Analyst upgrades: U.S. semiconductors, TOO and OPLK

MOST NOTEWORTHY: U.S. semiconductors, Teekay Offshore and Oplink Communications were today's noteworthy upgrades:

Goldman upgraded the U.S. Semiconductor Sector, including Intel (NASDAQ: INTC) and SanDisk (NASDAQ: SNDK) to Attractive from Neutral. The firm believes semi fundamentals are poised to improve in 2H08 and that valuations are reasonable.
Wachovia upgraded Teekay Offshore (NYSE: TOO) to Outperform from Market Perform based on valuation and increased distribution growth outlook following the acquisition of an additional 25% ownership interest in Teekay Offshore Operating, L.P.
Merriman upgraded shares of Oplink Communications (NASDAQ: OPLK) to Buy from Neutral as it believes the company is an attractive takeover target following the Finisar (NASDAQ: FNSR) and Optium (NASDAQ: OPTM) merger, given its low-cost Chinese manufacturing capacity and attractive $140M cash balance.

OTHER UPGRADES:

Goldman upgraded Amazon.com (NASDAQ: AMZN) to Buy from Neutral and added shares to its Conviction Buy List.
William Blair raised Interpublic Group (NYSE: IPG) to Outperform from Market Perform.
Citigroup upgraded Texas Instruments (NYSE: TXN) to Buy from Hold.

Tags: amazon, amzn, analyst, intc, intel, interpublic group, InterpublicGroup, ipg, oplink, oplk, sandisk, sndk, teekay, texas instruments, TexasInstruments, too, txn, upgrade