 5 Feb 2010 <![CDATA[Stora Enso "Risk/reward improving, but visibility limited" (Neutral) Allsop]]> http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uer72761|native|public Regions
  • Europe Including UK

  • Europe Ex. UK

  • Finland

  • Global

  • Nordic

  • UBSW EMEA


Sectors
  • European Paper Products

  • European Ex. UK Paper Products

  • Finnish Paper Products

  • Global Paper Products

  • European Basic Materials

  • European Forest Products & Paper

  • European Ex. UK Basic Materials

  • European Ex. UK Forest Products & Paper

  • Finnish Basic Materials

  • Finnish Forest Products & Paper

  • Global Basic Materials

  • Global Forest Products & Paper

  • European Basic Resources

  • European Ex. UK Basic Resources

  • Finnish Basic Resources

  • Global Basic Resources

  • Nordic Basic Resources

  • Nordic Basic Materials

  • Nordic Forest Products & Paper

  • Nordic Paper Products


Companies
  • STERV.HE Stora Enso


Subjects
  • Change in Recommendation

  • Company Update

  • Operating Results

  • Morning Note

]]> Myles Allsop STERV.HE http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uer72761|native|public|20100204234321 Thu, 4 Feb 2010 <![CDATA[Roche "At fair value, downgrade to Neutral" (Neutral) Wenner]]> http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uer72686|native|public Regions
  • Switzerland

  • Europe Including UK

  • Europe Ex. UK

  • Global

  • UBSW EMEA


Sectors
  • Swiss Pharmaceuticals

  • European Pharmaceuticals

  • European Ex. UK Pharmaceuticals

  • Global Pharmaceuticals

  • Swiss Healthcare

  • European Healthcare

  • European Ex. UK Healthcare

  • Global Healthcare


Companies
  • ROG.VX Roche


Subjects
  • Change in Recommendation

  • Company Update

  • Operating Results

  • Morning Note

]]> Fabian Wenner, PhD ROG.VX http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uer72686|native|public|20100204093148 Thu, 4 Feb 2010 <![CDATA[Pioneer Southwest "Risk/Reward Moderates" (Neutral) Barone]]> http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uez85762|native|public Regions
  • Global

  • Americas

  • United States

  • North America


Sectors
  • Global Oil Companies, Secondary

  • Global Energy

  • Americas Oil Companies, Secondary

  • US Oil Companies, Secondary

  • Americas Energy

  • US Energy

  • North American Energy

  • North American Oil Companies, Secondary


Companies
  • PSE.N Pioneer Southwest


Subjects
  • Change in Recommendation

  • Company Update

  • Operating Results

  • Morning Note

]]> Ronald J. Barone PSE.N http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uez85762|native|public|20100203185834 Wed, 3 Feb 2010 <![CDATA[Kraft Foods "Global for Cheap; Buy" (Buy) Palmer]]> http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uez85694|native|public Regions
  • Global

  • Americas

  • United States

  • North America


Sectors
  • Global Food Products

  • Global Consumer, Non-Cyclical

  • Global Food & Beverage

  • Global Food

  • Americas Food Products

  • US Food Products

  • Americas Consumer, Non-Cyclical

  • US Consumer, Non-Cyclical

  • Americas Food & Beverage

  • US Food & Beverage

  • Americas Food

  • US Food

  • North American Food

  • North American Food & Beverage

  • North American Food Products

  • North American Consumer, Non-Cyclical


Companies
  • KFT.N Kraft Foods


Subjects
  • Change in Recommendation

  • Company Update

  • Morning Note

]]> David Palmer KFT.N http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uez85694|native|public|20100203082917 Wed, 3 Feb 2010 <![CDATA[Finmeccanica "Moving to Neutral ahead of FY09 results" (Neutral) Hoddes]]> http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uer72618|native|public Regions
  • Europe Including UK

  • Europe Ex. UK

  • Global

  • Italy

  • UBSW EMEA


Sectors
  • European Aerospace

  • European Ex. UK Aerospace

  • Global Aerospace

  • Italian Aerospace

  • European Industrial

  • European Ex. UK Industrial

  • Global Industrial

  • Italian Industrial

  • European Industrial Goods & Services

  • European Ex. UK Industrial Goods & Services

  • Global Industrial Goods & Services

  • Italian Industrial Goods & Services


Companies
  • BAES.L BAE SYSTEMS

  • COB.L Cobham

  • TCFP.PA Thales

  • SIFI.MI Finmeccanica


Subjects
  • Change in Recommendation

  • Company Update

  • Morning Note

]]> Avi Hoddes BAES.L COB.L TCFP.PA SIFI.MI http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uer72618|native|public|20100203040005 Wed, 3 Feb 2010 <![CDATA[Patriot Coal "Volume Drives Miss" (Buy) Gershuni]]> http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uez85669|native|public Regions
  • Global

  • Americas

  • United States

  • North America


Sectors
  • Global Coal

  • Global Energy

  • Americas Coal

  • US Coal

  • Americas Energy

  • US Energy

  • North American Coal

  • North American Energy


Companies
  • PCX.N Patriot Coal


Subjects
  • Change in Recommendation

  • Company Update

  • Operating Results

  • Morning Note

]]> Shneur Z. Gershuni, CFA PCX.N http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uez85669|native|public|20100202175153 Tue, 2 Feb 2010 <![CDATA[Vale ADR (ON) "Upgrade to BUY on recent weakness" (Buy) Kleyweg]]> http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uer72607|native|public Regions
  • Global

  • Emerging Markets

  • Americas

  • Brazil

  • Latin America

  • Latin America Emerging


Sectors
  • Global Mining

  • Global Basic Materials

  • Global Mining & Metals

  • Global Basic Resources

  • Global Emerging Basic Resources

  • Global Emerging Basic Materials

  • Global Emerging Mining & Metals

  • Global Emerging Mining

  • Brazilian Mining

  • Latin American Mining

  • Brazilian Basic Materials

  • Brazilian Mining & Metals

  • Latin American Basic Materials

  • Latin American Mining & Metals

  • Brazilian Basic Resources

  • Latin American Basic Resources

  • Latin America Emerging Basic Resources

  • Latin America Emerging Basic Materials

  • Latin America Emerging Mining & Metals

  • Latin America Emerging Mining


Companies
  • VALE.N Vale ADR (ON)


Subjects
  • Change in Recommendation

  • Company Update

  • Morning Note

]]> Rene Kleyweg VALE.N http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uer72607|native|public|20100202165522 Tue, 2 Feb 2010 <![CDATA[HHI "U/G to Neutral; But too early to be excited" (Neutral) Son]]> http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uev53691|native|public Regions
  • Global

  • Emerging Markets

  • Asia

  • Korea

  • Asia Pacific

  • Asia Pacific Ex. JP

  • Asia Emerging


Sectors
  • Global Shipbuilding

  • Global Industrial

  • Global Industrial Transportation

  • Global Industrial Goods & Services

  • Korean Shipbuilding

  • Asian Shipbuilding

  • Asian Industrial

  • Asian Industrial Transportation

  • Korean Industrial

  • Korean Industrial Transportation

  • Asian Industrial Goods & Services

  • Korean Industrial Goods & Services

  • Asian Pacific Industrial

  • Asian Pacific Industrial Goods & Services

  • Asian Pacific Shipbuilding

  • Asian Pacific Industrial Transportation

  • Asian Pacific Ex. JP Industrial

  • Asian Pacific Ex. JP Industrial Goods & Services

  • Asian Pacific Ex. JP Shipbuilding

  • Asian Pacific Ex. JP Industrial Transportation

  • Asia Emerging Industrial

  • Asia Emerging Industrial Goods & Services

  • Asia Emerging Shipbuilding

  • Asia Emerging Industrial Transportation


Companies
  • 009540.KS HHI


Subjects
  • Change in Recommendation

  • Company Update

  • Morning Note

]]> Yong-Suk Son, CFA 009540.KS http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uev53691|native|public|20100202153733 Tue, 2 Feb 2010