UPGRADES:
Soleil Securities upgrades ActivIdentity (Nasdaq: ACTI) from Hold to Buy. Price target increased from $2.50 to $3.25.

Merrill Lynch upgrades Photronics (Nasdaq: PLAB) from Underperform to Buy, citing cost cuts, an amended credit agreement and potential for growth.

For daily real-time Upgrades go to http://www.streetinsider.com/Upgrades

DOWNGRADES:
Morgan Joseph downgrades Ceradyne Inc. (Nasdaq: CRDN) from Buy to Hold.

For daily real-time Downgrades go to http://www.streetinsider.com/Downgrades