SMF Notes Early Research Calls 1

Downgrades:
* El Paso Electric (EE 28.43) downgraded to Hold from Buy at Jefferies    * Navigators Group (NAVG 51.10) downgraded to Neutral from Outperform at Macquarie
Miscellaneous:
* Charles River (CRL 35.28) initiated with Neutral at Madison Williams    * Dole Food (DOLE 12.82) initiated with Buy at Janney Montgomery Scott    * Starbucks (SBUX 32.93) initiated with Neutral at Janney Montgomery Scott    * Calavo Growers (CVGW 23.70) initiated with Neutral at Janney Montgomery Scott    * Unisys (UIS 25.60) initiated with Perform at Oppenheimer    * iGATE (IGTE 19.17) initiated with Outperform at Oppenheimer    * Newell Rubbermaid (NWL 18.24) initiated with Hold and $20 tgt at Jefferies    * Estee Lauder (EL 79.08) initiated with Buy and $90 tgt at Jefferies    * Inphi (IPHI 18.33) initiated with Buy and $23 tgt at Jefferies    * RenaissanceRe (RNR 62.34) initiated with Buy at Citigroup    * Allied World Assurance (AWH 59.15) initiated with Hold at Citigroup    * PRE PartnerRe (PRE 77.78) initiated with Hold at Citigroup    * RE Everest Re (RE 84.36) initiated with Hold at Citigroup    * TRH Transatlantic Hldngs (TRH 51.32) initiated with Hold at Citigroup    * Advanced Energy (AEIS 13.83) initiated with Hold at Auriga    * Power-One (PWER 10.83) initiated with Buy at Auriga