Analyst upgrades:

• Janney Montgomery upgraded City Holding Company (NASDAQ: CHCO) to Buy from Neutral due to valuation and a belief the banking franchise is strong. The firm has a $33 price target on the stock.
  
• JMP Securities upgraded Acadia (NASDAQ: ACAD) to Outperform from Market Perform following the announcement that it has partnered with Biovail to develop and commercialize Pimavanserin. The firm has a $7 price target on the stock.
  
• RBC Capital upgraded Methanex (NASDAQ: MEOH) to Outperform from Sector Perform and raised its price target to $18 from $11 based on its improving free cash flow outlook.
• MGM Mirage (NYSE: MGM) was raised to Buy from Underperform at Banc of America/Merrill.
• Research in Motion (NASDAQ: RIMM) was lifted to Neutral from Underweight at JP Morgan.
• Con-Way (NYSE: CNW) was upgraded to Overweight from Equal Weight at Stephens.

Earlier this week I met with three CEOs of the neurotech industry -- Ron Cohen of Acorda Therapeutics (NASDAQ: ACOR), Uli Hacksell of Acadia Pharmaceuticals (NASDAQ: ACAD) and Jörn Aldag, of Evotec (NASDAQ: EVTC) -- along with Zack Lynch, the director of their trade association. Their November 10 media tour gave me a chance to gain some insight into this niche within the biotech industry of companies seeking cures for brain illnesses through drugs and devices.

At a time when revenues from blockbuster drugs are tapering off as their patents expire, these companies -- and their two-year-old Neurotechnology Industry Organization -- are hoping to unlock a new area of business growth while offering cures to ailments of longer-living populations and diseases involving the central nervous system.

Hawthorne, New York-based Acorda is already selling its first product, Zanaflex Capsules, which help control spasticity. Its Fampridine medication, aimed at bettering the walking capability of people with multiple sclerosis, is still undergoing Phase 3 testing. Update: November 14: Ron Cohen let me know Acorda has successfully completed Phase 3 testing of Fampridine
and intends to apply early next year for Food and Drug Administration approval to market it.

Meanwhile, San Diego-based Acadia, led by Hacksell, is conducting Phase 3 clinical trials of pimavanserin, which addresses psychosis related to Parkinson's disease.

Evotec, a Hamburg, Germany, company, whose acquisition of San Francisco-based Renovis in May could better position it to attract U.S. venture capital, is working on remedies for insomnia, Alzheimer's disease and smoking cessation.

MOST NOTEWORTHY: Citrix Systems, Acadia Pharmaceuticals and Toreador Resources were today's noteworthy downgrades:

• Friedman Billings downgraded Citrix Systems (NASDAQ: CTXS) to Market Perform from Outperform citing the departure of key executive John Burris, head of CTXS's sales and services organization. The firm lowered the target to $37 from $43.
  
• Banc of America cut Acadia Pharmaceuticals (NASDAQ: ACAD) to Sell from Buy following news the company's Phase IIb trial with ACP-104 for the treatment of schizophrenia did not meet its primary endpoint.
  
• Jefferies downgraded shares of Toreador Resources (NASDAQ: TRGL) to Underperform from Hold as they believe the breakdown in negotiations to sell a portion of the company's Black Sea interests raises concerns over financing and development efforts.

OTHER DOWNGRADES:

• Calgon Carbon (NYSE: CCC) was downgraded to Sell from Hold at Morgan Joseph.
  
• Deutsche Bank downgraded W-H Energy Services (NYSE: WHQ) to Hold from Buy.
  
• Cinemark (NYSE: CNK) and WPP Group (NASDAQ: WPPGY) were downgraded to Equal Weight from Overweight at Morgan Stanley.

MOST NOTEWORTHY: Acadia Pharmaceuticals, Genesis Microchip and SAFECO Corp were today's noteworthy upgrades:

• JMP Securities upgraded Acadia Pharmaceuticals (NASDAQ: ACAD) to Strong Buy from Market Outperform, citing increased confidence in the company's pimavanserin for combination treatment of schizophrenia.
  
• Genesis Microchip (NASDAQ: GNSS) was upgraded to Hold from Underperform at Jefferies to reflect the acquisition by STMicroelectronics (NYSE: STM). The firm does not expect additional competitive offers.
  
• SAFECO (NYSE: SAF) was upgraded to Market Perform from Underperform at Friedman Billings based on improved outlook and valuation.

OTHER UPGRADES:

• Morgan Stanley upgraded Continental Airlines (NYSE: CAL) and Southwest Airlines (NYSE: LUV) to Overweight from Equal Weight.
  
• Bear Stearns raised its rating on Cincinnati Bell (NYSE: CBB) to Peer Perform from Outperform.

MOST NOTEWORTHY: VMware (VMW), Bed, Bath & Beyond (BBBY), Williams-Sonoma (WSM), Landstar System (LSTR) and Acadia Pharmaceuticals (ACAD) were the noteworthy initiations:

• Robert W. Baird initiated coverage on VMware (NYSE: VMW) with a Neutral rating citing valuation.

• Citigroup started Bed Bath & Beyond (NASDAQ: BBBY) with a Hold rating, and cited the increasing competitive environment, slowing square footage growth and the weak housing market.

• Citigroup started Williams-Sonoma (NYSE: WSM) with a Sell rating and said the company has an inventory glut that could lead to markdown risk, there is raw material price inflation, and the weak housing market remains a material risk.

• Wachovia is cautious on Landstar System's (NASDAQ: LSTR) near-term growth rates and difficult end markets, starting shares with a Market Perform rating.

• Deutsche is positive on the potential of Acadia Pharmaceutical's (NASDAQ: ACAD) ACP-103 in schizophrenia, starting shares with a Buy rating...

OTHER INITIATIONS:

• Cowen initiated Theravance (NASDAQ: THRX) with an Outperform rating and Cubist Pharmaceuticals (NASDAQ: CBST) with a Neutral rating.

• Raymond James initiated Akamai (NASDAQ: AKAM) with an Outperform and resumed coverage of McAfee (NYSE: MFE) with an Outperform rating.

• Goldman reinstated Foot Locker (NYSE: FL) with a Neutral rating.

Analyst summaries provided by TheFlyOnTheWall.com (subscription required).

On tonight's MAD MONEY on CNBC, Jim Cramer had a speculative little drug stock that keeps getting thrown to him in the Lightning Round: Acadia Pharmaceuticals Inc. (NASDAQ: ACAD). He thinks now is the time that you can buy Acadia, but warns that it trades entirely on expectations and hopes that one of the drugs will pan out. There is some conviction here, after it has pulled back from its highs. It has three drugs in the pipeline for the treatment of schizophrenia and Parkinson's disease. None of the drugs can come to market until 2009. It only has two large brokerage firms covering it, one from Lehman Brothers (NYSE: LEH) and one from Bank of America (NYSE: BAC). It has data on the way and could move this quarter; you can't wait for the data to come. Phase II results in the schizophrenia cocktail treatment should be this quarter or next and it could draw a partner. The Parkinson's drug is Acadia's alone and could have lots of promise. ACP-104 going to phase IIb that is going to be indicated for a stand-alone schizophrenia drug rather than a cocktail. Cramer said he isn't waiting the whole time for these to get approved, he'll take profits as the positive data comes out. Acadia had a broken secondary offering that caused shareholder pain from April.

This is a bit of risky call, although it could also be a high-reward call if timed properly. Longer-term traders should wait on this one because it jumped up 14% to $14.21 in after-hours trading. Shares are off their highs, like he said, but this after-hours pop is still up roughly 175% from the $5.07 lows over the last year. The good news is that its secondary raised $96.1 million, so the company has plenty of operating capital. Let's hope Cramer is right, because schizophrenia is an under-treated illness, and Parkinson's patients can use all the help they can get. It is still pretty humorous for the financial geeks that Cramer chose a schizophrenia treatment as the focus, and perhaps more than a coincidence.

Jon Ogg can be reached at jonogg@247wallst.com; he does not own securities in the companies he covers.

Wall Street's equity market has a very light schedule this week, due to the Passover and Easter holidays, with four deals on the docket, including one IPO and three Secondaries.

Those deals tentatively scheduled to price include:

IPOs:

Thursday

Veraz Networks Inc., a 9M-share IPO for this web switches company. Credit Suisse and Lehman are the lead managers. Filing range $10-$12.

Secondaries:

Wednesday

Royal Gold Inc. (NASDAQ: RGLD), 4M-share Secondary for this precious metals company. HSBC and Merrill Lynch are the lead managers.

ACADIA Pharmaceuticals Inc. (NASDAQ: ACAD), a 5M-share Secondary for this pharmaceutical company. Bank of America and Lehman are the lead managers.

Thursday

Vocus, Inc. (NASDAQ: VOCS), a 2.86M-share Secondary for this PR software company. Thomas Weisel is the lead manager.

For the latest market intelligence on IPOs, Syndicate, and after-market trades, check out TheFLY Syndicate at
www.theflyonthewall.com. (Subscription required.)