Adelaide Bank Jan 21 CSFB: Upgrade to neutral from underperform
Alumina Dec 5 JBWere: From no recommendation to outperform
Alintagas Feb 7 ABN AMRO: Upgrade to buy from hold
Amalgamated Holdings Feb 12 CSFB: Upgrade to outperform from neutral
Ambri Dec 23 Macquarie Equities: Downgrade to hold from buy
Aristocrat Feb 10 ABN AMRO: Downgrade to sell from hold
AMP Dec 24 JBWere: Maintain s/t marketperform and l/t hold
AMP Industrial Trust Jan 31 JBWere: Downgrade to hold from buy
AMP Office Trust Feb 5 JP Morgan: Downgrade to neutral from overweight
AMP Shopping Centre Trust Jan 31 Deutsche Bank: Upgrade to hold from sell Feb 5 JP Morgan: Upgrade to overweight from neutral
APN News & Media Jan 8 UBS Warburg: Downgrade from buy to hold Feb 4 Macquarie Equities: Upgrade s/t to hold from sell
ANZ Bank Jan 31 Deutsche Bank: Downdrade to market perform from outperform
Austal Dec 5 ABN Amro: Upgrade to add from hold
Austereo Dec 5 JBWere: Downgrade s/t to marketperform from outperform Feb 13 CSFB: Upgrade to neutral from underperform
Australand Holdings Jan 31 Macquarie Equities: Upgrade to outperform from marketperform
ASX Dec 6 JBWere: Downgrade s/t from to marketperform from outperform
AWB Dec 23 UBS Warburg: Downgrade to buy from strong buy
BHP Billiton Jan 7 JBWere: Downgrade s/t to underperform from marketperform
Billabong Dec 11 Macquarie Equities: Upgrade to s/t buy
Boral Feb 13 JP Morgan: Upgrade to outperform from neutral
BRL Hardy Jan 15 CSFB: Downgrade to neutral from outperform Dec 2 UBS Warburg: Upgrade to neutral from outperform
Centennial Coal Jan 31 JP Morgan: Upgrade to overweight from neutral
Centro Properties Feb 5 Deutsche Bank: Upgrade to hold from sell
Cochlear Dec 9 CSFB: Downgrade to neutral from outperform
Coles Myer Feb 7 CSFB: Downgrade to underperform from neutral
Collection House Feb 10 ABN AMRO: Upgrade to buy from hold
Computershare Dec 3 CSFB: Downgrade to neutral from outperform
Crane Group Jan 9 UBS Warburg: Downgrade to hold from buy
CSL Dec 4 JBWere: Downgrade s/t to reduce from hold Feb 3 ABN AMRO: Upgrade to add from hold
Fairfax (John) Holdings Jan 29 UBS Warburg: Upgrade to buy from neutral Feb 13 JB Were: Upgrade to outperform from marketperform
Foster's Group Feb 11 ABN AMRO: Upgrade to buy from add
Futuris Jan 28 Macquarie Equities: Upgrade to buy from hold Feb 5 Macquarie Equities: Downgrade to marketperform from outperform
General Property Trust Jan 31 Deutsche Bank: Upgrade to hold from sell
GWA International Feb 4 ABN AMRO: Upgrade to add from hold Feb 7 CSFB: Downgrade to underperform from neutral
GUD Holdings Dec 11 Macquarie Equities: Downgrade to s/t hold
Gunns Dec 4 UBS Warburg: Upgrade to buy from hold
Harvey Norman Feb 11 UBS Warburg: Upgrade to buy from neutral
Healthscope Feb 3 Deutsche Bank: Upgrade to buy from hold
ING Industrial Fund Jan 31 Deutsche Bank: Downgrade to sell from hold
Jupiters Jan 8 Deutsche Bank: Downgrade to hold from buy Feb 4 ABN AMRO: Downgrade to hold from buy
Leighton Holdings Feb 10 Macquarie Equities: Downgrade to marketperform from outperform
Lend Lease Jan 24 JB Were: Downgrade s/t to marketperform from outperform and l/t to hold from buy Jan 31 ABN AMRO: Upgrade to buy from hold Feb 18 UBS Warburg: Upgrade to buy from neutral
Lend Lease US Office Dec 6 UBS Warburg: Upgrade to buy from hold Jan 31 Deutsche Bank: Upgrade to buy from hold
Macarthur Coal Feb 5 ABN AMRO: Downgrade to hold from add Jan 31 ABN AMRO: Downgrade to hold from add
Macquarie Countrywide Trust Jan 31 Deutsche Bank: Downgrade to sell from hold
Macquarie Goodman Industrial Trust Jan 31 Deutsche Bank: Downgrade to sell from hold
Macquarie Infrastructure Group Jan 31 Macquarie Equities: Downgrade to neutral from overweight
Macquarie Office Trust Jan 9 JP Morgan: Upgrade to overweight from neutral Jan 31 Deutsche Bank: Upgrade to buy from hold
Mayne Group Feb 3 Deutsche Bank: Upgrade to buy from hold
MIA Group Dec 11 Macquarie Equities: Upgrade to s/t buy
News Corp Feb 11 UBS Warburg: Upgrade to buy from neutral
Orica Feb 4 JB Were: Downgrade s/t to underperform from marketperform Feb 4 Macquarie Equities: Downgrade s/t to hold from buy
Paperlinx Feb 14 CSFB: Downgrade to underperform from neutral
Patrick Corp Feb 11 Deutsche Bank: Upgrade to buy from hold
Portman Dec 11 Macquarie Equities: Downgrade to s/t underperform Dec 10 JBWere: Downgrade s/t to underperform from hold
Powerco Feb 5 Macquarie Equities: Downgrade to marketperform from outperform
Prime Television Jan 10 UBS Warburg: Downgrade to hold from buy Dec 13 JBWere: Upgrade s/t to outperform from marketperform
PBL Jan 9 UBS Warburg: Downgrade to hold from buy
QBE Insurance Feb 7 Macquarie Equities: Upgrade to strong outperform from outperform Feb 7 ABN AMRO: Upgrade to add from buy
Seven Network Feb 14 CSFB: Upgrade to outperform from neutral
Simsmetal Dec 4 UBS Warburg: Downgrade to hold from buy
SMS Management & Technology Dec 11 Macquarie Equities: Downgrade to s/t hold
Smorgon Steel Dec 10 JBWere: Downgrade s/t to hold from buy
Southern Cross Broadcasting Jan 10 UBS Warburg: Downgrade to hold from buy
Spotless Feb 5 CSFB: Upgrade to outperform from neutral
Stockland Trust Dec 3 JBWere: Downgrade to underperform from marketperform
TAB Dec 2 CSFB: Upgrade to outperform from neutral
Tabcorp Jan 9 CSFB: Downgrade to neutral from outperform Dec 5 JBWere: Downgrade s/t to hold from accumulate
Transfield Services Jan 9 UBS Warburg: Downgrade to buy from strong buy
UniTAB Feb 3 Deutsche Bank: Upgrade to hold from sell Jan 31 ABN AMRO: Downgrade to add from buy
United Energy Jan 29 JP Morgan: Upgrade to neutral from underweight
Village Roadshow Feb 14 CSFB: Downgrade to neutral from outperform
Wattyl Feb 5 Macquarie Equities: Downgrade to marketperform from outperform
Wesfarmers Feb 11 Deutsche Bank: Downgrade to hold from buy
WMC Resources Dec 6 JBWere: From no classification to outperform Feb 7 JP Morgan: Upgrade to neutral from underperform
West Australian Newspapers Feb 7 Merrill Lynch: Upgrade to buy from neutral
Westpac Bank Jan 7 UBS Warburg: Upgrade to buy from hold
Woolworths Jan 29 UBS Warburg: Downgrade to neutral from buy Jan 29 CSFB: Downgrade to neutral from outperform