Brokers announce ratings to the Public only so that they can make individual investors behave in a predictable manner that will be beneficial to the professional investors at the brokerage. Professional investors know the basis for a legitimate upgrade/downgrade from info they have long before any brokerage announcement. IMO the BTU upgrade was to cushion the impact of the convertible announcement, and allow the professionals to sell/short shares at a higher price. Convertibles are never good for the near to mid term stock price. Brokerages and institutions know how the convertible game is played. Institutions have been heavy net sellers of BTU recently (over 3MM shares).