Inphi (IPHI) (CF) (FIS) (PSA) (PSUN) (RCL) Downgraded

Inphi (NASDAQ: IPHI), CF Industries Holdings Inc (NYSE: CF), Fidelity National Information Services (NYSE: FIS), Public Storage (NYSE: PSA), Pacific Sunwear of California, Inc. (NASDAQ: PSUN) and Royal Caribbean Cruises Ltd. (NYSE: RCL) downgraded by analysts.

CF Industries Holdings Inc. (CF) was downgraded by Chardan Capital Markets from a “Buy” rating to a “Neutral” rating. They cited valuation as the catalyst behind the call.

Fidelity National Information Services (FIS) was downgraded by JPMorgan Chase & Co. (NYSE:JPM) from a “Neutral” rating to an “Underweight” rating.

Inphi (IPHI) was downgraded by Stifel Nicolaus from a “Buy” rating to a “Hold” rating.

Public Storage (PSA) was downgraded by BMO Capital Markets from a “Market Perform” rating to an “Underperform” rating.

Pacific Sunwear of California, Inc. (PSUN) was downgraded by Oppenheimer from an “Outperform” rating to a “Perform” rating.

Royal Caribbean Cruises Ltd. (RCL) was downgraded by Argus from a “Buy” rating to a “Hold” rating.

Inphi (IPHI) (CF) (FIS) (PSA) (PSUN) (RCL) Downgraded

Inphi (NASDAQ: IPHI), CF Industries Holdings Inc (NYSE: CF), Fidelity National Information Services (NYSE: FIS), Public Storage (NYSE: PSA), Pacific Sunwear of California, Inc. (NASDAQ: PSUN) and Royal Caribbean Cruises Ltd. (NYSE: RCL) downgraded by analysts.

CF Industries Holdings Inc. (CF) was downgraded by Chardan Capital Markets from a “Buy” rating to a “Neutral” rating. They cited valuation as the catalyst behind the call.

Fidelity National Information Services (FIS) was downgraded by JPMorgan Chase & Co. (NYSE:JPM) from a “Neutral” rating to an “Underweight” rating.

Inphi (IPHI) was downgraded by Stifel Nicolaus from a “Buy” rating to a “Hold” rating.

Public Storage (PSA) was downgraded by BMO Capital Markets from a “Market Perform” rating to an “Underperform” rating.

Pacific Sunwear of California, Inc. (PSUN) was downgraded by Oppenheimer from an “Outperform” rating to a “Perform” rating.

Royal Caribbean Cruises Ltd. (RCL) was downgraded by Argus from a “Buy” rating to a “Hold” rating.

Ratings on (PL) (PSA) (ROST) (SLXP) (SNDK) Upgraded

Analysts upgraded their ratings on Protective Life Corp. (NYSE: PL), Public Storage (NYSE: PSA), Ross Stores, Inc. (NASDAQ: ROST), Salix Pharmaceuticals, Ltd. (NASDAQ: SLXP) and SanDisk Co. (NASDAQ: SNDK) today.

Raymond James upgraded Protective Life Corp. (PL) from an “outperform” rating to a “buy” rating.

Raymond James upgraded shares of Public Storage (PSA) from a “market perform” rating to an “outperform” rating.

Citigroup (NYSE:C) upgraded Ross Stores, Inc. (ROST) from a “sell” rating to a “hold” rating.

JMP Securities upgraded shares of Salix Pharmaceuticals, Ltd. (SLXP) from a “market perform” rating to an “outperform” rating.

ThinkEquity upgraded SanDisk Co. (SNDK) to a “buy” rating.

Ratings on (PL) (PSA) (ROST) (SLXP) (SNDK) Upgraded

Analysts upgraded their ratings on Protective Life Corp. (NYSE: PL), Public Storage (NYSE: PSA), Ross Stores, Inc. (NASDAQ: ROST), Salix Pharmaceuticals, Ltd. (NASDAQ: SLXP) and SanDisk Co. (NASDAQ: SNDK) today.

Raymond James upgraded Protective Life Corp. (PL) from an “outperform” rating to a “buy” rating.

Raymond James upgraded shares of Public Storage (PSA) from a “market perform” rating to an “outperform” rating.

Citigroup (NYSE:C) upgraded Ross Stores, Inc. (ROST) from a “sell” rating to a “hold” rating.

JMP Securities upgraded shares of Salix Pharmaceuticals, Ltd. (SLXP) from a “market perform” rating to an “outperform” rating.

ThinkEquity upgraded SanDisk Co. (SNDK) to a “buy” rating.

Ratings on (DLB) (MFN) (OGE) (OMPI) (PCLN) (PSA) Downgraded

Ratings on Dolby Labs (NYSE: DLB), Minefinders Corp. Ltd. (NYSE: MFN), OGE Energy Corp. (NYSE: OGE), Obagi Medical Products, Inc. (NASDAQ: OMPI), Priceline (NASDAQ: PCLN) and Public Storage (NYSE: PSA) downgraded by analysts today.

Canaccord Genuity downgraded Dolby Labs (DLB) from a “buy” rating to a “hold” rating.

TD Newcrest downgraded Minefinders Corp. Ltd. (MFN) from a “hold” rating to a “reduce” rating.

Jefferies (NYSE:JEF) downgraded OGE Energy Corp. (OGE) from a “buy” rating to a “hold” rating. They have a price target of $55.00 on the company, down from $57.00.

Needham & Company downgraded Obagi Medical Products, Inc. (OMPI) from a “buy” rating to a “hold” rating.

Goldman Sachs (NYSE:GS) downgraded Priceline (PCLN) from a “buy” rating to a “neutral” rating. They have a price target of $600.00 on the company.

Stifel Nicolaus downgraded Public Storage (PSA) from a “buy” rating to a “hold” rating.

Dividends from (PSA) (RNST) (SMG) (STL) (UNP) Declared

Public Storage (NYSE:PSA), Renasant Corp. (NASDAQ:RNST), The Scotts Miracle-Gro Co. (NYSE:SMG), Sterling Bancorp (NYSE:STL) and Union Pacific (NYSE:UNP) declare dividends.

The Board of Directors of Public Storage (PSA) declared a quarterly common stock dividend of $0.95 a share payable 6/30/11 to shareholders of record at the close of business on 6/15/11.

The Board of Directors of Renasant Corp. (RNST) declared a cash dividend of $0.17 a share on the company's common stock payable on 7/1/11 to Stockholders of record on 6/15/11.

The Board of Directors of The Scotts Miracle-Gro Co. (SMG) declared a regular cash dividend of $0.25 a common share. The dividend will be payable on 6/10/11 to common stockholders of record at the close of business on 5/27/11.

The Board of Directors of Sterling Bancorp (STL) declared a regular cash dividend of $0.09 per common share. The dividend will be payable on 6/30/11 to common stockholders of record at the close of business on 6/15/11.

The Board of Directors of Union Pacific (UNP) declared a regular cash dividend of $0.475 per common share. The dividend will be payable on 7/1/11 to common stockholders of record at the close of business on 5/31/11.

FBR on Reits UDR (NYSE:UDR), Associated Estates (NYSE:AEC), Equity Lifestyle (NYSE:ELS), Public Storage (NYSE:PSA), Sovran Self Storage (NYSE:SSS) if

UDR (NYSE:UDR), Associated Estates (NYSE:AEC), Equity Lifestyle (NYSE:ELS), Public Storage (NYSE:PSA) and Sovran Self Storage (NYSE:SSS) were analyzed by FBR as to the effect an increase in interest rates would have on the REITs.

FBR concluded, "In recent years, REIT earnings have been goosed by the low rate environment, as companies helped themselves to healthy servings of floating-rate debt. What happens to earnings if rates rise, without any extra growth, other than what is already cooked into 2011 estimates? We ran a simple screen on the short-lease universe (apartments, student and manufactured housing, and self storage). We excluded any debt that is swapped, but included any debt that is capped, and assumed no refi activity (the latter assumption being somewhat unlikely). For some companies there could be downside to current 2011 FFO estimates; for others there is minimal risk. Below, we highlight the most and least impacted REITs, based on a 100 basis point increase in underlying rates. See page
two for a full ranking."

The following companies could see the biggest percentage decline to our forecasted 2011 FFO per share estimates in the test scenario: UDR (Market Perform) and Associated Estates Realty Corp. (Outperform, –4.1%)

The following companies could see the smallest percentage decline to our forecasted 2011 FFO per share estimates in the test scenario: Equity Lifestyle Properties (Market Perform), Public Storage (Underperform, 0%), and Sovran Self Storage (Outperform).

Public Storage (NYSE:PSA) Hit Hard with Currency Losses

Citing the unhedged €378.7 million loan to Shurgard Europe, FBR is lowering their FFO per share estimates on Public Storage (NYSE:PSA), with currency exchange losses expected to hit them hard.

FBR says, "We are adjusting our FFO per share estimates for 4Q10 and FY10 to $1.32 and $4.71 from $1.37 and $4.76, respectively, due to estimated foreign currency exchange losses on the company's unhedged €378.7 million loan to Shurgard Europe. Public Storage owns a 49% equity stake in Shurgard Europe, with the remaining 51% equity interest owned by an institutional investor. Public Storage accounts for this investment under the equity method. With the depreciation of the euro against the U.S. dollar during 4Q10, the impact of the foreign exchange translation lowers FFO but has no impact on cash flow. As such, this adjustment does not change our thesis on the stock."

FBR Capital maintains an "Underperform" on Public Storage, which closed Tuesday at $100.99, dropping $2.54, or 2.45 percent. FBR has a price target on them of 104.50.

Sovran (NYSE:SSS).U-Store-It (NYSE:YSI), FBR's Top Choices in Self Storage REITs

Sovran Self Storage (NYSE:SSS) and U-Store-It Trust (NYSE:YSI) are the top picks of FBR Capital in the Real Estate/Self Storage REITs sector.

FBR said, "Management representatives from Sovran Self Storage (NYSE:SSS)(Outperform-rated) and U-Store-It Trust (NYSE:YSI)(Outperform) presented at the 2010 FBR Capital Markets Fall Investor Conference, held yesterday in New York City. While the message was not that different from the one we heard at NAREIT just two weeks ago, it seemed that the themes appeared somewhat more crystallized. We touch on a few in the text that follows. We continue to like the storage sector given (1) cash flow resilience, (2) recovery upside (aka, short lease cash flow elasticity), (3) simple fixed cost structures, (4) better earnings quality, (5) exemplary scales of economy, and finally (6) attractive relative pricing. We estimate that the group trades with an unweighted implied cap rate of 7.2%, versus 6.7% for REITs overall. On the basis of AFFO multiples, the group trades at 16.4x, versus 17.9x for REITs overall. Our collective return expectation for the group is 21.0%, versus 11.9% for REITs overall (based on our current RMZ target of 818, established on November 12, 2010)."

"Our top picks in the self storage space are SSS and YSI; we maintain Extra Space Storage (NYSE:EXR) at Market Perform and Public Storage (NYSE:PSA) at Underperform."

Sovran closed Wednesday at $36.41, gaining $0.38, or 1.05 percent. U-Store-It ended the session at $8.38, up $0.11, or 1.33 percent. Extra Space closed at $16.36, rising by $0.34, or 2.12 percent. Public Storage was at $98.21, soaring $1.61, or 1.67 percent.