Downgrades: downgrades (CNW 42.94) to Neutral from Overweight... downgrades (PNRA 52.05) to Hold from Buy and lowers their tgt to from saying they believe Panera has significant pent-up earnings potential, but are moving to the sidelines given their view that sustained negative traffic trends will begin to weigh on the company's premium earnings multiple in coming months... downgrades (PFG 37.64) to Underweight from Equal Weight. Miscellaneous: Oppenheimer assumes (DRYS 35.45) with a Perform, as they remain concerned about the amount fo debt shareholders will be allocated and wary of the co's near-term spot exposure... Oppenheimer assumes (EXM 14.30) with a Perform... Oppenheimer initiates (CPLP 10.99) with an Outperform and sets a tgt, based on enough secured cash flow on bareboat charters to service debt obligations through 2012, and enough additional time charter coverage to secure estimated firm distributions for 2009 and 75% of firm calculated distributions for 2010... initiates (HBAN 9.80) with a Market Perform... initiates (ZION 44.50) with a Market Perform... SunTrust initiates (DIN 16.97) with a Neutral...Merrill initiates (MEI 8.74) with an Underperform.