These are some of the top analyst calls we are focusing on this morning:

• ArcelorMittal (NYSE: MT) Cut to Neutral from Overweight at HSBC.
• Caribou Coffee (NASDAQ: CBOU) Cut to Neutral from Outperform at Cowen.
• Cepheid (NASDAQ: CPHD) Raised to Buy from Neutral at UBS.
• Intl Flavors & Fragrances (NYSE: IFF) Cut to Underweight from Neutral at JPMorgan.
• International Paper (NYSE: IP) cut To Neutral from Outperform at Credit Suisse.
• PF Chang’s (NASDAQ: PFCB) Cut to Neutral from Outperform at Cowen.
• Procter & Gamble (NYSEL PG) Cut to Hold from Buy at Deutsche Bank.
• Reynolds American (NYSE: RAI) Raised to Neutral from Sell at Goldman Sachs.
• Regions Financial (NYSE: RF) Raised to Hold from Sell at Citi.
• US Steel (NYSE: USX) Cut to Hold From Buy at Citigroup.
• Venoco (NYSE: VQ) Raised to Buy from Hold at Jefferies.

Jon C. Ogg
April 17, 2008

Jon Ogg produces the Special Situation Investing Newsletter.  He can be reached at jonogg@247wallst.com and he does not own securities in the companies he covers.